Debt repayment can improve your health

We all know that money problems aren’t only about money. Financial problems have far-reaching impacts in many aspects of our lives. For example, we know that financial problems prevent people from doing a good job at work. We also know that financial problems are one of the top reasons couples fight. But can it really be proven that debt impacts your health? To find out, I contacted a few folks who have recently repaid their debt and asked them if there were health benefits to debt repayment. The responses flooded in! Here are a just few:

“We are healthier as now we can afford better quality foods (more fruits, leaner meats, we can even eat salmon which is our favorite fish! etc)”

“I am less stressed (only good stress - not financial stress!!!). I am much healthier.”

“It is amazing how the added stress of bad financial decisions can affect ones health, but thanks to (debt repayment) I do exercise more and eat healthier."

“I got benefits, take care of myself, feel better about my body and my mind."

“I am happy to say I finally have health insurance through my work which I couldn't afford before with all the debt I had.”

“I feel pretty good, a little over weight (20 lbs), but all in all I'm in pretty good shape. I do many things now that I wouldn't have dreamed of before I repaid the debt.”

“In the sense that I feel less worried about money and the future, I'd say I’m healthier!”

“I have managed to save money up for health equipment and other exercise habits like a gym membership.”

“I am healthier, I exercise, and I feel I have more free time.”

“My life has changed my life for the better. It had got to the point where I was so stressed from work and debt I started smoking. I stopped smoking two years a go. I am less stressed and healthier.”

“I sleep better!”

“You may not think so, but carrying a bunch of debt also affects your health and mental well being. Paying off my debt has allowed me to walk and talk with more confidence.”

“I feel I am unbelievably more emotionally healthy than I've ever been before. I no longer lose sleep at night or have panic attacks from the fear I carried before.”

While debt repayment won't guarentee that you will never get sick, it clearly has the potential to benefit both your physical and emotional health. Are financial problems impacting your health? Or, has debt repayment improved your emotional and physical well being? If so, please share your story through the comments section.

Kim McGrigg is the former Manager of Community and Media Relations for MMI.

  • The Consumer Federation of America (CFA) is an association of nonprofit consumer organizations that was established in 1968 to advance the consumer interest through research, advocacy, and education. Today, nearly 300 of these groups participate in the federation and govern it through their representatives on the organization's Board of Directors.
  • The National Council of Higher Education Resources (NCHER) is the nation’s oldest and largest higher education finance trade association. NCHER’s membership includes state, nonprofit, and for-profit higher education service organizations, including lenders, servicers, guaranty agencies, collection agencies, financial literacy providers, and schools, interested and involved in increasing college access and success. It assists its members in shaping policies governing federal and private student loan and state grant programs on behalf of students, parents, borrowers, and families.

  • Since 2007, the Homeownership Preservation Foundation (HPF) has served as a trusted, neutral source of information for more than eight million homeowners. They are partnered with, and endorsed by, numerous major government agencies, including the U.S. Department of Housing and Urban Development and the Department of the Treasury.

  • The mission of the U.S. Department of Housing and Urban Development (HUD) is to create strong, sustainable, inclusive communities and quality affordable homes for all. HUD works to strengthen the housing market in order to bolster the economy and protect consumers; meet the need for quality affordable rental homes; utilize housing as a platform for improving quality of life; and build inclusive and sustainable communities free from discrimination.

  • The Council on Accreditation (COA) is an international, independent, nonprofit, human service accrediting organization. Their mission is to partner with human service organizations worldwide to improve service delivery outcomes by developing, applying, and promoting accreditation standards.

  • The National Foundation for Credit Counseling® (NFCC®), founded in 1951, is the nation’s largest and longest-serving nonprofit financial counseling organization. The NFCC’s mission is to promote the national agenda for financially responsible behavior, and build capacity for its members to deliver the highest-quality financial education and counseling services.