If you are in debt and worried about not being able to make payments, financial stress could be impacting your health in adverse ways. You owe it to yourself to try to find solutions to your debt problems so your health does not continue to suffer as a result of your worries about money.
For many people who owe a lot of money without an easy payback plan, bankruptcy may be the best option. There are many bankruptcy benefits if you decide to file for protection from the bankruptcy courts. Depending upon what chapter of bankruptcy you file under, you could get debts forgiven quickly or could start repaying debt on a reasonable repayment plan lasting three to five years. Once you have resolved your debt problems, you won't have to worry about collection calls or the stress of not being able to pay your bills each month.
This is important because numerous studies have demonstrated how debt can negatively impact your health. In fact, recent research even shows chronic debt increase mortality rates.
Eliminating Stressful Debt is Important for Your Health
Federal Reserve Bank of Atlanta recently published a study that illustrates the big consequences that result from having delinquent debt. According to the research, when you become seriously delinquent on even a single debt account, this can cause you to experience a 5 percent increase in mortality risks in the quarter following your delinquency. In other words, people who fall behind on their bills could face a higher chance of dying in the next few months after they become delinquent on debt they owe. Eventually, the mortality risks return to normal, but the health impact of being in debt and worrying about money can linger for years.
In fact one Scientific American article revealed even thinking about the possibility of financial security could cause a person to experience actual physical pain. And, US News & World Report reported debt can impact your immune system, making you more prone to sickness and other health consequences.
While falling behind on payments and being in debt can be harmful to your health, taking steps to improve your financial security can conversely reduce mortality risks and lead to you becoming healthier. For people whose credit scores increased by at least 100 points, there was reported a 4.48 percent reduction in the risk of mortality, according to the Federal Reserve Bank's findings.
You do not have to just live with stressful debt and be stuck facing the serious health consequences, including high blood pressure and a greater risk of heart attack. You can file for bankruptcy protection to get your debt discharged so you won't have to worry about paying those overwhelming debt bills any more. While you may be worried filing for bankruptcy will lower your credit score and make things worse, the reality is it is usually the first step towards rebuilding your score because you can get rid of the debt, stop making payments which don't help you progress and start rebuilding your credit after you've gotten rid of old debt.