Most people have some amount of debt to deal with on a constant basis. After all, many people shop online and use credit cards to make the majority of their purchases. Credit card debt in the United States is over $1 trillion cumulatively.
A small amount of debt may not really impact the way that you live. But significant debt can be very problematic. And that’s not just from a financial perspective. Studies have found that debt can actually be bad for your health.
What type of problems could you face?
In some cases, just knowing that you have a lot of stress because of your financial debt could lead to things like headaches, high blood pressure or a faster heart rate. Stress in general can make it harder for the immune system to work and fight certain illnesses or diseases. People who live with chronic stress are taking a constant toll on their body, even when they’re not consciously aware of it.
There’s also a mental side to this issue. Those who have high amounts of debt may see an increase in anxiety and depression, for instance, well also dealing with a higher level of anger and irritability. Self-esteem could drop, and some studies even claim debt could lead to impaired cognitive functioning.
How would bankruptcy help?
Bankruptcy helps because it can give you a fresh financial start. Chapter 7 bankruptcy allows you to have some debts forgiven while liquidating non-exempt assets, for example. Chapter 13 lets you create an affordable repayment plan. Either way, it helps to reduce stress and improve your health. Carefully consider your legal options as you go through this process.
