Debt Is Hurting Americans’ Health, Survey Finds

Debt is not just a financial burden for many Americans, it is also taking a toll on their health. According to a recent survey conducted by Achieve and Money.com, some borrowers have reported delaying medical treatment, skipping medications, and experiencing anxiety due to their debt.

The survey revealed that the impact of debt goes beyond financial costs such as interest and late fees. It extends to physical and mental well-being, with 14% of respondents admitting to delaying medical treatment and 8% skipping medications because they couldn’t afford their debt payments. The burden of debt becomes even more significant for those with high levels of unsecured debt, with 25% of respondents with at least $20,000 of debt reporting delayed or missed medical treatment.

Interestingly, the survey also highlighted that income level does not necessarily protect individuals from the negative effects of debt on health. While 9% of respondents earning $150,000 to $200,000 delayed medical treatment due to debt, this number almost doubled to 16% for those earning between $75,000 and $100,000. This suggests that even a substantial income may not shield individuals from the trade-offs between physical health and debt obligations.

The emotional and mental effects of debt were also evident in the survey results, with half of respondents reporting trouble sleeping, anxiety, and depression when thinking about their financial situation. Physical symptoms such as headaches, muscle tension, and digestive issues were also common among those struggling with debt.

Debt can feel like a heavy weight that affects both mind and body, leading to shame, stress, and unhealthy coping mechanisms. The survey found that a significant number of respondents with unmanageable debt resorted to alcohol, stress eating, or loss of appetite to cope with financial stress.

In conclusion, debt is not just a financial issue but a health concern as well. It is important for individuals to prioritize their well-being and seek support to manage their debt effectively. If left unchecked, debt can have serious consequences on both physical and mental health.