Stress over credit card debt is linked to health problems

Stress over credit card debt is linked to health problems


Even if your eating right and exercising, health problems could creep up on you from an unlikely source – your wallet.

Call it the deficit disease.

People with high credit card debt relative to their overall income are more likely to suffer from health problems, according to a study by researchers at Ohio State University.

"This is the first time to our knowledge that anyone has made this link," said study co-author Paul J. Lavrakas, director of Ohio State's Center for Survey Research. "This kind of research can be very beneficial to health practitioners, who are realizing that they have to look at the whole person to find out what is causing a health problem."

Follow-up studies by Ohio State that have yet to be published found that 25 percent of people report losing sleep worrying about debt stress, and 25 percent say they lose their temper or get irritated from debt stress, Lavrakas said.

The researchers also found that 20 percent of people report their health is directly affected by their debt stress, with the most common ailments being heart problems and high blood pressure, he said.

Lavrakas speculated that debt and health may be linked, because people with physical ailments may be accumulating debt by paying for high-cost medical treatments. Another reason, he said, could be that habitual overspenders may not be buying material products and not investing in important health-related necessities, like doctor's visits, nutrition and exercise.

Anxiety, bill paying go hand in hand
Many people with credit card debt say that a little anxiety at bill-paying time is part of the monthly ritual.

"When I'm paying my bills, I always feel a little stressed," said Danielle, a magazine beauty editor in New York city who asked that her last name not be used.

Danielle played the balance transfer game with six credit cards before putting her finances in check and paring down to two cards earlier this year.

The result: she keeps her spending in check and made the first step at becoming debt-free.

But that doesn't stop her from overspending at times.

"I make under $30,000 dollars a year and live in New York City," she said. "Of course I don't have enough money all the time. That's what makes credit cards so easy. I make a real effort to say, 'I really shouldn't buy this.'"

While Danielle said she doesn't feel like her debt has caused any health problems, people with credit card problems usually do not even realize the medical effects, Lavrakas said. But with credit card debt in America at around $580 billion and rising, it should be a concern.

"We see a lot of people with a lot of debt, and that debt translates into stress and pressure," said Howard Dvorkin, president and founder of Consolidated Credit Counseling Services, a nonprofit credit management company in Fort Lauderdale, Fla.

Taking steps to recovery
Debt counselors say the first step in managing a personal deficit is to write down monthly expenses, and work out a budget that will allow the debtor to pay more than the minimum balance each month.

People trying to eliminate credit card debt also need to eliminate their credit cards, experts said.

"Unless you know you can pay that whole balance off each month, you should only use cash," said Robby Gordon, founder of the Monetary Stress Institute in Irvine, Calif. "Having to hand over the money is a lot harder than swiping a credit card."

Once a financial plan is in order, it's important to learn to cope with the stress that accompanies the debt – one major source of health problems, experts said.

"In order to deal with the stress, you need to be aware of why you're using the credit cards," said Los Angeles psychologist and stress management expert Leslie Reisner. "Spending money is quick, fast and works for short-term gratification if you're feeling down. One of my patients said she didn't care what she bought, she just wanted to use her credit card. That's a very serious thing."

One key aspect of realizing a habitual overspending problem is to accept that you have debt without being self-defeating, Reisner said.

"You don't want to beat yourself up for getting into the situation," she said. "Don't condemn yourself, because it will make you feel bad and maybe even make your spending worse."

Finally, to reduce and manage stress, it's important to change the behaviors and thinking that may cause anxiety, such as procrastination, poor nutrition and perfectionist thinking that may lead to unattainable goals.

Physical relaxation – including things such as massage, aromatherapy, meditation and exercise – also will help reduce stress.

"Learn to reward yourself with things other than spending," Gordon said. "Get satisfaction from paying off your bill."