Beyond the Pocketbook—Debt Lowers Quality of Life

Debt doesn't only hurt your buying power

Debt doesn't only hurt your buying power. According to a new study, debt touches on all aspects of life, from your marriage to your performance at work. Debt can even cause health problems. If you are struggling with debt on a daily basis, this might not be surprising to you, but the results of the study are nevertheless shocking.Less than twenty percent of the four-hundred respondents thought that debt hadn't hurt their relationship with their spouse. 22 percent claimed that debt had hurt their relationship with their children. Over thirty percent reported they did not tell their spouse how much debt they truly had, and twenty percent didn't tell their friends. Well over half (65%) claimed that their money issues affected the way they worked. Half said that debt hurt their health.Let's talk about this last issue a little: debt hurting your health. Stress and debt may be rightly thought to be related, but it's easy to ignore the depth of the problems that stress causes both daily and over your lifetime. According to Dr. Alan Manevitz, when we are stressed we experience a non-stop sense of alarm, where the body gives off hormones that cause negative long term physiological effects." These symptoms can manifest themselves into a disease called debt stress syndrome.Dr. The doctor gives three points of advice for helping patients cope with debt stress syndrome. The primary solution is to uncover the cause of your stress: your debt. First, he says, don't deny it. You have to admit that you are in debt. Unlike many people in the study who hide their financial troubles not only from their friends but their spouses, it's important to come clean about your debt situation. Second, he says, you must be proactive. If your debt looks like it is going out of control you might want to consider finding more information about Chapter 7 or Chapter 13 bankruptcy. Third, get help. There's nothing wrong with finding a financial advisor or a bankruptcy attorney who can assist you out of debt.It is hard to overlook the fact that debt can ruin people's lives. But, it doesn't have to. You are not doomed. In fact, you have multiple options which might, in part, solve your debt issues. Not only might you be risking your house, but you may also be risking your health. Like any serious problem, you should educate yourself with the most information possible before making any decision. Find free educational material about bankruptcy. You may be surprised to find that the answer to debt stress syndrome and the other effects was right here all along.

Beyond the Pocketbook—Debt Lowers Quality of Life

By: James Brown

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