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What is Bad Debt?
First of all, we must define “bad” debt. This term refers to debt that an individual is unable to easily pay off and/or debt that has such a high interest rate that little movement is ever seen on reducing the principal balance of the debt. Recently, for example, a coupled testified before Congress that of the $5600.00 they paid to a credit card company over the past several years, over $3800.00 was interest. This meant that of that $5600.00, only $1800had gone to balance reduction.
When Bad Debt Becomes Dangerous
Bad debt can become dangerous as soon as it becomes a rather consuming worry or cause for anxiety on the part of the debtor. When it reaches this point, it can be devastating for a marriage, it can create lack of productivity on the job, and it increases the irritability and temper flare-ups of the person in debt. All of these things take their toll on family and loved ones. On the debtor him/herself, it can certainly take its toll on health.
Health Complications of Bad Debt
Medical studies clearly show that people who suffer stress, anxiety, and worry are bound to end up with health problems of varying natures, from mild to severe. These may include one or all of the following:
- Lack of Sleep: People who have high levels of worry and anxiety cannot shut down their minds at night. They spend nighttime hours thinking about how much debt they have, how they can possibly get it paid, how many bills will be left unpaid this month, etc. Consistent lack of sleep over an extended period of time can cause symptoms of psychological disorders, not to mention the lack of ability to get anything accomplished during the daytime.
- Stomach difficulties are common effects of worry and stress. The sufferer may experience diarrhea or constipation, indigestion, gas, and, worse, ulcers.
- Heart and blood pressure problems are common, with all of the dangerous potential illnesses and diseases. Stress can be a factor in chronic heart disease, high blood pressure, and even stroke.
- Headaches, muscle and joint pain, and general lack of energy are often effects of stress.
- Anxiety and stress also lower immune systems. When these are lowered, the body cannot fight off illnesses and diseases, so the individual is susceptible to viruses, bacteria and even some forms of cancer.
If you are suffering any of these symptoms from bad debt, you must try to alleviate the stress and worry while you work to eliminate the debt. It will be important to practice forms of Yoga, deep breathing, meditation and get plenty of physical exercise. Talking with your doctor may result in some medication to get you through these times.
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