Can bankruptcy treat our debt-related health problems?

On Behalf of | Oct 15, 2019 | Bankruptcy

Being in debt is stressful. Whether a person has only a small amount of debt or is drowning in bills and collection notices, it is simply a hard situation. In addition to being hard, it could also be making people sick. According to one wellness expert, stressing over money affects people’s health and puts them at risk for various diseases. Rather than compromise physical and emotional health, those who owe debt in Connecticut could consider bankruptcy instead.

In the United States, adults generally report that finances are the largest source of stress in their lives. Deepak Chopra — a wellness expert — says that a person who is stressed over money is more likely to see his or her blood pressure go up. Higher blood pressure is a significant risk factor in a number of serious health concerns. Heart disease, migraines and digestive problems have also been linked to stress.

It is easy to see why people are so stressed out. In July 2019, consumer debt topped out at $4 trillion. Credit card use is more common, too. In 2012, only 41% of people between the ages of 20 and 29 had credit cards. Now, 52% have them.

People of all age groups and backgrounds can experience financial stress. According to a Bankrate survey, 28% of adults do not have any emergency savings. Information from the Federal Reserve shows that 26% of adults not in retirement have not saved anything for their later years of life. Having little to no savings can make it much more difficult — if not impossible — to pay unexpected bills, both large and small.

Connecticut residents generally want to do well with their finances, but sometimes, life gets in the way of even the best-laid plans. Many people struggle to save money because of low wages, and debt can quickly spiral out of control. Filing for personal bankruptcy instead of living in perpetual stress could be the right solution for those who are worried about their finances, stress levels and health.