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Getting Out of Debt – Why It’s Absolutely Essential
By plrprousers | December 3, 2009
You think I’m joking – but I’m not. Even moderate amounts of debt can increase stress levels and the impact of stress on our health has been well researched and documented. Getting out of debt not only gives us a sense of personal freedom but it also helps us maintain our health.
This is serious stuff, which means that getting out of debt should be your number one priority and not simply for the obvious financial reasons.
Research has shown that the stress of debt, particularly in a recession, can increase suicide rates and also have a detrimental effect on the wellbeing of your family, regardless of whether you keep your job, you’re married or your level of wealth.
That’s right! It doesn’t matter how rich you are – your children are still more likely to experience depression, aggression and disobedience if you’re stressed out by debt.
Not convinced? Here are just some of the potential effects of debt stress on your body and mind.
Potential Physical Effects of Debt Stress:
* Hypertension
* Heart Disease
* Strokes
* Lowered Immunity
* Overeating
* Increased Use of Alcohol, Drugs and Cigarettes
* Diabetes
When we consider the negative health impacts of debt, and add those to the financial ramifications debt causes, it can equate to dangerous results.
And it’s not only your physical health that could suffer, a recent report by the Royal College of Psychiatrists describes the links between worry over debt and poorer mental health.
Potential Psychological Effects of Debt Stress:
* Depression
* Anxiety
* Increased Irritability
* Sleep Problems
* Less life enjoyment
The personal cost of mortgage or housing debt can also have a negative effect on our sense of identity, higher levels of uncertainty and feelings of stigma and shame.
All of this information indicates that debt is an important social issue, which has many associated negative impacts. So what can you do to escape from this trap and stop yourself being eaten up by the debt monster?
The first thing is to realise how you have become caught up in the debt cycle and how the financial companies have manipulated you into that position for their own gain. The second thing is to change your thinking (or your mindset), about how to manage your finances. The last thing you need to know for getting out of debt is learning how to save on everything you buy and how to pay off your debts quickly.
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