The Philadelphia Inquirer reports that Lawrence Berger, associate professor of social work at the University of Wisconsin - Madison, conducted a research study on the health effects of excessive debt. He concluded that too much debt is bad for your health. Specifically, his research found that when the dollar amount of a person's debt increases by 10 percent, depressive symptoms increase by 14 percent. Depressive symptoms include not being able to shake the blues or having trouble eating or sleeping. This should not be a surprising result for those who are buried in bills. This study also found that there is a difference in how too many bills effect younger and older individuals. For adults from 51-64 years old, short term bills, such as credit card debt and payday loans have the greatest impact emotionally. On the other hand, young adults are more troubled by long-term debt, such as student loans.
Researchers have also found adverse effects of debt on families. Fenaba Addo of the University of Wisconsin - Madison, has found that women with significant debt tend to remain single. Researchers at Demos, a think tank, have found that people in their 20's with a lot of bills delay marriage and children.
These studies show that too much debt is a health problem as well as a financial problem. While no one wants to be in the financial position of needing to consider filing a bankruptcy case, the fresh start that the discharge of debts provides, the stress that this discharge of debts will eliminate, will help eliminate serious long lasting health problems that are present with too much debt.
To review your bankruptcy options, please call my office to schedule a free consultation. 215-322-2745. Check out further information on my website. Reduce Debt Through Bankruptcy. I look forward to hearing from you.