Having large amounts of credit card debt can not only stress you out, but according to a new study it can also be bad for your health. The high levels of stress associated with the debt can get so serious that it can adversely affect the person’s health, according to a study from CompareCards.com.
According to the report, fewer cardholders can pay their balances in full at the end of each month. Anything left on those balances roll over to the next month and are compounded even more by interest. Before long, those balances inch closer and closer to the maximum balance allowed. One in three consumers surveyed by WalletHub reported being fearful that they will max out their credit cards when making a large purchase. Most of those polled said they considered a large purchase was anything more than $100.
Debt normally causes psychological stress but carrying a large amount of stress over any period of time will almost certainly lead to poor overall health. Many consumers worry that their balances will never get back down to a manageable amount, let alone a point where the card can be paid off in full.
Anxiety levels also notably increase as the ratio of credit card debt to income increases. A NerdWallet study showed that nearly two in five consumers who carried credit card debt said that it significantly affected their overall happiness. One-third of those surveyed said that the credit card debt was hurting their standard of living. Even more disturbing was the one in five that reported that it hurt their overall health.
These figures should come as no surprise since money has continually been ranked as the top worry for most American consumers.
All hope is not lost for those struggling with debt. Credit counseling can often help the consumer get control over their finances, so long as the counseling service is accredited and legitimate. Focusing on short term goals, especially as a consumer gets closer to retirement, in paying down credit cards by tackling one card at a time can also help. Physical exercise is also helpful if someone is struggling with a great deal of credit card debt to the point where it is adversely affecting the consumer’s health. If your health is suffering so severely due to stress from credit card debt, you should always consult a medical professional.
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If you have questions on this topic or are in financial crisis and considering filing for bankruptcy, contact an experienced Miami bankruptcy attorney who can advise you of all of your options. As an experienced CPA as well as a proven bankruptcy lawyer, Timothy Kingcade knows how to help clients take full advantage of the bankruptcy laws to protect their assets and get successful results. Since 1996 Kingcade Garcia McMaken has been helping people from all walks of life build a better tomorrow. Our attorneys’ help thousands of people every year take advantage of their rights under bankruptcy protection to restart, rebuild and recover. The day you hire our firm, we will contact your creditors to stop the harassment. You can also find useful consumer information on the Kingcade Garcia McMaken website at www.miamibankruptcy.com.