Talks about debt usually focus on the financial aspects of it – how much you owe, how much you can pay, the negative impact on your credit, the strain it puts on your finances, and so on. But debt can impact many other areas of your life. In particular, debt can affect your mental health, which can then affect your physical health.
It’s important that you find ways to manage your debt to not only protect your finances, but also your family’s health (and your own). Talk to a Gilbert bankruptcy attorney to learn about your options for debt relief. In the meantime, keep in mind these potential negative impacts of debt on your health:
Debt can cause you to become anxious. You may worry all the time about how you are going to pay your bills – not just bills for the debts you owe, but also bills for your necessities since all your money seems to be going to demanding creditors. As your debt grows, so your anxiety may grow. You may worry about whether you’ll be able to pay what you need, and you may worried that your car or other possessions will be taken.
Chronic anxiety is related to a number of health problems, including digestive and heart issues. It can also disrupt your sleep, which can compound health problems.
Stress and anxiety are closely linked. Often, stress is the precursor to anxiety. Most people feel stressed about their debt, since they feel intense pressure to pay it off while also meeting their other needs. Stress is compounded when you are getting calls from creditors and being pressured by them.
Stress causes an array of responses in your body, including the release of hormones like cortisol and adrenaline. Regular exposure to these hormones can cause negative health outcomes over time.
Chronic anxiety and stress can cause you to become depressed. You may lose the urge to fight and to try to manage your debt. You may become overwhelmed and give in to despair or to hopelessness.
The thing about depression is that it’s not isolated. You aren’t just going to feel depressed when you think about your debt – you are going to feel a general sense of depression about your life. You may start to feel like a failure, and you may experience symptoms like fatigue, headaches, insomnia, digestive distress, and more. Depression can impact many different areas of your life, and if left untreated, it can have a serious impact on your health.
Don’t take these symptoms for granted. You may feel that anxiety, stress, and depression are just a part of dealing with life’s hardships, but here is help for them. You should seek counseling from a mental health professional to manage these tough times while you are grappling with financial problems. Then you should talk to a financial counselor to learn about your options for getting your debt under control. You may qualify for some debt consolidation options, or you may be able to make tweaks to your budget that help you pay down your debt.
You should also talk to a bankruptcy attorney serving Gilbert about your options through bankruptcy. In many cases, bankruptcy can provide near immediate relief. If you file for Chapter 7 bankruptcy,, you may have all of your unsecured debts, like credit cards and medical bills, discharged in just a couple of months. If you file for Chapter 13 bankruptcy in Gilbert, you will be put on a debt repayment plan that you can actually afford, helping you to have greater peace of mind. With Chapter 13 bankruptcy, you also know that you’ll be done with your debt when the repayment plan is over in three to five years, putting an end to your worries about what may happen.
Call Gilbert Bankruptcy Lawyers if you are struggling with debt and it is impacting your mental or physical health. Our bankruptcy lawyers can help you get debt relief quickly. We’ll review your finances and your goals with you and make tailored recommendations to get the best outcome for your personal circumstances. Our end goal is to help you get the maximum debt relief possible as quickly as possible. Call us in Gilbert today to schedule a consultation with a bankruptcy lawyer.