Being in debt may have a bigger impact than most people realize and you need to understand how debt affects health. While a small amount of debt is okay, when it’s difficult to make payments and the debt just keeps increasing with no end in sight, it’s going to start having a much bigger impact. And, anyone can get to this point with a single unexpected major expense like a large medical bill.
Along with financial difficulties, those who are in a significant amount of debt will start to see it impact them mentally and physically. Learn more about the health effects debt can have along with ways to relieve the impact and start getting the debt back under control.
Who is Impacted by Debt?
Anyone can be impacted by debt. As people age, the type of debt can change, as can the amount. For those who are in their 20s and 30s, financial issues generally include an increased cost of living as well as student loan debt and car payments. Those in their 40s and 50s have more obligations, as they’re often paying for a mortgage, have children, and maybe helping their parents with finances.
Those in their late 50s, 60s and early 70s may be retired, but they still have debts. Due to the current economic climate, these people tend to have mortgages, car loans, credit cards, and possibly personal loans to pay off, even though they’re no longer working. Those in their 70s or older may still have a mortgage or car payment to make each month. On top of this, they may have taken on more debt to be able to cover all of their monthly expenses after retirement.
No matter what stage in life someone is in, it’s likely they have some debt. Add medical and other unexpected debts to this and it’s easy to see how someone could end up with financial issues and struggling to stay above water. Once the debt starts to get to this point, it can take a serious toll on a person’s health, especially if they do not seek debt help as soon as possible. Those who do seek help from National Debt Relief will have a reduced potential for the following impacts on their health.
How Debt Affects Health: Mental Health Takes a Toll
The biggest impact debt has is on mental health, and that can come with physical health problems, as well. No matter how old someone is or how much debt they have, mental health can suffer. Added debt can create additional stress, including chronic stress. Chronic stress lasts for years and can have a huge impact on physical and mental health.
Long-term or chronic stress can cause issues with the cardiovascular system, make it easier to develop more serious mental health problems, and can even increase the potential for various diseases like Alzheimer’s disease.
Higher Anxiety
Higher anxiety is one of the first signs debt is causing health issues. Those who are in a lot of debt report higher perceived stress levels. Most feel they are underwater and can’t get out, and if that lasts for a long time, it can do a significant amount of damage to the person’s mental health. This can lead to troubling thoughts and worries about being homeless or not being able to eat anymore. As the stress continues, they may feel like they’re drowning further and the anxiety can get a whole lot worse. Over time, it can turn into an anxiety disorder.
Higher Chance of Depression
Those who have a significant amount of debt are also more likely to report feeling symptoms of depression. When someone doesn’t feel in control anymore, they can start to feel depressed. This can have a variety of symptoms, such as eating unhealthy foods more frequently, struggling to get to sleep at night, and working more frequently instead of taking time to rest.
Once someone feels depressed, the debt can spiral further, as they may lose their motivation and it can be more difficult to address and correct the issues in their life. Severe depressive episodes can have an impact on a person’s behavior or contribute to suicidal thoughts if they believe they have no way out of the debt.
Lower Immunity
Mental health issues related to debt can start to take a physical toll, as well. For those who are highly stressed, the immune system isn’t going to work properly. The immune system releases hormones at higher levels, which can cause issues with how immunity works. This suppresses the immune system, making it more likely someone will end up sick.
Chronic stress, which can happen as a result of being in debt, has been shown to suppress the immune system and cause someone to get sick more frequently. On top of this, staying away at night due to the stress can cause it to be more difficult to fight off infections, which can cause them to become more serious.
Increase in Blood Pressure
Another impact high stress levels can have is an increase in blood pressure. Those who are otherwise healthy, yet have a higher amount of debt, will have significantly higher blood pressure compared to others who are the same age but have lower amounts of debt. Debt is just one of the many causes of high blood pressure, but it is one leading to an increase in hypertension being diagnosed more frequently, especially in younger adults.
High blood pressure levels can lead to more serious issues and can be a risk factor for heart disease, stroke, and more. It is important to work with a doctor to get the blood pressure levels back to normal to avoid further health issues.
Potential for Neck Pain
Stress from high levels of debt has been linked to increased pain. Nearly half of those with significant stress from debt had migraines or headaches frequently, a significant increase compared to people who did not have any financial issues. Those who are suffering from high levels of stress also reported neck and back pain more frequently.
