Posted by srailawoffice In Bankruptcy October 13, 2020 0 Comment

Debt can wreak not only financial havoc, but also create major stress on your overall health. Juggling debt and dealing with creditors is stressful and unpleasant. Allotting money to pay off credit card and other types of debt means taking money away from other important life necessities. For some, it can even mean cutting back on the grocery budget or buying new clothes for your child after outgrowing his or he size.

The impact of debt varies on each family and household. But the Federal Reserve has identified trends nationwide. California identifies as the state with the highest debt-to-income (DTI). This means that Californians are carrying more debt relative to their incomes than individuals living in other states in the country. Los Angeles County has the lowest DTI as compared to the state average. On the other hand, both Ventura County and Orange County are above the state average and considerably above the national average.

The Health Impact of Financial Stress

According to a recent study conducted by Salary Finance, individuals troubled by financial stress are generally six times more likely to suffer from anxiety and seven times more likely to be depressed as compared to their peers who don’t have monetary problems. People dealing with financial issues are also more likely to have trouble sleeping.

Debt related stress contributes to a range of other medical problems as well, such as:

  • A worse sense of overall health and higher blood pressure
  • Heart disease
  • Poorer cognitive function

Financial Distress Can Impact Job Performance

The Salary Finance study discussed above also referenced that individuals dealing with financial problems also suffered from poor performance at work. For instance, the report concludes that employees burdened with money issues:

  • Were twice as likely to be looking for a new job
  • Were more likely to be unhappy in their jobs, even if they weren’t looking to leave
  • Were nine times as likely to have troubled relationships with co-workers
  • Were 10 times as likely to be unable to finish their daily tasks
  • Lost about three productive hours per week to money worries
  • Saw the quality of their work impacted

These obstacles that come with debt are no doubt real and they rarely go away on their own. In order to find real, long-term solutions to debt-related stress, it is important to take control of the problem and plan for a more stable financial future. There is no one-size-fits all solution. For some, better planning may be the solution, while for others bankruptcy may be the only solution.

Call an Experienced Central Valley Bankruptcy Attorney

If you are considering filing for bankruptcy, it is in your best interest to consult with an experienced bankruptcy attorney to help you learn your legal rights and options, especially with respect to Chapter 7 bankruptcy.
For more information or to schedule a complimentary consultation with Central Valley bankruptcy attorney Gurjit Srai, please call 209-323-5558, or complete our online form.

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