The Health Effects of Bad Debt

Bad debt and the how it can effect you

The health effects of bad debt can significantly impact your life. When looking deeper into debt, it is defined as having an obligation to repay something in return for something received. The responsibility of having to repay something back, can impose unnecessary stress.

A study conducted by Dr. John Gathergood of the University of Nottingham presented an interesting finding. Gathergood found that individuals who suffered from having bad debt are twice as likely to experience mental health problems, including depression and severe anxiety.

Researching the Effects of Bad Debt

Leger, a marketing research company, recently conducted a survey amongst 1,517 Canadians regarding bad debt. Out of the 1,517 Canadians, 47% of the respondents felt that bad debt has a negative impact on their lives. 27% of the respondents felt that bad debt prevents them from going out. And 19% of the respondents reported losing sleep at night. Some more results from the survey include:

15% of the respondents say that bad debt causes them to avoid social gathering.

1 and 5 Canadians have ended a relationship because of bad debt.

8% of the respondents claim that they avoid relationships because of bad debt.

Bad Debt Can Lead to Bad Relationships

Manulife recently conducted a survey amongst 2,003 Canadians regarding the correlation between debt and relationships. According to the survey results, 2 in 10 married or common law couples admit to ignoring their debt. In addition, 10% of Canadians have either hidden or lied about the cost of a large purchase from their significant other. Some other results of the survey include:

20% of Canadians admit to hiding their personal debt from their partner.

40% of the respondents claim that hiding their debt from their partner negatively affects their mental health.

The Bad Debt Solution

It is important to understand that your actions not only affect yourself, but the one’s you love as well. Whether you are single or in a relationship, being in debt can have a significant impact on your health. By consulting a Licensed Insolvency Trustee, you can be given the proper guidance to start your journey to a debt free, healthy lifestyle.

We are Licensed Insolvency Trustees with the knowledge and experience in addressing the financial issues mentioned above. Our expertise can address any financial challenges you may face, including managing credit and most importantly finding a way to reduce or eliminate overwhelming debt.

If you need help, contact us by emailing or call us at 416 736 4357 (HELP). You can also book a free consultation with no obligations by filling out the contact form on our home page.

Make an appointment today for a custom-tailored solution specific to your situation. We look forward to assisting you.