Constant worry and chronic stress can have a significant negative impact on physical and mental wellbeing. According to WebMD, if you're constantly under stress, you can develop physical symptoms such as headaches, hypertension, chest pain, and insomnia, as well as mental symptoms such as depression, panic attacks, or anxiety.
Impact of Debt
So, what are Americans worried about? According to a 2020 study by Capital One and the Decision Lab:
- 77% of respondents feel anxious about their financial situation
- 58% feel that finances control their lives
- 68% worry that they will not have enough money to retire
- 45% worry about managing their debt level
What's the impact of financial stress on health and wellbeing? Respondents answered:
- 43% feel fatigued because of stress
- 42% find it difficult to concentrate at work because of financial stress
- 41% report that financial stress interferes with their sleep
How Stress Relief and Debt Relief Are Related
Since being in debt is a source of stress, it is logical that indebtedness could result in lower cognitive performance coupled with poorer mental and physical health. If your debt harms your thinking and memory, does getting rid of debt make your brain work better? Scientists say that it probably does.
A 2018 study by Irene Y.H. Ng, Walter Theseira, and Qiyan Ong, of the National University of Singapore’s Social Service Research Centre, concluded that debt relief does indeed improve psychological functioning and decision-making in economically disadvantaged people.
While the sample size of the study was relatively small (it looked at 196 low-income people), its conclusions certainly warranted further studies on the psychological impact of poverty.
The researchers used cognitive function tests, looked at generalized anxiety disorder symptoms, and analyzed instant gratification-related “present bias” to see what effects unexpected debt relief would have on the study subjects.
The results were clear, showing significant differences in the “before” and “after” scores of study participants. The scientists concluded that chronic debt was responsible for the psychological impairment and poor decision-making of the subjects, thus acting as a contributing factor to the poverty trap.
In layman’s terms, the poorer you are, the more likely you are to remain poor or sink further into poverty.
Explore Your Debt Relief Options
With this hypothesis, debt relief gains a new level of urgency. To escape the toxicity and psychological cost of debt, you should focus on eliminating it as quickly as possible.
Look at the options you have for eliminating debt, choose the right one, and take action today. How can you make a wise choice if you are suffering from the ill-effects of debt-triggered chronic stress?
Do not hesitate to seek help. Contact a ClearOne Certified Debt Specialist today and analyze the debt settlement options that best fit your situation.
Your debt specialist can offer you a clear picture of how debt settlement works, the speed with which it resolves your debt, the complexity of the process, and what it costs. Since debt settlement eliminates a part of your principal balance, it is one of the least expensive debt resolution methods.
How Debt Settlement Provides Real Stress Relief
The authors of the mentioned study hypothesized that debt consumes valuable cognitive bandwidth by keeping your brain in a constant crisis-response mode. By removing this stress factor from your life, debt settlement frees up this bandwidth, leading to instantly measurable cognitive improvements.
It does not take much to trigger positive change. A debt settlement plan that consolidates your debt into one single payment can simplify your life significantly, freeing up much-needed mental bandwidth. That's one reason that debt relief specialists recommend that you take action as soon as possible to settle your debts. Making small positive changes quickly leads to larger changes, lessening stress all along your journey to financial wellness.
If you are struggling with stress related to carrying a heavy financial burden, don't wait another day. Address your debt to give your mental and physical health a boost and make your way to financial freedom at the same time. Talk with a ClearOne Certified Debt Specialist at 866-481-1597 and get control of your finances today.
