Five Ways Your Debt May Be Making You Sick

We know there is a health care crisis in America. Over the past couple of years we have become painfully aware of the credit crisis as well. But while you may be aware that medical bills are a leading contributor to bankruptcy, you may not realize how quickly your debt can rob you of good health.

Here are some of the ways personal financial problems can hurt your health:

Silent Stress

Many of us may gripe about our spouses, kids, bosses, or even politics. But mum’s the word when it comes to talking about our money troubles. Instead, we silently put up with high levels of stress as we try to cope. Mental and physical stress can manifest itself in many ways, all of which are documented as being associated with financial stress:

• Depression: Consumers with debt often suffer from clinical depression. This may be especially true for women. Far from a case of the blues, depression may make it very difficult to focus on finding solutions. Those suffering from depression may feel so anxious that simply picking up the phone to call creditors or a counseling firm could be overwhelming. Such individuals may believe that their situation is hopeless, with no way out.

• Heart Attacks: In one study, those reporting severe financial stress were 1.33 times more likely to have a myocardial infarction, otherwise known as a heart attack.

• Headaches or migraines:  Americans miss more than 156 million days of work due to headaches, and spend more than $400 million on over-the-counter pain relievers. Those with severe headaches, including migraines, may find their medication costs run into the hundreds – or thousands – of dollars each year. While not all headaches are stress-related, many can be triggered by financial problems.

And if health problems result in job loss, it may be downhill from there. Unemployed women report the worst physical health. Twenty-eight percent have high blood pressure, compared to nineteen percent of employed women, and six percent said they have had a heart attack, chest pain, or stroke, while only two percent of women with jobs have cardiovascular disease, according to one study.

Sleep Debt

“Are you sleeping?” I asked a father of three who called me recently during a financial crisis. “About three hours a night,” he replied.

He’s certainly not alone. As many as half of all credit-card carrying consumers surveyed report losing sleep over money worries.

Tossing and turning all night can result in something known in medical circles as “sleep debt.” And it creates its own health nightmares. Sleep-deprived people may find themselves unable to focus at work or with a short fuse at home. The National Sleep Foundation reports growing evidence of a link between a lack of good sleep and serious illnesses such as “obesity, diabetes, hypertension and depression.” Lack of sleep can easily affect mood, ability to stay alert on the job, and it also results in driving accidents.

Getting out of debt is a marathon for most people, not a sprint. And it is pretty hard to stay in the race when you aren’t getting enough sleep.

Diet and Debt

When the finances are tight and/or stress is high, diet often goes out the window. Sound familiar? You turn to comfort foods (often known as “junk food”) to try to boost feel-good brain chemicals. You order out because you are too tired or unmotivated to cook. The healthier foods you want to buy are too expensive on your limited food budget. Or you can’t afford to stock up on cheaper bulk items. Whatever the reasons, you start eating poorly and then feel even worse. 

Unhealthy Coping

Whether it is smoking, alcohol, gambling, or drug abuse, some of the ways we deal with stress not only hurt our health but are dangerous to our financial futures as well. In fact, addiction and money problems are linked more often than most people realize, warns addiction expert and author Doug Thorburn. Family members or co-workers may be unaware of (or ignore) the signs of addiction until it’s too late.

Cost of Health Care 

When money is tight, you can find yourself in a vicious circle, unable to get the care you need, and then paying more when your health problems turn into a crisis. Consumers with poor health and no financial cushion are likely to:

• Pay more for health insurance, even if they have a group plan through their employer. Employers are raising co-pays and deductibles, and some employer programs are financially penalizing workers who are overweight, don’t exercise, smoke, etc.
• Pay more for life insurance -- if you can get it and afford to keep it.
• Put off getting important medical care like dental care, physicals, or annual screenings.
• Be unable to pay for needed health care due to unpaid medical bills.

While there may be no simply solution to the healthcare or credit crises, there are things you can do to help restore your financial and physical health:

1. See your doctor about medical problems that are interfering with your ability to work or cope. If you think you may be depressed, are suffering anxiety or headaches, or are not sleeping well, ask for help. If you are short on funds or don’t have good health insurance, let your doctor’s office know when you schedule the appointment. Ask what the office visit fee will be and find out whether they will be willing to work with you on a reduced fee basis or a payment plan. If you need prescription medications, ask about less expensive generic medications. Your doctor may also be able to refer you to programs that will help pay for your medications and/or to community resources that will allow you to get the treatment you need to start feeling better.

2. Talk with an expert about your options for solving your financial crisis. Research shows that consumers who seek out help often feel better after finding and implementing a solution. For some it may be a simple budget, while others may need credit counseling, debt settlement, or bankruptcy. Consumers can get a free, confidential analysis and referral to providers at Credit.com.

Commit to making small, positive changes toward a healthier, wealthier life. For example, you may decide to take a healthier lunch to work instead of grabbing fast food, walking around the block after dinner, or renting movies instead of going to the movie theater. Even small changes can make you feel better. But don’t try to give yourself an extreme makeover or you’ll probably end up more miserable than before. As Dr. Robert Maurer explains in his book, One Small Step Can Change Your Life, your brain is much less likely to resist changes when they are small.

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