Debt & Health Problems

The number of households reporting that levels of unsecured debt have become a burden on their family has soared in recent years. A 2009 article in Mental Health Today reported that 2008 saw a 70 percent increase in mortgage holders who were at least three months in arrears in the United Kingdom. In centuries past, a person who got himself deep in debt might have found himself in debtor's prison. While this is no longer a common practice, taking on more debt than you can easily manage has far more insidious consequences. Debt-ridden consumers today are increasingly faced with a variety of debt-associated stressors which may have a negative impact on their physical and mental well-being.

Physical Health

Excessive debt can have a negative impact on physical health, affecting the quality of life of those carrying the debt. The cumulative effects of stress sustained over long periods of time can lead to an increased susceptibility to heart disease, diabetes and common infections. Additionally, common coping mechanisms for dealing with stresses such as those associated with debt include excessive alcohol consumption, overeating and other deconstructive actions, which also have a negative impact on the debtor's health.

Mental Health

Mental Health Today stated that there is a relationship between personal debt and mental health issues such as increased levels of anxiety and depression. Debt can be categorized as either just debt, problem debt or priority debt. Debt can cause stress even when the debtor has it under control. The stresses of carrying problem debt, which is characterized by obligations which the debtor is unable to meet, have been associated with an increase in social isolation, which impacts long-term mental health. The failure to maintain priority debts, those debts which carry the greatest consequences if not paid, can cause insecurity and other feeling that negatively impact mental health. These issues are particularly problematic when debt is sustained long term.

Mortality

A 2009 study conducted by professors David Gunnell, Stephen Platt and Keith Hawton found evidence of a relationship between economic conditions and an increase in suicide rates. Mental Health Today showed that an association exists between banking crises and cardiovascular and various other mortality rates.

Solution

The obvious solution to negating the impact of debt on health is to simply stay out of debt. However, for those who are already in debt and experiencing health problems as a result, it is important to seek help. Debt counseling and other debt resolution solutions may help bring the debt to a level where it is more manageable. It also is essential for doctors and mental health professionals to address debt when evaluating patients, whether it is during a visit to discuss the patient's depression or more common illnesses, such as the common cold.