Is there a link between having a low credit score and suffering from poor overall health? A few recent studies seem to suggest that is the case. In one, researchers tracked 1,000 participants over the course of multiple decades. They found that those study participants with a low credit score were more likely to be in poor health, while the participants who had a higher credit score were more likely to be in good overall health.
One reason a simple number could have such a long-term, widespread effect is because a low credit score can be an obstacle in a lot of situations. For instance, it may be more difficult for someone with a low credit score to obtain affordable financing to get into better living conditions, to get a car loan for get transportation to a job or to obtain student loans in order to achieve a good education. Even basic necessities such as gas and water may be difficult to get hooked up, especially without a large deposit first. Some employers will even do a credit check and choose a candidate who has a higher credit score. All of these things can add up, indirectly resulting in a lower quality of life.
But the correlation is not just indirect. Financial problems can directly cause stress and anxiety. This can negatively affect cognitive functioning, performance at work and sleep schedules. Even relationships could suffer: Money is the number one thing that couples fight about. Coping with the constant stress linked to financial problems will eventually take a toll on one’s health. Anxiety has been linked to a number of conditions, including heart disease, weight gain, digestive problems, high blood pressure and insomnia.
The key to taking control of one’s finances is to set a few goals, then to break these goals into small, manageable steps. Here are a few steps to help someone with a low credit score ensure that it does not affect their health:
Your financial situation should never cause you to feel stressed or create health problems for you. If it does, it is time to assess your situation and take the necessary steps to get out of debt and boost your credit score. Simply beginning to address your financial problems and creating a plan of action will give you the peace of mind you need and the financial future you deserve.