There is no common tolerance factor for debt, and it varies from person to person. One may be worried and gets hyper having a debt of even small amount while there may be others ho do not even care even having thousands of dollars to repay. Therefore, debt can affect you in different ways, and it all depends on your resistivity, both physically and emotionally. The health effects of debt do not depend on the type of debt you incur. The effect may be same even if you have a student loan, personal loan, auto loan, home loan or a credit card loan.
Debt And Health
When you know about the common health problems and symptoms of it, then you can plan the ways to tackle your health problem as well as your unmanageable debt. The most common problem in health that is noticeable when you have debt which is spiraling out of the ceiling is depression as well as anxiety. The study says that those who have debt suffer from such depression and anxiety twice more than those who are free from debt. Depression of money leads to stress and anxiety which triggers a plethora of health problems starting from insomnia to heart attacks. Such health problems are same for both men and women alike.
Resentment Creeps In
The ill effect of debt encroaches in your personal and professional life resulting in breaking of marriage and relationships even. The partners may resent on each other as a probable way to cope up with debt which results in blaming, tension at home which may even affect your workplace and you may even lose your job along with your sleep, peace of mind and happiness. The extravagant spending habits, the way of living everything comes into the fore and arguments leads to divorce even. Your psychological well-being is affected, and you start to resent on people who are not your family members even, like in your workplace and your college.
Going To Denial Mode
You start to go to a denial mode where you block it out from you entirely. It is like closing your eyes in front of a storm and say everything is alright. You tend to overlook the monthly bills that lie unopened on the table and constantly ignore the reminder and collection calls from the creditors. All this may provide you with some temporary relief, but debt starts piling up silently at a fast rate. The amount would increase due to the accrued charges and penal fees which you have to pay eventually through bill consolidation loan if possible or file for bankruptcy.
Facing Embarrassment And Shame
Your emotional effect is further aggravated when you have to face shame and embarrassments among your friends and colleagues, relatives and family members. You may have ostensibly reflected your style and personality to them making unwanted and unaffordable purchases on credit, and now that you cannot pay for it, you are in a very awkward situation. Debt is still a taboo in most of the society, and you may even be isolated for having such unmanageable debt.