Worrying About Loans Takes Its Toll on Borrowers' Health
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Worrying About Loans Takes Its Toll on Borrowers' Health

Over 3,000 Americans listed their student debt as a significant reason for stress. To many millennials, student debt negatively affected their personal lives, from vacations to essential purchases. Among them, some respondents stated that the debt impacted their ability to cope with their daily expenses, such as paying rent, the bills, and buying groceries and other items of prime necessity. Young people often rely on emergency payday loans to deal with unexpected expenses. Direct lenders don't pay much attention to their credit scores, significantly increasing their chances of qualifying for a quick loan. Others resort to alternative options, such as pawnshops or auto loans, thus risking losing the item they put up as collateral.

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An increasing number of American citizens delay or cancel important life events because of student loans. Young people are starting to reconsider student loans, thinking of them as liabilities rather than assets. When you think that many millennials will carry their debt up till and even beyond their retirement, you start wondering if getting a degree is worth the sacrifice in the first place. After taking their BA, a young professional has to pay an average of $260 a month in student debt. To others, the sum varies between $400 and $1,200 a month. Fearing the spiral of debt, an alarming number of fresh graduates choose jobs that don't require a degree at all in exchange for financial stability.

  1. Frequent headaches
  2. Anxiety
  3. Lack of focus
  4. Chronic fatigue
  5. Sleep problems
  6. Substance abuse
  7. Overeating or undereating
  8. Obesity or diabetes
  9. Depression
  10. Irritability

People who worry about paying off their loans are reported as being more socially withdrawn and irritable than those with more financial stability. Waiting for a happy case of student loan forgiveness is not a solution, nor is substance abuse. If you're struggling with addiction, contact us to get help. Amethyst guarantees your confidentiality.