The easy availability of loans and credits today is undoubtedly beneficial to people in tuff times when they want to buy essential goods or services. Credit cards are some of the most used pre-approved credit used by people all over the globe. Today you can apply for a loan for a big thing like a house or even for the smallest thing such as a cell phone or a refrigerator. But this easy availability of loans has also led to a carefree attitude, especially amongst the youngsters.
Many people take the loan even when is not much needed, and when the time comes to repay it, they cannot manage it and tend to apply for other loans. Rolling of credit cards has become a common thing among the youngsters and early-mid agers. However even serious people who opt for loan in order to fulfill necessities such as home loan, personal loan, vehicle loan or business loan also go through a lot of pressure as no matter whether it is a credit card loan or personal loan the interest rates are quite high, and it gives a tight pinch on the people’s pocket!
Failure to payback loan or the struggle to manage a balance between daily needs and payment of installments gives rise to mental stress and several other sicknesses. The following are some of the significant effects of debt on the physical and mental health of people:
Increases mental pressure stress levels
An individual strives hard to maintain a work life and personal life balance; one is already trying to chase a balance between the two parts while the third part of the loan installment rises. It gives rise to extreme stress levels as the debtor is in heavy pressure to make arrangements for his monthly installments.
Reduces concentration level
As the debtors are in a constant struggle to make ends meet and they always are searching for ways to pay off their debts their mind cannot concentrate entirely on work or any other thing. Hence this reduces the concentration power of an individual.
Anxiety and depression
Yes, extreme stress and mental pressure can give rise to serious mental conditions such as anxiety and depression. A person is always insecure about his financial situations, and this may give rise to anxiety levels or diseases related to it such as bipolar disorder. Depression is an extreme case where the debtor feels completely left over and lost after several attempts at making a balanced life.
Suicide in the worst cases
There have been several cases where people have taken extreme steps like suicide as they were unable to pay off their dues. However, suicide is an individual decision, but various financial causes are the root behind such steps taken by a few individuals.
Increase Body pain/mood swings and irritation level
Studies have proved that stress leads to various body pains and mood swings. If a person is anxiety-ridden or going through serious mental pressure, his behavior towards everyone is continuously irritating or rude.
Thyroids and delayed periods
Stress can be a cause of various diseases in your body one of which is thyroid. Amongfemale’shigh-stress levels can lead to delayed periods or even PCODs. Women are equally working in corporate and earning just like men, so even they face such health issues due to debt repayment stress.
Even though there can be several illnesses caused due to debt one can always give best to maintain a balance between financial status and personal life. The following ways can help to prevent such bad health effects due to financial conditions.
Apply for debt consolidation loans
If you are stuck up between multiple loans and fed up with different interest rates and tracking several payments, you can opt for a debt consolidation loan. But before applying for the same, you need to check whether you have a good credit score to apply for the same or not. Also, only apply to lead consolidation firms such as nationaldebtrelief.com to maintain your financial safety.
Take loan only when required
The first and the primary step is to take a loan only when it is most required. Always try to get money from friends, family or relatives as far as possible. Applying for a credit card or personal loan is a big “No-No”! The reason for this is the high level of interest charged on these loans.
Reading terms and conditions of loan application and repayment carefully
While taking any loan, it is a must that you understand all the terms and conditions related to application and refund or late payment of your debt. There are several companies in the market which may provide you an instant loan, but they may have harsh and unethical ways of recollecting their money. Hence be sure and know your loan conditions thoroughly.
Take financial guidance
If you fail to manage your debts, you can always approach financial advisors or firms which provide financial advice on debt management and guide you step by step in repayment of your debt and also encourage you to save.
Your body needs at least 30-60 minutes of workout every day. Exercise not only keeps you healthy but also refreshes your mind. On the other hand, to drive off anxiety, tension, and stress, etc. meditation or yoga could help you a lot.
Save from an early age
It is always good to start saving from an early age. Once you start saving from an early age, you may not require to opt for a loan, or you can manage your expenses well even if you have debts to be paid. Also, savings can always help you in emergency situations.
Debt management is a moderately tuff task, but you can always manage it by taking effective financial decisions at the right time. If you want to maintain your debts, properly learn to control the balance between your social and personal life also keeping at least 15%-20% of your income as savings is a must to avoid future consequences.