You know too much debt can hurt your financial health. But did you know that too much debt can also hurt your mental and physical health?
Most Americans have some level of debt – but if your debt is overwhelming and you are depressed about your financial state or stressed over how you are going to make your payments – it can affect your mental and physical well-being.
According to the Mayo Clinic, anxiety and depression can lead to serious problems like:
-Headaches, weight gain, digestive problems and other physical problems
-High Blood Pressure which can lead to a heart attack or stroke
-Insomnia or sleeping too much
-Alcohol or substance abuse
-Nervousness and panic disorders
-Conflicts at work and home
So, what you should you do if your debt is becoming overwhelming and affecting every aspect of your life? The answer is simple – confront the problem and don’t run away, this problem won’t fix itself.
Work on Paying off your Collections, Charge Offs, and debts: If these are negative accounts on your credit report it can bring down your score – and once they are removed they can bring your score up rather quickly and help you qualify for better rates and terms with your creditors. When paying off these accounts you will need to get in writing from the creditors that they will immediately report that your balance is paid off (or even better that they will remove the negative account from your credit report – but this does not happen often).
This is easier said than done. There are some options you have to help you along the way:
1. Snowball Method: Making the minimum payments on all of your debts, then throwing any remaining money towards your smallest balance
2. Debt Stacking: Making the minimum payments on all of your debts, then throwing any remaining money towards the debt that carries the highest interest rate
3. Consult with a Credit Counseling Agency (some offer free services): Click Here
4. Consult with your CPA or Attorney about debt relief options with bankruptcy
Lets Talk Counseling.com has Life Coaches and Therapists online that offer consulting and counseling services to help you both with your Financial Life Coaching and Counseling for Anxiety and/or Depression.
If you wish to find an online counselor or life coach – just click “Sign Up” on the upper right hand side of this screen.