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  • Ann C Wood

Did You Know: Debt and Chronic Pain May Have a Connection


Debt and Chronic Pain?

“Debt is like any other trap—easy enough to get into but hard enough to get out of. Henry Walker Shaw

When we owe money to someone, it can stress us out. Constantly worrying about debts and bills that need to be paid can affect our bodies, making us more sensitive to pain. 

Chronic pain is an invisible disease. People usually don’t have anything to show, but they suffer a lot.

As per the new data report from the National Institute of Health, in 2023, the rate of chronic and high-impact chronic pain (HICP) among adults will be between approximately 21% and 8%. 

In this blog, we will delve deep into detailed insights into chronic pain, its relation to debt, and the strategies to cope with chronic pain. 

 

Table of Contents:

  1. Is there any relationship between debt and chronic pain?

  2. Advice on managing financial stress and debt.

  3. Conclusion.

  4. FAQs on debt and chronic pain.

Is there any relationship between debt and chronic pain?

The accumulation of debt can then lead to physical and emotional stress. Recently, the debt problem has become even more frequent, thanks to a cost-of-living crisis that has households across the country struggling simply to meet their needs.

Food expenses, housing facilities, medical care expenses, and even car insurance will go up in 2024. All the increased expenses have taken a toll on the mental health of different age groups. 

The connection between debt and mental health problems is so strong that people with mental health problems are three and a half times more likely to be in trouble with debt than those who don’t report mental health issues, according to the Money and Mental Health Policy Institute survey.

 

Advice on Managing Financial Stress and Debt:

There are different ways to cope with stress by developing strategies and financial habits that can reduce both debt and stress:

  • Set up a budget: This is where discipline comes in. Once you have a good idea of your monthly obligations, it is important to make and stick to a plan to meet them.

  • Avoid overspending: Avoid spending on items that are not necessary for you, like subscriptions, luxury travel, and costly clothes. 

  • Communicate with Creditors: Consider reaching out to creditors and discussing potential options for temporary relief, such as reduced payments or a hardship program. 

  • Explore Financial Assistance Programs: Various financial assistance programs are available to assist people dealing with chronic pain.

  • Access to Healthcare: Every individual has the right to access healthcare, regardless of their financial situation. Getting the right treatment can help manage pain and prevent it from getting worse.

  • Building support networks: It’s important to change how we think and talk about debt. It’s time to create an environment that makes it easy to ask for help.

  • Finding Solutions: It’s crucial to address both pain and debt together. Learning how to manage money and seeking the support of a financial advisor can prevent pain from getting worse.

  • Community support: Having a supportive community of friends and family can make a big difference. They can come together and offer help and support to those struggling with debt and chronic pain.

Conclusion

Debt can wipe out your cash. A study  by Education Data Initiative finds that 73% of medical school graduates have medical school debt, and 31% of indebted medical school graduates have premedical educational debt. 


Lifting the burden of debt from your shoulders will give you financial freedom. Once you free yourself of debt, chances are you will have more money to spend on things you want to spend on.

Help is available in both areas. Some qualified experts can provide counseling and advice about debt.


Physicians can learn about debt and its impacts by following these tips and seeking advice from a financial advisor. Join our free seminar to get educated on these topics.


 

FAQs on debt and chronic pain

 

Q1. Why is it important to manage your debt?

Ans: Managing debt is one of the major topics when it comes to your finances. It helps you focus on your current and future financial goals.


Q2. What is the purpose of debt management?

Ans: The goal of the debt management plan is to use the strategies that help you lower your current debt and move towards eliminating it.


Q3. What is the key to managing debt?

Ans: The key is to pay more than the minimum. Always try to pay more than what's due. This helps to pay down debt faster, save on interest expenses, and may improve your credit score.


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