Though many Ohio residents may understand that considerable debt can lead to difficulty handling finances, debt can also affect individuals in other ways. They may begin experiencing mental or physical problems that could be related to stress from financial issues. As a result, these outcomes could lead individuals in a greater desire to eliminate debt.
A recent study reportedly found a link between depression and unsecured debt. Certain groups of people are apparently particularly vulnerable to suffering from depression due to financial issues, and among those groups are individuals between the ages of 51 and 64 and individuals who did not pursue education after high school. However, other parties may also be seriously affected mentally and emotionally due to considerable debt.
It was also reported that debt could cause relationship issues. Many individuals likely know that money problems can often be a point of contention, but debt could potentially lead to individuals feeling the need to divorce. Because finances are often merged after a couple marries, individuals may find themselves having arguments if one party accumulates considerable debt that is associated with an account held by both parties.
Though these are just a couple of negative outcomes that could result from debt, there are numerous other impacts that could affect debt holders. Therefore, exploring ways in which to eliminate debt may help parties get their finances back on track. Information on bankruptcy proceedings and other debt management options in Ohio may prove valuable to residents who are concerned over the state of their finances and their health.
Source: Time, “5 Weird Ways Credit Card Debt Can Hurt You“, Lindsay Konsko, June 11, 2015