Can credit card debt make you sick?

Can credit card debt make you sick?

Can credit card debt make you sick?

If you're skeptical about the health effects of consumer debt, you have probably never been in serious financial trouble. As your debt load becomes unmanageable and you begin to become overwhelmed with your financial problems, this seems to take up more and more time and energy.

We say time and energy because you will undoubtedly spend much of the day simply worrying about your financial problems and thinking about how to solve them. Constructive thoughts, of course, can help lead you to solutions, but it is often very difficult to think calmly and rationally about how to solve your problems. Instead of looking for a solution, you spend a great deal of physical and mental energy simply worrying and considering all of the possible negative consequences that could arise.

It is said that one of the primary contributors to marital conflict and even divorce is financial trouble. Is this really so difficult to understand? People who incessantly worry about how to pay the bills will become either scared or angry (or both), and this will inevitably lead to outbursts and arguments among married couples. Money may not be the most important thing in life, and it may not guarantee happiness. But we all know that it is essential, and when it becomes scarce it can hurt every part of our lives.

Credit card debt that is out of control can also hurt our health indirectly by keeping us from visiting the doctor or forcing us to return to work prematurely after an illness or injury. Clearly, the road to optimal health, financial success, and mental sanity begins with the elimination of your bad debts.

How do you begin? Well, perhaps the best and simplest method is to do something very unpleasant but quite necessary. You must face the music and determine exactly where you stand at the moment. Gather all your bills together, along with your bank statements, and begin to examine where your money goes each and every month. You may be shocked at some of the discoveries you make.

Where you go from there largely depends on the nature and size of your debt load. How much do you currently owe? How much of your monthly income goes towards paying off credit card bills? Can you see yourself paying this off in the next few years while maintaining a reasonable (not luxurious) lifestyle and budget?

If the answer to this last question is no, then you need to seriously consider bankruptcy and speak with an attorney. You won't lose anything by discussing your case with a good bankruptcy lawyer, as long as you receive a fair consultation and are not just given a sales pitch for declaring bankruptcy. If you can realistically pay things off in the next few years, then bankruptcy will probably not be necessary in your case. What will be necessary is a solid plan and serious discipline and dedication so you can begin to change your financial life and overall health.

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