From Mental Health Awareness Week to Men’s Health Week, the summer months recognise a number of mental and physical health initiatives. Unfortunately, a 2010 study found that 50% of UK adults in ‘bad’ debt also live with poor physical and mental health.
Indeed, when you feel like you’re financially sinking, it can be hard to see a way out, while anxiety, depression and obesity are all symptoms of being in debt.
So, here are a few warning signs you should look out for when in debt:
Anxiety and Low Mood
When debt becomes a burden, the results can be tragic. Indeed, studies have shown that people who struggle with debt are more likely to feel anxious or depressed.
If you’re feeling like this, it’s important to be open and honest with your creditor because if you’re not, your anxiety could easily worsen. Furthermore, if you’re visited by the likes of ourselves, it’s important to remember that we’re human beings who, despite the situation, have your welfare at heart.
Denial and Embarrassment
When people feel overwhelmed by debt, the most common thing we encounter is the feeling of denial. At Cobra, our extensive experience of dealing with every type of debt has shown that denial doesn’t work.
Don’t pretend that the problem doesn’t exist; it won’t go away.
When denial of the situation feels easier, instead, take the first steps towards fixing the problem. Download our free guide on how to deal with bad debt to learn more.
Obesity and Poor Physical Health
A 2009 study found that “the likelihood of being overweight or obese doubled as debt increased.”
There’s no doubt that financial turmoil leads to poor physical health as people use food as a defence mechanism. Also, if you’re struggling financially, then unhealthy foods are often less expensive compared to healthy food.
It’s always worth remembering that with exercise brings clarity. So, staying fit and healthy could help clear your path towards financial security.
Take Action Fast
Be it denial, embarrassment, low mood, anxiety or obesity, these emotions are normal; money and debt are an emotive business in which nothing is ever simple.
If your debt is passed to a debt recovery agency such as Cobra, try to stay calm – it’s standard practice in the sector. At Cobra, we want to engage with you, so it’s important to be honest as possible when we’re trying to help you. In essence, if you’re honest about what you can truly pay back, then we can put a plan in place to try and accommodate you.
Trust the Debt Recovery Experts
That said, being owed money can be just as physically and emotionally overwhelming as owing it.
So, if you’re feeling stressed, anxious or embarrassed about being owed money, rest assured that Cobra has your best interests at heart. From our specialist team to our global network of expert agents, you can trust Cobra to get your money back whilst dealing with your debtor in a sensitive manner.
To discuss your case in more detail, get in touch on 0151 526 4222.
