Is Your Debt Making You Sick?
posted 2008-07-04 11:32:08
topics: debt,stress,health problems,
Money has always been a cause of a great amount of stress for many people. Anxiety over debt can present itself in many ways including sleepless nights and chest pains.
Among college students, nearly 80% receiving degrees (1999-2000) had at least one credit card, and half of those carried a significant balance (re: American Council on Education). On top of credit card debt, many students also carry years of student loan debts.
"Credit cards are a double-edged sword. Its hard for a recent college grad to buy an airline ticket without a credit card, but it's easy to lose control and start overspending," says Jane Rinzler Buckingham, President of market research company Youth Intelligence.
Today's youth have accumulated more debt than any generation before them in history, and their happiness and even their physical health are suffering because of it. Everything from sleeplessness and depression to irritability and heart palpitations, (Paul J. Lavrakas, Ph.D., former director at Center for Survey Research at Ohio State University).
How do you know if your debt is affecting your health? One of the first signs of debt stress is anxiety. Worrying about money and how you will be able to afford the basic neccessities. Because of the higher debt-to-income ratio of most 20somethings, the anxiety weighs on them daily and compounds the stress of everyday life. Long-term stress can develop into depression.
"Being in a lot of debt can feel overwhelming to people and wreak havoc on self-esteem" (Olivia Mellan, money coach in Washington D.C., author of "Money Shy to Money Sure")
Money is still somewhat a Taboo topic on our society, so most people will hide their money troubles from others and the ones they love. Debt can become a shameful secret for some people when its really nothing to be ashamed of, its just money. Some people take it too seriously, though.
In 1997, a freshman at the University of Central Oklahoma committed suicide because she was overwhelmed and upset over three maxed credit cards and was losing her part-time job.
The fact is, being in debt can make you sick, in whatever way your body manifests stress. Insomnia, digestive problems, asthma, anxiety attacks, and skin problems are all common for those stressing about their finances. Stress can trigger addictions to cope, as well. Excessive eating, drinking, smoking can all develop.
Loss of desire in sex can also occur, a woman describes her ordeal after gaining $20,000 in credit card debt: "I haven't had sex in six months, moslty because I can't relax enough to pursue a relationship or get in the mood. My libido has completely shut down ... sex doesn't even enter my mind." A recent poll showed that 58% of people said their sex lives improved when their finances improved.
A study of 1000 people at Ohio State University found that people who have high credit card debt are likely to be in worse health and have higher levels of physical impairment, and be more overweight than those without a lot of debt.
So if you do have financial problems, you need to understand that its not the end of the world and there is help available. Above all, realize that money is a tool and should be treated with care and respect as it can cause a lot of damage to you and your health.
Adapted with references from Cosmopolitan Magazine, August 2002.
