Are you constantly stressing over your student loans, mortgage, vehicle payments or credit card bills? You may want to continue reading. Excessive levels of debt may be linked to serious health problems. When your body experiences high levels of stress, it releases the hormones adrenaline and cortisol. According to the Mayo Clinic, excessive levels of these hormones may cause digestive problems, sleep disturbances, heart disease and weight gain.
Multiple studies have explored the possible link between debt and poor health. For example, a 2013 study conducted by Northwestern University discovered that young adults with high debt-to-asset ratios also had high blood pressure. According to the Centers for Disease Control (CDC), high blood pressure can increase the risk of suffering a stroke or heart attack. High blood pressure can also be difficult to spot without a visit to your doctor’s office, which is less likely to occur if you are suffering from depression. Unfortunately, debt has also been linked to depression and other mental health problems. A study published in Clinical Psychology Review found a possible link between financial stress and poor mental health.
Will financial worries always cause health problems? Most likely not. Everyone is different. However, if excessive debts are causing you to constantly worry, then you should take your health into consideration and begin looking for strategies to resolve your financial situation.
What Are Effective Debt Relief Strategies?
There may be solutions to your financial problems that you have not yet considered. For example, many people with federal student loans may not realize they are eligible for income-driven repayment plans that could lower monthly payments. In some cases, payments can be lowered by hundreds of dollars. Money saved from these repayment plans could allow you to tackle other debts that are causing you stress. This is only one example of a strategy that may help you tackle your debts.
Should I Contact a Bankruptcy Lawyer Near Me?
For some people, bankruptcy may be an option to consider. Bankruptcy, which receives a bad reputation for all of the wrong reasons, could discharge your debts and protect you from creditors.
There is more than one bankruptcy chapter. Each has its own eligibility requirements, advantages, and disadvantages. You should speak with a bankruptcy attorney to discover which option would work best to resolve your financial situation. Lewisville bankruptcy lawyer David Shuster could help you determine whether bankruptcy is the right choice.
