Debt not only creates financial challenges for you but also creates havoc on your health. If you have too many loans to repay with limited monthly income, you will be trapped in the web of debt. It is very difficult to dig out of your multiple debts unless you have adequate funds to pay off your creditors. It can be an education loan, car loan, home loan, credit card debt, or travel loan. If you have little means and more expenses to meet, you will end up taking loans from banks and other lending organizations. That is the reason why you should cut your coat according to your cloth. If credit card agency’s collection agents come to your doorstep and threaten you to pay off, it not only takes a toll on your physical and mental health but also ruins your social standing.
Credit card debts could make you depressed if you do not pay on time. The late fee and other charges will keep building, making you pay more than you have borrowed. According to an article published on CNBC.com, credit card debts often carry abnormal rates of interest, thus increasing the possibilities of depression. Yes, you will feel down in the dumps, affecting your emotional health. Read on to learn about the three worst ways debt can damage your overall health and wellbeing.
4 Worst Ways Debt Could Wreck Your Health
1. Hard to battle ailments
When you are plagued with financial upheaval, stress affects you in the worst possible manner. If you are unable to pay off your creditors, the continuing stress from your multiple loans will take a toll on your body and health. When it comes to excessive financial stress, it increases the production of adrenaline and cortisol in your body, thus robbing your ability to fight diseases and maintain immunity. This way, you will fall sick more often than usual, as your immune system will fail to fight the ailments. If you have long-term financial worries, you will find it hard to battle infections. The more the financial stress, the more chances of you falling sick. Therefore, always pay off all your debts on time. If you feel that you cannot pay off your loan, avoid borrowing from a lender in the first place.
We recommend that you create a budget and then apply for loans. If possible, keep $500 away in your wallet and start saving every month. Later, say after a year, when you take a loan, you can use the saved amount to pay off your creditors on time.
2. Depression and isolation
There are several studies to show how student loans affect overall health. Based on the findings of Shannon Insler, an eminent researcher, 74 percent of the participants staking student loans suffer from depression, leading them to stay away from people. They do not socialize and isolate themselves from others. Living in isolation makes them apprehensive and fearful. People inundated with debts become isolated from their family, friends, and coworkers. The best way to deal with the situation is by not taking too many loans at a time. If you do not have enough earnings, then avoid applying for loans. If you are not able to pay, you will end up feeling depressed and disillusioned.
The best solution to the problem is consolidating your debt. Look for lenders with genuine, positive debt consolidation reviews before applying for a consolidation loan that merges all your small loans into a single monthly payment at a low rate of interest.
3. High blood pressure and physical pain
According to the National Institutes of Health, there are many ways how debts can have an adverse impact on your physical and mental health. As per a study that examined 8,400 young adults, there is a definite relation between high blood pressure and debt. According to a study by Student Loan Hero, fast heartbeat and breathlessness are the common symptoms of illness in people drowned in debt. With high blood pressure and financial stress, the two will create havoc on your health if the problem is unaddressed for a long time. We recommend that you clear your dues as soon as possible and consult a medical professional if you experience high heartbeat, shortness of breath, and tightness in the chest.
Besides high blood pressure, increasing debts will also cause physical pain. You may be wondering how. Well, let us explain. When you have a home loan, business loan, or car loan, you are more susceptible to physical pain. It all starts with stress leading to killer headaches and neck pain. People plagued with loans are more likely to purchase over-the-counter analgesics to keep pain at bay. Consequently, you suffer from the side effects of taking too many painkillers.
Yes, financial worries steal your peaceful sleep at night. You slog at the office, work long hours, meet deadlines, attend client meetings, only to expect that you will return home and sleep throughout the night. Then, if you have too many debts to pay off, you spend sleepless nights feeling anxious as to how to repay your loans. College students who face this issue can refinance student loans and save themselves from some stress.
You experience many sleepless nights when drowned in debt. The problem can aggravate if the condition leads to insomnia. If you are not able to sleep for more than three months, it shows that you have developed chronic insomnia. The best way is consulting your doctor and talk to him about your sleep disorders and financial worries.
The sleeplessness and uneasy feeling may lead to a nervous breakdown with passing the time. We are not here to scare your wits off. It is only a possibility that you must avoid by paying off your debts on time. Your doctor will prescribe medications and recommend tips to help you sleep peacefully during the night. Follow them religiously. If you are feeling worried about your financial worries, talk to a member of your family or a friend to relieve the burden off you. You will feel better when you vent out your concerns instead of bottling up your emotions.
Now that you know about the ways in which debts affect your health opt for consolidated loans to pay off your dues quickly.
Kelly Wilson is an experienced and skilled Business Consultant and Financial advisor in the USA. She helps clients both personal and professional in long-term wealth building plans. During her spare time, she loves to write on Business, Finance, Marketing, Social Media. She loves to share her knowledge and Experts tips with her readers.