A study by AOL Health and the Associated Press shows that as debt related stress raises, your health decreases.
Debt is a useful tool that nearly everyone uses. Debts can range from credit cards, student loans, mortgages, 401K loans, home equity lines of credit, car payments, etc. Some types of debt have actually proven to be good investments. Student loans are excellent when used correctly, because they frequently pay for themselves within a few years. Mortgages, until recently, were always considered a nice investment, because they allow you to buy a substantial appreciating asset you otherwise wouldn’t be able to afford. Mortgages have taken a beating the last year or so, but they are still mainly considered a good investment when taken out properly. The problem with debt in lies when people take out too much of it, and at which point it becomes unmanageable.
Almost everyone has debt, and high levels of debt can lead to increased debt related stress issues. A study done in 2008 by AOL Health and the Associated Press showed that when you are juggling oodles of debt, you are also much more prone to have health problems. Since debt related stress is on the rise (14% higher in 2008 than in 2004) that means debt related health problems are on the rise too.
Take a look at some of the stats. Of the people with high levels of debt, 6% reported heart attacks vs. 3% of people with low levels of debt related stress. Then, 27% vs. 8% reported ulcers or digestive tract problems, 51% vs. 31% reported muscle tension or pain in the lower back, 23% vs. 4% suffered from anxiety, and 44% vs. 15% suffered from migraines.
What does this tell us?
If you feel that you are in way over your head with your debts, you need to get a grip on them. Poor health can only lead to more financial issues, because you can expect that there will be more medical related bills.
One such way to gain control of your finances is through bankruptcy. Through bankruptcy many of your debts will be discharged or eliminated, and you will most likely be able to keep the house and car that you desperately need for work. You should speak to a Dallas-Ft. Worth bankruptcy attorney today, and they can show you how you can get into a more manageable financial situation. As the AOL Health – AP survey showed, lower debt stress will lower the likelihood of health issues.