There is a common misconception that people who are in debt are reckless spenders who don’t have any self-control when it comes to their finances. But the truth might surprise you. Many, if not most Canadians live with debt for a variety of reasons – and it’s not just the ‘reckless spenders’. People start accumulating debt from attending post-secondary, buying a car or a house, or as many of you can probably relate to in the last 12 months, unexpected unemployment due to COVID-19. We’ve become a country of debtors, and it doesn’t matter what your economic background is, everyone and anyone can have debt. Despite who you are and why you are in debt, it’s been proven that debt can have a variety of effects on your mental and physical health.
It can cause anxiety and depression
There is a strong correlation between stress and your debt. Time and time again, research has shown that psychological conditions such as depression and anxiety are more common amongst those with debt than those who are not in debt. Other mental health issues that are also linked with debt include suicide, psychotic disorders, drug and alcohol abuse, and other neurotic disorders. The worst part is that when people who are mentally ill are living with debt, it is harder for them to pay off their debt, so it’s important that if you or someone you know are showing any signs of mental or psychological distress, to seek professional help.
It can impact your relationships
When debt becomes an issue, so does resentment, particularly in relationships. According to a poll from Insider.com, roughly 36% of couples divorced due to financial issues such as debt. When you choose to be in a committed relationship with someone, it’s always healthy, to be honest with them about any issues you may be experiencing, especially when it comes to finances or debt. The more honest and open you are about what is happening, the smoother things will work themselves out.
Where there is stress, there are also physical implications.
Your stress not only has psychological and mental side effects, but stress can take its toll on you physically as well. According to the Government of Canada website, people who are living with financial stress, including debt, are twice as likely to report poor overall health and are four times as likely to suffer from sleep problems, headaches, and other illnesses due to poor immune system strength. It is also more likely that people with financial worries also suffer from more serious health problems such as high blood pressure and heart disease.
Money can’t buy you happiness, but becoming debt-free could take some of that weight off your shoulders. If you’re ready to start not only living a debt-free life but a happy, healthy, stress-free life, you’ve come to the right place. At 4 Pillars, we are here to help you consolidate your debt! Create a plan with us by working with our experienced debt relief specialists. We are here to help and represent you, and ONLY you! Book a free consultation at one of our three locations today by giving our Muskoka & Parry Sound office a call at 705-640-0187, our North Bay office at 705-980-0158, or our Sudbury office at 705-806-1252. A debt-free life is possible. Take the first step today.