We all know that unpaid debt leads to feelings of stress and worry.
Now a study published in the American Journal of Health Promotion found proof that unpaid credit card debt is also linked to psychological and health risks, such as bouts of depression and a higher body mass index (BMI). These health risks, in turn, may lead to an increased risk of chronic diseases such as heart disease.
The link between the health risks caused by unpaid credit card debt may be found in different areas of the human psyche.
A person who has large amounts of debt is normally also plagued by uncertainty. This uncertainty of not knowing when and if the unpaid credit card debt can be paid off, how much the interest repayments will be, and how the repayments will be made can cause adverse psychological reactions.
Secondly, many consumers find it extremely frustrating to see part of their wage go straight towards paying off their credit card debt, and never be able to use it for themselves. If people feel like they’re not making any progress, the frustration escalates. This often happend when the unpaid credit card debt is excessive. In the worst case scenario, the reaction is like a child that wants immediate satisfaction – the consumer gets fed up with paying off their credit card debt and never having any money. People may get so frustrated that they end up in a vicious circle: They want to reward themselves with interest free purchases so they accumulate even larger amounts of debt.
Thirdly, many people associate excessive credit card debt with feelings of shame. Their fears and failures are represented by the unpaid credit card debt. This ranges between failure to control our spending habits and “keeping up with the Jones’” to the extreme case of failing to provide for our family. Many people feel even more ashamed and guilty once they turn to others for help with their credit card debt problem.
Large amounts of debt go far beyond the financial realm, they also create an effect on us physically, emotionally and psychologically.
If you want to learn how to solve your credit card debt problem you will need to address the psychological aspects of your debt. When you recognise that paying off your credit card debt is easier than you initially thougt, you’ll be able to free yourself from it forever.