Color me not surprised upon coming across the recent study showing that carrying high amounts of credit card debt has a negative effect on your health. The study found that the stress associated with carrying high amounts of debt is linked to
The stress of carrying card debt through adulthood is linked to poor health, including joint pain, stiffness, and other ailments and illnesses that interferes with daily activities. Beyond the stress, people that carry high debt also don't have money to pay for health care leading to worsening health conditions as they get older. The lingering effects of Covid-19 on America's overall health could be felt for a generation. Covid-19 has led to increased financial insecurity for many Americans. Rising credit card debt, payday loans, and medical bills are sure to lead to increase health problems down the road.
Research from the Department of Labor found that people that carried high debt numbers during their 20s thru 40s suffered significant physical pain in their 50s. Specifically, up to 76% of those studied found increased levels of physical pain to match the increased levels in debt.
Another significant part of the study shows that unsecured debt, like credit cards, had a more negative impact on health than secured debt. Researchers believe this is due to high interest rates and little to no ability to pay this debt off. More recent indicators pain a bleak picture. The percentage of people rating their debt-to-income ratio “very unhealthy” doubled from 8% to 16% in the third quarter of 2021 according to the American Consumer Credit Counseling Financial Health Index.
If you are in debt and the stress is wearing you down don't mess around. Call us today.