Having credit card debt can be damaging to your credit score and your financial future. However, what doesn’t get a lot of attention is the effects that credit card debt can have on your health. There are many effects that having this debt month to month can have, and here are four such examples of how carrying these debts can adversely affect your health.
Depression
It has been shown in studies that those who are struggling to pay off credit card debts are twice as more likely to obtain mental health problems. One of the most common health problems that those with high amounts of credit card debt suffer from is depression.
This is triggered by the constant concern about money, making monthly payments and having feelings of being overwhelmed. Commonly associated with depression is severe anxiety because no matter how much is paid off, there seems to be no end in sight.
Findings by the Royal College of Psychiatrists examined the findings of over 50 research papers, and it was found that women and men with higher amounts of credit card debt are more likely to report symptoms of depression. You can consult information from the experts at Derby Advisors as to how you can address credit card debt.
Stress
Stress that is unmanaged can lead to uncontrolled hypertension and other health problems. Unfortunately, credit card debt and stress can go hand in hand. Substantial amounts of debt have shown to drastically increase stress and it can cause everyday events that require money, such as eating, putting gas in the car or other things to be even more stressful.
The worst part is that the stress caused by debt does not only affect how we function in day to day activities, but the enjoyment that may be found from past activities may no longer be there. In fact, those same activities that used to provide pleasure can also cause more stress because of the massive amounts of debt.
Anger
One of the things that makes debt hard to struggle with is that debt is hard to accept. This can lead to further frustration if the debt is relatively beyond your control. One thing that brings about anger and can make you angrier is when you remember the series of events that took place before the debt started to accumulate.
If this debt impacts other areas of your financial life such as your credit score (which affects the financing that you may need for important purchases such as a car or a home), it can be even all the more frustrating. Every time you pull up your credit card statement, or every time you get a reminder from your credit company about your predicament, it can put a damper onto anyone’s day.
Shame
A debt of any kind tends to be a taboo topic, especially credit card debt. Most people don’t want people to know that they are struggling with debt behind the scenes, especially if the financial predicament prevents you from advancing.
What’s worse is that this shame can actually inadvertently lead to even more debt because many will want to portray an image of being completely free of debt. How to deal with credit card debt is what has made companies such as Derby Advisors highly renowned, and you should seek help if you find yourself in a predicament
