Credit card debt is a situation that no one wants to deal with. In America, and all across the world, the cost of living has increased exponentially. In order to alleviate these costs, people have been increasingly reliant on credit cards, which has proven to be one of the most expensive ways to borrow money.
While credit cards can be convenient to make immediate purchases and satisfy current needs, it is not free money. Eventually, the money has to get paid back, and the cumulative credit card debt in the United States of America stands at well over $1 trillion dollars, according to the Federal Reserve.
Beyond the financial implications of having substantial credit card debt are the potential risks that comes to one’s health with credit card debt.
Stress
One of the primary health concerns that people with credit card debt suffer from is extensive stress. This stress stems from the fact that the balance never seems to go away, especially with the interest that is added onto the balance.
If the debt is substantial enough, this may mean the borrower may only manage to make the minimum monthly payments. Unfortunately, this will not only extend the life of the credit card debt, but it will also extend the stress even further.
What makes this even worse is that unmanageable stress leads to elevated blood pressure readings known as hypertension. This hypertension can serve as a precursor to adverse cardiac events such as heart disease and stroke. If you are looking for potential solutions to solve Credit Card debt, you could take a look at the resources Colony Associates has at their disposal.
Anxiety
There is always a fear of the unknown and what may happen to one’s financial future if debt goes unsolved. Anxiety is another condition that may people with credit card debt may suffer from. There was actually a study done by Dr. John Gathergood of the University of Nottingham. It was noted that those who struggled to pay off debt where more than twice as likely to suffer from severe anxiety.
This anxiety can arise from certain triggers such as the constant worry about money and a feeling of hopelessness. Anxiety and stress are linked together, and the longer the debt has a sustainable balance, the longer that these feelings may negatively impact one’s health. Colony Associates have experts in the field of credit card debt that can help anyone with certain financial situations.
Depression
Financial troubles and depression also have a link to them as well, because high amounts of debt have been commonly associated with higher depression and stress rates. The Royal College of Psychiatrists studied the findings of over 50 research papers over time. It was found that men and women that had higher risky behavior in regards to their credit have higher rates of depression and were more likely to report depression symptoms.
Depression can affect one’s ability to perform activities of daily living, so you should take advantage of organizations such as Colony Associates that can help you as they prioritize the client through single monthly payments and low interest rates