Debt and health are more linked than you may imagine. Two-thirds of people interviewed in a 2019 study for the American Public Health Association (APHA) gave medical expenses or time off work due to medical issues as one of the reasons they were filing for bankruptcy.
Declaring bankruptcy could clear debt incurred from past medical expenses. What you may not realize is that filing for bankruptcy could also reduce future medical expenses. Being unable to meet your debts can damage your emotional, mental and physical health and lead to further medical costs:
- High blood pressure: The worry of debt can lead to increased blood pressure, leading to a stroke or heart problems.
- Mental health: Owing money, which you do not know how you will pay back, can cause anxiety and depression. Breaking free of those debts could reduce your spending on drugs to treat these issues.
- Chronic pain: Mental worries often present themselves as physical aches and pains, such as migraines or joint pain.
- Decreased medical attention: When money is an issue and going to the doctor costs money, you have a tough choice to make each time you feel unwell. Failing to get the medical attention you need can be problematic and could increase medical costs later. Skipping regular checks at the dentist can also lead to you needing more expensive work done later.
If you are already struggling to pay your debts, the last thing you need is further expenses due to ill health brought on by your debt. Choosing bankruptcy allows you to build a healthy bank balance in more ways than one.