Stress & Debt

Stress & Debt

When Stress & Debt Collide

If you’re feeling stressed over debt balances that are steadily getting larger, you aren’t alone. With credit card and loan balances increasing all over Canada, you may be one of many whose health is suffering from a serious combination of stress and debt.

How Stressing Over Debt Makes You Sick

Beyond the obvious danger to your blood pressure, stressing over money can make you sick--mentally and physically. Worrying about money can be all-consuming, and it’s often more difficult to handle than other issues you might be concerned about.

Chronic stress plays havoc with your immune system, leaving you susceptible to every virus floating around the office or school. You may also find yourself suffering from frequent headaches or stomach pain. In addition, worrying constantly can lead to anxiety or depression. If not addressed, some Canadians turn to gambling or excessive alcohol consumption as a means of coping with the pressure of debts that can’t be managed.

Researchers who visited a local university found students were just as vulnerable to the effects of prolonged stress over money as older adults. When questioned about their student debt balances, subjects reported that they worried more about paying back their loans than getting a job. High blood pressure and depression were also reported at higher rates than those experienced by the general public.

Get Your Stress and Money Back Under Control

You may be tempted to simply deny that you are in trouble, but that won’t solve the problem. Tackling your debt problems is the only permanent way to avoid the stress that always accompanies unmanageable debt.

Determining how much you owe your creditors is a great place to start. With this essential information in hand, you can start designing a budget that makes room for debt reduction. If you are new to budgeting, look for budgeting tips and templates on the internet.

Examine your budget and expenses closely, looking for ways to cut expenses. Use the money you find to pay down your credit card bills and loans. Prioritize your debts and payoff your debts using the snowball method.

When trying to deal with debt, advice from a Bromwich+Smith Licensed Insolvency Trustee may be just what you need. Signs that you need professional help include:

- No resources to pay down debt

- Several accounts that are greater than 90 days overdue

- Job loss or health problems that make it impossible to pay off debt

- Frequent or annoying collection calls

- Stress over money keeps you up at night

A Bromwich+Smith Debt Relief Specialist will provide counseling and information about the legal options available to you. Bankruptcy does not have to be your only option.  We'll explore all the options available to you, including a Consumer proposal, a powerful bankruptcy alternative.

Stress and debt don’t have to be a part of your life. At Bromwich+Smith, we're here to help.  We'll get you back on path to rebuilding your worth today.