Is Our Financial Debt Making Us Sick?
By Andrea Kovach, Staff Attorney
It’s not news that major medical emergencies or the treatment of chronic illnesses often cripple a family’s financial stability. What’s now becoming clear is the flip side of that story-how families suffering from financial debt often experience problems that affect their health and productivity.
The Numbers Are in! The Associated Press-AOL polled over one thousand adults about their financial situation and found some surprising results. Of those in debt of any kind, almost half (48%) reported feeling some to a great deal of stress, with one out of every five (21%) debt holders reporting “quite a bit” or “a great deal of stress.” Of credit-card holders, almost half (46%) carried over $1,000 of debt on their cards, with one-third of all credit card holders carrying $3,000 or more of debt. Respondents in total reported that in the past year:
• Almost one out of every four (24%) suffered a migraine or other headache
• More than one out of every three (38%) reported muscle tension such as lower back pain
• Over one quarter (26%) reported high blood pressure or hypertension
• Almost one quarter (23%) reported insomnia or other sleep problems
There’s a Link Between Our Debt and Our Health! One in five respondents stated that his or her trouble sleeping was directly related to worrying about debt. Approximately the same percentage of people answered that they have had trouble concentrating on other things because of their debt. The link between financial debt and health problems spills over into overlooked arenas. Financial debt is a public health concern. Employers have a business case showing that financial debt may decrease work productivity. They should offer financial supports to their employees, such as debt counseling, Individual Retirement Accounts and Individual Development Accounts, and Universal Volunteer Retirement Accounts, even emergency loans. It’s time to acknowledge how financial instability spills over into the workplace and other areas of peoples’ lives and begin to respond in a comprehensive way.
Tags: Debt, Health, Health Insurance