Americans lose 200 hours of sleep to debt

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(StatePoint) A new research study examining how debt affects daily life reveals that the true cost of debt goes beyond making minimum payments. Having debt can also harm mental and physical health and impact life decisions.

Commissioned by National Debt Relief and conducted by OnePoll, the survey finds that the average American loses more than 200 hours of sleep per year due to ongoing financial obligations and has three “debt nightmares” per week.

In fact, seven out of 10 people feel like a “dark cloud” hangs over them when they have to pay a bill or loan, and 71% believe the debt has permanently affected them mentally. Respondents report increased anxiety (38%), stress (33%) and mood swings (32%) due to their debt problems, and 69% of respondents with debt say it pushed them to withdraw from the things they love.

The survey also reveals a vicious circle: while 77% of people would feel guilty spending money on leisure items knowing they were in debt, three in five respondents also admit to feeling pressured to spend money. money they can’t afford to hide their financial situation. situation.

Unfortunately, debt isn’t just personal. The survey suggests that debt can also place a burden on families and couples. In fact, people are so worried about debt that nearly three in five people have even considered postponing marriage to avoid inheriting their partner’s debt and 54% think having a partner in debt is a major reason to consider divorce. Half of the respondents are also afraid of possibly inheriting the debt from their parents.

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Experts say that when it comes to dealing with both debt and the negative feelings it creates, it’s important to be open with loved ones.

“Hiding debt can lead to feelings of loneliness and embarrassment around friends and family, or pressure to buy things you can’t afford,” says Natalia Brown, director of client operations at National Debt Relief. . “Tell your loved ones your financial situation so they know your limits.”

Brown also recommends adopting practices that improve your short- and long-term financial prospects while helping you avoid future debt. This includes having smart spending habits that fit your budget, getting health insurance to avoid sky-high medical expenses, and setting up automatic savings. With these practices, Brown hopes more people will be willing to pay a surprise $400 bill, which the Federal Reserve has reported 40% of Americans will struggle to pay.

Debt management can be complicated, especially if you owe multiple creditors or if your debt feels overwhelming. It’s no surprise that almost three-quarters of respondents wish there were tools and resources available to help them when they were at their worst in debt.

To help you pay off your debt faster or even reduce the amount you owe, Brown suggests using a service like National Debt Relief, which negotiates with creditors on your behalf to significantly reduce your debt, so you can be debt free. in as little as 24 to 48 months. As a premier debt relief company, National Debt Relief has helped hundreds of thousands of clients over the past decade resolve over $9 billion in unsecured debt on everything from personal loans and from medical bills to credit cards and student debt. To learn more, visit nationaldebtrelief.com or call 1-800-781-5141.

With the ability to negatively impact mental health and damage relationships, debt is clearly more than just a financial burden. But there’s good news — a majority of Americans agree that getting out of debt feels like they’re taking back control of their lives — and there are debt resources to help.

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