Your credit card debts, unpaid healthcare bills, and due mortgage payments are taking a toll on your physical and emotional health. Then, financial woes have more adverse effects than just your credit rating. Based on the findings of the Stress in America survey published in November 2017 by the American Psychological Association, 62 percent of the US citizens remain stressed due to their financial condition. The increased stress leads to greater health problems for you in the days to come.
Research shows that financial issues related to health hazards. When it comes to your unpaid debts, it’s related to heart attacks, migraine, sleeplessness, depression, anxiety, and a host of other problems. Numerous studies show that mounting debts affect your psychological health as well, and lead to frequent moods swings, according to an article published in the Journal of Social Science and Medicine.
According to an article published on https://www.huffpost.com, psychological health issues are more common among individuals plagued with debt than those who are debt-free. It was a finding based on research by the University of Southampton.
Financial anxiety or stress is the worst thing that can happen to you, according to an eminent clinical assistant professor of psychology and behavioral sciences. Your financial woes and stress levels can result in many unhealthy behavioral habits like excessive smoking, overeating, and feeling depressed and hopeless. Read on to learn more about the possible health hazards related to debt coping with the same.
Unhealthy eating habits of Americans
Based on a 2014 survey by the American Psychological Association Survey, 33 percent of the US citizens resort to unhealthy food or eat too much fast food outside to cope with debt-related stress. Another poll showed that 45 percent of Americans are plagued with insomnia at least once in a month. These data and figures are disturbing and affecting people not only in the US but also worldwide. Therefore, if you cannot control your spending habits and fail to repay your debts on time, health issues will get the better of you.
Debt and financial stress affects your thinking ability
Debts and monetary problems not only affect your body to function properly and lead to unhealthy habits, but it also affects the way you think. Yes, it has an impact on people’s ability to think clearly. In one of the studies published in a 2013 Journal Science, shoppers were asked to answer a questionnaire that would give an idea about a small and large auto repair bill. The researchers in the study wanted to figure out the thinking ability of the participants. It was found that people belonging to the low-income bracket when working with the large repair bill performed poorly in the test.
The above study shows that dealing with poor income has a significant impact on the cognitive ability of people. It makes your thinking process clouded and you fail to make decisions with precision and clarity. Diminished performance is associated with monetary problems, which is characteristic of people with poor income. Then, you need not worry if you have debts. You can consolidate your car debt if you choose the right lender. There are websites like NationaldebtRelief.com to help you deal with your debts and financial worries.
Improve your financial condition to stay healthy
The data and findings show that good finances can make you physically and emotionally healthy. It is possible if you consolidate your multiple debts and merge into a single payment system through a consolidated loan. There is nothing to worry because many people go through financial stress but overcome with smart decision-making and financial planning. Therefore, avoid panicking. Relax, take a deep breath, and seek the financial assistance you require. Here are some steps to improve your finances and stay healthy:
Understand your finances: If you have bad spending habits with limited income, it is time to think. Avoid weekend dinners at restaurants and movies until you pay off your multiple debts. It is not to make you feel bad but help you to identify bad spending habits that may land you in a financial soup. You should change your habits and behavior to build a financially secure future.
If you are in debt and need to pay off your dues immediately, postpone the beach vacation abroad. You can always travel when you are on the right track again. These little things matter a lot to stay financially secure and avoid health hazards like pain, stress, and depression. Try these ideas and tricks. You will benefit.
Take a consolidated loan: If you have close friends and loving family members, you can take a loan from them to pay off your small debts. Else, look for debt consolidation agencies that are willing to come to your financial assistance. A consolidated loan will help you repay all your debts in less time and at a reasonable monthly payment. Once you become debt-free, you will feel happy and healthy.
Create a budget: Budget, budget, and budget. It is the mantra of our times when the prices of goods are soaring daily. Every item today is expensive. Therefore, create a pragmatic budget. Prioritize your expenses and spend accordingly. There is no second thought about it if you want to build a financially secure future for your loved ones. Then, that does not mean that you will never shop or go to movies or visit an amusement park with your family. Do these things but in moderation.
Understand your relationship with money: Yes, you should figure out how important money is for you. You need cash for comfortable living, love, luxury, power, and so many things. Spend your income to live comfortably and not to waste on luxury items frequently. Save your earnings after meeting all expenses. Always remember that money cannot buy love. It buys security and a safe future for your family and kids.
Conclusion
Take stock of your finances and spending habits. Repay your old debts with a consolidated loan to become debt-free. It will help you enjoy good physical and psychological health. Take the leap of faith. You’ll be surprised by the results.