Feeling overwhelmed? Debt can have a significant impact on your wellbeing, but we're here to help.
Carrying debt can have a big impact on one’s mental health. Whether you have minimal debt or a great amount of debt that seems impossible to handle, we can help you overcome it and reduce stress.
Debt and Mental Health - 80% of Americans have consumer debt. Before the pandemic, over half of American adults stated debt was affecting their lives in a negative way, and this number has likely grown. The American Psychology Association states that money usually ranks second as a prominent cause of stress among Americans. Numerous studies over the years have also shown that low levels of household income are directly tied to a number of lifetime mental disorders. A sudden reduction in household income is also a major contributor to increasing stress, anxiety, and depression.
Debt and Physical Health - Not only does carrying debt affect one’s mental health, but it can also affect physical health. Headaches, poor sleeping habits, and difficulty focusing can all occur from the stress, anxiety, and depression of carrying debt. Having physical ailments caused by mental ailments can also increase the likelihood of becoming ill more often with things like a cold or other infections. Being ill also affects one’s ability to go to work which further impacts finances. For some adults, financial issues can also lead to other negative behaviors such as gambling or drug and alcohol abuse, which can spiral into addiction and other complications or even increase debt.
How We Can Help - The best way to greatly reduce all these stressors is to significantly lessen or totally eliminate all your debt. A simple way to start is by using our free debt consolidation calculator to determine if debt consolidation could benefit you. Debt consolidation is a debt management strategy that involves rolling one or multiple debts into another form of financing. The advantage to debt consolidation is reducing to one simple payment that is easier to keep track of and often at an overall lower interest rate. Reach out to us for options by calling 800-535-2129 or stopping into one of our offices.
Another way to begin this process is to make a written budget listing your take-home pay and all your monthly expenses to inventory where every single one of your hard-earned dollars goes. If you need assistance with budgeting and getting a better handle on your financial situation, we offer appointments and help to our members through our Financial Wellness Counselor. This complimentary financial guidance is also completely confidential and non-judgmental.