There are many beneficial financial outcomes to filing bankruptcy. But, perhaps the best outcome of bankruptcy is the gaining of financial peace of mind.
When you have lived with the burden of debt for so long it can cause extreme stress. This financial stress can harm your mental, physical, and relational well-being. You may not realize it at the time, but the financial stress could be causing unknown damage to your life.
Studies have shown that financial stress can cause harm in the following ways:
Financial Stress Can Harm Your Mental Health
It stands to reason that financial stress could harm your mental health as your mind is constantly occupied with your financial problems.
According to Psychology Today, researchers have concluded that those who have debt are three times more likely to develop a mental health problem.
The research showed links between financial stress and mental health issues such as:
- Anxiety Disorders
- Psychotic Disorders
- Suicide Attempts and Completion
- Alcohol and Drug Abuse
Financial Stress Can Harm Your Physical Health
Stress can cause physical responses to occur inside your body. The immediate physical result of stress can cause a spike in adrenaline, an increase in heart rate and blood pressure, concentration suppression, and abnormal breathing.
Studies have shown that over time stress can cause or worsen other health problems such as:
- Heart Disease
- Digestive Problems
- Weight Gain/Loss
- Eating Disorders
- Psoriasis and other skin problems
- Diabetes and other chronic diseases
- Increased Pain
Financial Stress Can Harm Your Relationships
One of the saddest facts of financial stress is that it causes strain on one’s relationships.
Numerous research shows that one of the leading causes of divorce is financial discord. Increasing financial pressure can lead couples to express their frustration with the situation in unhealthy ways. Couples may do the following:
- Increasingly arguing
- Act out in anger
- Be overly critical and insulting
- Withdraw emotional support
Financial stress can also cause problems between the relationship between parents and children. Research has shown that parents dealing with financial stress may tend to be less attentive to their children’s emotional needs. Also, a link between parental frustration with financial stress and child abuse has been shown.
How Bankruptcy Can Help
Bankruptcy can relieve financial stress by helping to lessen the burden of debt. In bankruptcy, most debt can be discharged or restructured to allow for a financial fresh start.
If you are struggling financially, do not continue to let the stress cause you harm. Contact us for a free evaluation of your financial situation and let us see if we can help you gain financial peace of mind.