Events over the last several years (or the last year alone) have pushed your finances to their breaking point.
Unfortunately, when your debts are breaking your bank account, they can also break you: Debt problems can have seriously negative consequences for both your mental and physical health.
How debt destroys your physical and mental well-being
Studies by the National Institute of Health (NIH) and others have conclusively tied financial distress with a host of problems that negatively affect people’s emotional and physical health. A high debt-to-asset ratio is associated with:
- Higher rates of self-reported stress
- Higher rates of depression
- Tension and anxiety
- Poor life satisfaction
- Difficulty sleeping
- Weight gain
- Drug and alcohol abuse
- Heart attacks
- Stomach ulcers
- Back strain
- Muscle pain
Even worse: Financial problems are the root of roughly 16% of suicides every year in this country — which indicates just how pervasive and all-consuming debt can be when it takes over someone’s life.
The research seems to indicate that a massive debt load can weigh on a person’s mind and damage their ability to enjoy any part of their lives.
You don’t have to let your debts control your future
Bankruptcy isn’t a cop-out or an attempt to run from your problems. The majority of people who get into unmanageable debt are victims of circumstances beyond their control. In a nation where most people are living from paycheck to paycheck, it only takes a few days of missed work or a sudden emergency to start a downward financial spiral.
If you’re ready to learn more about your bankruptcy options, please continue to review our website or reach out to us to discuss your specific situation.