They also had ulcers or other digestive issues and suffered from muscle tension. The stress ends up manifesting physically as chronic pain for many people, which can make it more difficult to work and, therefore, to pay off the high amount of debt.
Reduce Visits to the Doctor
When someone has a lot of debt, especially credit or medical debt, they’re not going to be as likely to visit the doctor or dentist. It’s hard to pay the added bills for regular visits, much less emergency visits, when someone has a high amount of debt already. If the credit card isn’t being paid off, how are they going to afford the cost of going to a doctor?
Even with insurance, co-pays, and services that aren’t covered can be costly, so many people end up skipping a visit to the doctor instead of getting medical or dental help. This can then lead to a significant decline in overall health or exasperate medical issues and make them more serious, and more costly to handle, in the long run.
Behavioral Changes
People who have a lot of debt may experience behavioral changes as a result. Many will experience an increase in appetite, as they eat unhealthy foods and struggle to cope with the stress from the debt. Others may end up procrastinating more often, which can cause the debt to become much worse with time.
Other behavioral changes can include an increase in nervous behaviors or taking higher risks. These changes can continue long after the debt is cleared and can impact a person’s home and work life on top of adding to their stress.
Increased Potential for Substance Abuse
Those who are in a significant amount of debt may end up turning to drugs or alcohol to help deal with anxiety, increased stress, and other mental health issues that result from financial problems. Antidepressants and alcohol are the two most common substances abused when someone has a high amount of debt.
Substance abuse can then lead to addiction and an increase in debt because of the costs associated with recovering. This can end up making the entire situation worse, not to mention causing problems with home and work which can make it more difficult to repay the debt in the long run.
Impact on Relationships
Debt doesn’t always cause problems in relationships, but it can. Arguing about spending or how to start repaying the debt can cause significant issues within the relationship, which can lead to a higher potential for divorce. This then can lead to significant health issues like high blood pressure, depression, obesity, and more.
It can also increase feelings of being left behind as others do not have the debt and have better relationships or for the couple to feel increasingly isolated because they cannot go out as frequently. This leads to higher stress, which can further impact the relationship and potentially lead to divorce.
What to Do About Health Issues From Debt
Health issues from debt shouldn’t be ignored, whether it’s a mental health problem or physical. Steps should be taken to get them under control quickly before they lead to more serious problems in the future.
Talk About the Problems
Talking with someone – anyone – about the debt can help relieve stress, reducing other potential health concerns. Talk to a partner, family member, close friend, or someone else. Along with relieving stress, they may have suggestions for getting the debt back under control.
Speak With a Doctor
For sleep issues, increased headaches or migraines, trouble eating properly, and any other signs of physical health issues, talk to a doctor. Set up an appointment to discuss the impact stress is having and to get help finding ways to relieve the stress and improve the physical concerns at the same time.
Get Mental Health Counseling
Mental health is crucial to care for properly, so get mental health counseling. Don’t hold off on this just because finances are an issue. Instead, look for low-cost help that may be available or check to see what’s covered by insurance. Simply talking to a professional can help with the mental health impact, plus provide an opportunity to start working out a plan for the future.
Keep Up With Medical Visits
Do not avoid medical visits or push them back because of the debt. This will only cause the health issues to worsen. Whether it’s medical, dental, or mental health concerns, keep up with doctor’s visits and follow the advice given to see improvement.
Start Paying Off Debt
Paying off debt doesn’t need to be as overwhelming as it seems. It doesn’t require winning the lottery or receiving a windfall from a long-lost relative. It requires small steps starting now and getting the right help.
Write Down the Debt
Make a list of all debts, large and small. This helps with visualizing everything that needs to be paid off and can help with determining what to pay off first.
Figure Out Priorities
Start prioritizing what debts will be paid first. Some have a bigger impact on finances, such as those with high interest each month. It may be beneficial to pay those off first, then ones that have lower interest rates.
Set a Budget
Create a budget to stick with. The budget should include how much is spent on debts each month, with a goal of increasing that if finances change or as debt is paid off.
Look into Debt Relief
Check out available debt relief programs to find out what help is available. It may be possible to consolidate the debts, making just one payment each month, to pay off everything faster.
Paying off debt can increase the potential for a wide range of mental and physical health issues. If you have a significant amount of debt, even if you haven’t noticed any associated problems yet, it’s time to take the first steps toward paying off the debt. Work with National Debt Relief to find out what help is available and to start paying off the debt before it has a bigger impact on your health. Future you will appreciate it.
