Considering the current economic conditions, everything is dear. Add to it the constant pressure of maintaining a high standard of life may compel you to find easy ways to fulfill your dreams. Sometimes, you may have to cross your financial limits to keep up with the demands of the society as well as your family. It is then you incur debts to own an item. Ideally, borrowing money for your wants is probably the biggest mistake you will make.
On the contrary, if you stick to your needs only, you will be more reasonable in your expenses if not frugal. This way you will eventually avoid ending up in a debt trap. Moreover, the liberal lending policy and easy accessibility of loans from various sources for any purpose have resulted in more and more people incurring debt often more than they need. This makes managing the loans difficult, and ultimately it goes out of your control.
In such a situation not only your financial health will be affected, but your physical, as well as mental health, will start to take the toll. It is better for you to know the signs when debts go out of your hands so that you can prevent such ‘unhealthy’ situations.
Responding to debts
Any debt is good till the time it is within your manageable limits. When it crosses this limit, it will lead you to a debt trap. Incurring debt is an entirely personal option, and in most of the cases, it is seen that debts are usually self-inflicted.
- It is your uncontrolled and unrestrained desire and erratic behavioral pattern that will drive you to debt. You will start making absolutely unnecessary purchases considering your given financial conditions.
- If you do not respond to such desires, then you tend to feel emotionally depressed. A sense of loss slowly creeps in you which you want to overcome by making a purchase which is you could easily postpone till you regain your financial health.
- On the other hand, when you incur such unnecessary debts, you fail to keep up with your monthly payments. Collection calls start to pour in with letters from your creditors and even threats for lawsuits if the situation is extremely severe. All these will result in a stressful situation that will affect your mind, physical health, energy to work and even lose your sleep over it.
- You will even go into a denial mode which is even much more dangerous if you cannot take on debt or defeat sportingly. You will be inconsiderate about your weak financial condition and start using those plastic cards merely to have the false sense of feeling that you too can.
You will start using it more and more thinking that you will be able to pay it off later which seldom is the case. Debts start to accumulate this way when you have to consider debt consolidation and read the debt consolidation reviews for this purpose. But this does not take you out of debt in the true sense.
Mood swipes and change in behavior
Debts will strain relationship as well because you will have mood swipes and a notable change in your behavioral pattern. Being in the state of denial you will start to ignore the monthly bills, fear mails, phone calls, and doorbells as well.
- You will always be in a state of anxiety that will add to your health problems as well. You will get annoyed and angry at simple issues most of the times having no proper reasons for it at all.
- You may turn violent at times, become worried and restless, keep on sulking in a state of panic, and feel embarrassed always in front of others with a sense of guilt in you.
- Mental depression will creep in due to debt and raise your blood pressure by a considerable margin. Usually, people of the middle age group confront with such issues more commonly as they usually have more needs and demands as compared to people younger to them and the senior citizens. Various heart diseases and stroke are a common outcome of high blood pressure.
- Stress of such magnitude will lead to anxiety and studies have shown that middle age people who have unmanageable debts are 12% more prone to such medical and mental conditions as compared with other average people.
- However, anxiety can creep in the young as well as among the senior citizens in debt. Anxiety and stress that leads to depression will result in other common health issues that may become chronic problems if these are not addressed immediately.
All these means you will have an increased medical expense which might even lead you to further debts due to your inability to repay.
Affects your immune system
Prolonged stress and anxiety that has resulted in you due to your unmanageable debt can also affect your immunity level as well. That means you will be more prone to different diseases and ailments when your body will lose the resistance power to fight with the germs.
- This will once again consequentially increase your medical bills with an increase in doctor’s visits and frequent hospitalization at times if required. However, most people take the easy way out of such situations and skip such visits to the doctor for regular checkups. This is even more dangerous as it may aggravate your medical condition even further increasing your medical bills as well as decreasing your immunity making further making you even more vulnerable to diseases.
- You will also suffer from other side effects of debt on your health. The stress and anxiety, fear and depression, loss of sleep and appetite will lead to lower muscle strength leading to severe back pain. If you want to read more about muscular diseases visit here.
- You may even experience severe headaches, chronic migraine, digestive tract issues, ulcers, and even heart attacks.
- Apart from the health conditions, debts will affect your relations with family members, affect your professional career and may even lead to separation and divorce which is even more stressful.
The only way to avoid such situations is to take help of credit advisors to keep your debt within manageable limits and be honest with yourself and your financial condition.