Those affected pay dearly for debts - not only with their own money, but also with their health. The reason: Debt can make you sick and the illness can in turn lead to financial problems. This creates a vicious circle. The most common symptoms of illness caused by excessive indebtedness include sleep disorders, anxiety, depression and stress symptoms. The consequences often affect not only those who are over-indebted themselves, but also friends and family.
People with debt are more likely to get sick
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People who are in debt tend to initially suppress and deny their financial problems. Professional help is often only sought when the mountain of debt is already very high. This represents a real risk to health, because the longer those affected live with excessive indebtedness, the worse the effects on their health. It is not uncommon for the following symptoms to occur:
- Mood swings
- Panic
- Stress
- Sleep disorders
- Depression
- Headache
Many people who only seek debt advice very late suffer from severe health problems. One in seven people affected will not be able to settle their debts in the foreseeable future due to addiction or illness. In practice, however, it has also been shown that successful debt settlement can significantly improve health.
Debt and addiction affect each other
In addition, debts often lead to addiction and the addiction can in turn increase the debts. People who suffer from addiction are particularly susceptible to excessive indebtedness. In addition, financial difficulties can also result in addiction problems such as gambling, alcohol, medication or drug addiction. Those affected often try to suppress reality. It is not uncommon for addicts to no longer open their bills, so that they completely lose track of their monthly charges.
Over-indebtedness can lead to social isolation
Another problem is that debt problems not only have a significant impact on health and general well-being, but also influence the social environment. The larger the mountain of debt becomes, the more the psychological stress increases. Debtors often isolate themselves from their social environment out of shame and fear. Debt problems are kept secret and shared conversations are no longer possible because the necessary money is missing. Therefore, the consequences not only affect the debtors themselves, but also friends and family members. Of course, it can also happen that the social environment distances itself from the person concerned when they find out about the debt problems. This is particularly bad for those affected.
Depression is not uncommon
The ongoing stress caused by debt can especiallymental illnesses such as depressionor promote psychoses. A study by the University of Mainz shows that eight out of ten people who are over-indebted are sick. As a result, those affected suffer more often from mental illnesses. Furthermore, mentally ill people are more often affected by debt. This is especially true for manic-depressive people. During the manic phase, they tend to spend money uncontrollably, which can lead to debt. Depressed people, on the other hand, often see buying as a substitute satisfaction. As a result, they enjoy elation and are happy for a moment. This creates a vicious circle again: people who are over-indebted suffer from greater psychological stress and people with psychological problems are more likely to find themselves in situations of over-indebtedness.
Debt counseling can provide relief
But one thing is also certain: people who seek professional help through debt counseling at an early stage are less likely to suffer from secondary illnesses such as depression than people who want to get their financial situation under control themselves. Often, for examplea debt restructuringa good way to reduce interest charges and regain control of your loans. Loudfinanzcheck.deSuch a debt restructuring is always worthwhile if the interest on the new loan is so low that money can still be saved despite the early repayment penalty. This is often the case, for example, with overdrafts and older installment loans if the interest rates were higher when they were taken out.
