If you're carrying too much debt for your comfort, you may find yourself worrying about your ability to repay it. If you're being harassed by bill collectors or even facing the possibility of bankruptcy or foreclosure, you may be dealing with an extreme amount of stress. Debt stress can affect your life in several ways.
Physical Health Problems
Worrying about debt could lead to problems with your physical health. According to MSNBC.com, a 2008 poll conducted by Associated Press-AOL Health, responders who worried about heavy debt reported they suffered from more physical ailments than people indicating low debt stress. For instance, 27 percent of those with high debt stress said they suffered from ulcers or digestive tract problems, compared with only 8 percent of those with low levels of debt stress. Six percent of people worried about high debt had suffered heart attacks, double the figure of those with low debt stress.
Mental Health Issues
The AP-AOL Health Poll also indicated that debt stress can lead to mental health issues. According to the poll, 23 percent of debt worriers reported they suffered from depression, compared with only 4 percent of those with little debt stress. High anxiety was also an issue, as 29 percent of those stressing over high debt said they suffered from this condition, compared with only 4 percent of those not worried about debt.
Behavior Impact
Debt-related stress can also negatively affect how you behave as well as your daily activities, according to MSNBC.com. In particular, you may be more irritable, which affects how you interact with work colleagues, friends and family members. You may have more difficulty sleeping, limiting your ability to function effectively. The inability to concentrate due to debt worries can also impact all areas of your life and could even be dangerous in situations where attention to safety is paramount, such as when operating a vehicle or machinery.
Coping Strategies
According to Kelly McGonigal, a Stanford University psychologist and researcher, an effective way to deal with debt stress is to identify and confront it. Instead of just glancing at bills, make a list of the exact amount that you owe for each of your debts. The next step is to set up a plan to repay them. If necessary, seek the help of a professional such as a nonprofit credit counselor. Even if it takes longer to pay off your debts than you'd like, you'll gain relief from knowing that you're taking positive steps to resolve the issue.
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