If you’re one of the 87% of American families currently trapped in debt, changing your situation is likely all you think about. The chances are that you’ve toyed with debt management plans, consolidation loans, and a whole lot besides. And, you’ve likely done it all with your bank balance in mind.
Getting on top of debt, at last, is, undeniably, the only way to master finances and finally tackle monthly budgets. But, debt, and the struggles it brings, are also guaranteed to cost you more than just financial freedom.
In truth, tackling this issue is also vital for mental and physical wellbeing. That’s especially the case when you consider that one in four people with mental health disorders right now is also in debt.
Those are worrying stats and, if you’ve been avoiding or failing to tackle debt until now, getting on top sooner rather than later is vital for addressing health-based issues such as –
# 1 – A lack of sleep
When you head to bed with a pressing worry like debt on your mind, insomnia is pretty much a given. Characterized as an inability to sleep, insomnia can lead to severe health issues including –
- Heart disease
- High blood pressure
- Increased risk of depression
- Premature aging
And, that list could go on. Worse, the confusion inherent with a lack of sleep will take you even further from comprehensive debt payment plans. As such, tackling the issue as soon as it arises is vital for sleep and a comprehensive approach to debt that works for you.
# 2 – Out of control stress levels
Stress is prevalent in around 90% of debt cases, and can also lead to many of the health risks mentioned above. High levels of stress over extended periods also often lead sufferers to (sometimes expensive) coping mechanisms like drug use. In fact, many individuals who attend an outpatient drug rehab center do so because of underlying issues like these. As well as leading to escalating debts, such unhealthy outlets can result in dependency, mental illness, and a whole lot besides. If you fall foul, you certainly won’t clear your outstanding balances. Make sure that doesn’t happen by dealing with debt before severe stress takes its toll.
# 3 – The curse of isolation
Shame and embarrassment lead countless individuals in debt to withdraw from loved ones in attempts to hide the issue. Such isolation is closely linked to depression and even trouble processing problems, debt management included. A desire to hide can also lead to escalating debts due to continual spending to keep up appearances. Again, managing debt before it gets out of hand is vital, as is accepting help wherever for faster debt-free life.
Debt is crippling on bank accounts and bodies, especially if you let things escalate. Sadly, your outstanding balances aren’t going to disappear by themselves. Face up to that fact sooner rather than later, and you can bet that every aspect of your life will be healthier as a result.