Simple Solutions To Financial Freedom

The Health Impact of Being in Debt

| Apr 10, 2021 | Firm News |

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The stress of this past year has been unlike any seen in recent history. In fact, being out of work, struggling to pay for the bare minimum while incurring additional debt, has increased the number of people dealing with mental health issues. These health concerns are manifesting themselves in serious ways; weight gain, sleep issues, heart disease, and depression.

In fact, a study published in Clinical Psychology Review found a “direct correlation between mental illness and financial problems…noting there was an even higher link between suicide and debt; people who commit suicide are eight times more likely to be in debt.”

The natural inclination is to avoid the situation. We push aside those bills when they come in the mail. We ignore the phone calls and delete the voice mails. We hope that if we pretend the situation doesn’t exist that it will miraculously disappear. And yet, the opposite is true.

Not only will the debt continue to accumulate but our health will begin to suffer. Headaches, ulcers, memory loss, and anxiety are just a few of the health concerns many experience when dealing with financial debt. So how can you avoid these health issues?

The first thing we advise our clients is to face their debt head-on.  Start by making a list of all of your debts like rent, utilities, and car payments, or credit card with monthly minimums, or one-time bills that you may have incurred.

We sit down with our clients and help them examine their financial debt with an honest evaluation. Where are the opportunities to reduce or consolidate debt? Which creditors should you call to negotiate extended terms or reduced debt?

Bankruptcy Advocates has publically announced that by Act of Congress, we have been designated a Debt Relief Agency. This means we are a recognized resource to help you with your financial debt. We are here to help recommend the possible avenues you have to get to a point where your debt is manageable and the health issues surrounding your financial picture are minimized.

While we do file many bankruptcies, that isn’t the only option available, nor is it the go-to solution that our attorneys always recommend. We offer the first consultation for free and we meet to figure out options. We hope you will consider giving us a call.

If you are stressed to the point of being sick about your personal finances, it is time to take matters into your own hands. There is no shame in asking for help. We do recommend that you seek out the advice of experienced professionals who have seen everything before. You may feel like your circumstance is more challenging than others’ and you may even believe there isn’t hope for ever getting to a position of breakeven, but that isn’t the case. Let us give you a helping hand.

618-549-9800

Southern Illinois Bankruptcy Attorney law firm, Bankruptcy Advocates is proud to state that by Act of Congress, we have been designated a Debt Relief Agency.

We are located in Carbondale and serve a wide geographic community including Carbondale, Murphysboro, Marion, West Frankfort, Johnston City, Benton, Herrin, DuQuoin, and Pickneyville. We are a debt relief agency. Our southern Illinois bankruptcy attorneys help people file for relief under the Bankruptcy Code. Give us a call at 618-549-9800 or email us at [email protected]  to speak about your case or legal matter. Convenient appointment times are available.