It should come as no surprise that debt contributes to serious, measurable health problems. What is notable, however, is just how well documented the connection is. Researchers have conducted quite a few studies on the subject, and here are some of the mental and physical maladies that debt corresponds to:
- Headaches
- Anxiety disorders
- Drug and alcohol abuse
- High blood pressure
- Cardiovascular conditions
- Neurotic disorder
- Low physical activity
- Depression
- Obesity
- Reduced immunity
- Psychotic disorder
- Attempted suicide
- Completed suicide
One negative health outcome that studies didn’t connect debt to was smoking, so at least there’s some good news.
Because of these results and recent economic upheavals, researchers are increasingly encouraging policymakers to view debt as a public health problem as opposed to a personal financial one. For example, some recommend social or health care professionals include questions about patients’ financial conditions when conducting routine assessments. Epidemiologically minded readers are welcome to read two studies on this topic from the Clinical Psychology Review and Mental Health in Family Medicine.
The caveat to all this is that the studies’ authors clarify that their findings do not establish a direct causal connection between simply having debt and these mental and physical problems. For one, the causal relationship might be reversed: Rather than debt causing these conditions, people with mental health problems tend to take on more debt. Thus far, scientists have also been unable to determine how mental health causes more debt or vice versa. The relationship might seem intuitive, but researchers haven’t been able to design a clear methodology to isolate the source. In fact, simply having a low income can contribute to both debt and the above health problems.
Despite the shortcomings, there is some evidence that filing bankruptcy can improve health outcomes. For instance, one study found that people who file chapter 13 bankruptcy live longer than debtors in similar circumstances who do not. In all likelihood chapter 7 provides similar benefits to debtors. Additionally, if bankruptcy saves lives, then there’s a good chance it eases the less serious conditions that high debt is apparently associated with.
Overwhelmed debtors don’t have the luxury of waiting for science to determine for certain whether debt causes serious health problems or the other way around, so if you owe significant debts and they’re causing you distress, then talking to an experienced New York bankruptcy lawyer can help. It may help more than you think.
For answers to more questions about bankruptcy, the automatic stay, effective strategies for dealing with foreclosure, and protecting your assets in bankruptcy please feel free to contact experienced Brooklyn bankruptcy attorney Bruce Weiner for a free initial consultation.
