BOSTON — The cost of everything lately has gone up, and when you have bills to pay, more and more people are relying on credit cards for everything else.
But a new study shows mounting debt can have a negative impact on your health.
“The increase in all the prices people, people feel they need things and they can’t afford it,” said Kim Martinez in Dedham.
“I definitely hold a little bit of a balance because it’s almost like free money, it feels fun,” said Melissa Impett of Roslindale.
As those credit card balances quickly rise, more people are facing significant debt that can feel impossible to pay off.
According to Wallet Hub, 45% of American households struggle the most with credit card debt and it’s becoming a health concern.
“I know some people that literally lose sleep because of how much debt they’ve accumulated,” said Impett.
One in three Americans say their household debt is making them sick.
Mass General Brigham psychiatrist Dr. Ashwini Nadkarani says she’s not surprised.
“Financial hardship is a major stressor, it can cause people to worry day to day, with that chronic stress, people are more likely to experience depression, anxiety and as a result of that, issues with their sleep, their energy their appetite and their focus,” said Dr. Nadkarani.
Dr. Nadkarani says that added stress from having debt can also cause inflammation and high blood pressure, and it doesn’t help that people are afraid to talk about it.
“Stress around financial hardship is something that can make people feel ashamed and embarrassed and that can increase social isolation and loneliness,” said Dr. Nadkarani.
“We’ve had scenarios where a husband or wife, their spouse didn’t even know about the scenarios going on there, so that creates another level of anxiety,” said David Shapiro, Regional Director of Wealth at Johnson Brunetti.
Financial advisor David Shapiro says with inflation and prices rising, his firm is getting more and more clients in need of financial advice to get rid of debt.
“You can just feel the stress leaving the room as they slowly execute that plan,” said Shapiro.
Shapiro says there are a couple ways to start tackling credit card debt.
“Maybe you start with paying off the highest interest rates first and then work your way down, that’s called the snowball method there’s also what’s called the avalanche method where you just pay off the smallest ones first because it sure feels good to just get rid of one,” said Shapiro.
Shapiro says try to negotiate those high interest rates with your credit card company.
“If instead of 19% you’re paying 12%, that same payment is going to exponentially more towards the principal longer term, maybe you can consolidate your debt, maybe you can get a personal loan from a bank, maybe you can do a home equity line, just take a look at other options on there and if you can lower those interest rates, it’ll allow you to pay down the debt much, much quicker,” said Shapiro.
Shapiro says start with a plan, which may include cutting expenses or finding ways to increase your income, and as you stick to a plan to get out of debt, your health will benefit too.
“Understand what you have, have a plan, look at the options, track it and then celebrate those milestones when you do have those big accomplishments and be proud of yourself as it goes through,” said Shapiro. “Fully understand it can be overwhelming, but with the right plan in place, you can do it.”
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