It turns out that money issues can affect your health.
A study has found that having poor credit can be linked to a negative effect on self-worth and physical health.
According to a survey by Credit Sesame, a financial health management platform, poor credit health can lead to poor physical and mental health.
The survey, which was undertaken in the US, found that participants struggled with credit card debt because of everyday expenses like healthcare (32 per cent), travel (29 per cent) and shopping (27 per cent).
Results even claimed that the debt led participants to experience feelings of shame with the money issues said to lead to negative mental health consequences, including stress (82 per cent), shame (40 per cent), tears (25 per cent) and seven per cent of cases even the breaking up of a relationship.
The survey also found that bad credit decision are becoming a normal part of life, despite the fact that consumers are desperate for healthy credit.
It even found that 55 per cent of participants would give up sex for three months in exchange for a better credit score.
Foundings revealed that a third of participants hadn’t paid off their credit card in over a year, while 21 per cent never paid any of it off.
A third of participants also revealed that they had used their credit card for shopping while drunk, while eight per cent had even gone into debt because of under the influence purchases.
And nearly half of respondents even admitted to shopping in order to cheer themselves up, with 20 per cent landing in debt because of it.
“As a debt-based society, credit health is key to financial health for most Americans and is the foundation for all aspects of our lives,” said Credit Sesame CEO, Adrian Nazari.
“Ten years ago, most consumers with poor credit health had very few resources to improve it. But thanks to advances in data science and technology, companies like Credit Sesame are empowering consumers to boost their credit health and improve their overall wellness as a result.”
From our sister site GoodtoKnow.