Financial problems can arise for any number of reasons, and in many cases, the circumstances were unexpected or outside of a person’s control. For instance, if you were in an accident at work and suffered serious injuries, you may now have high medical bills to pay and likely missed work as you recovered. While you may feel relieved that your medical situation was not worse, you now worry about your finances.
Unfortunately, financial worries are a leading cause of stress and even depression. Debt can remain on your mind constantly, and the resulting stress can easily have physical effects, such as headaches, stomach aches, high blood pressure and more. As a result, you may feel your happiness in life decline tremendously and wonder whether you will ever get out from under the medical bills.
Does lowering debt affect happiness?
The good news in these situations is that lowering debt could also lower stress levels and increase happiness. When your stress levels go down, your overall health often improves. As a result, you may feel better physically and mentally, worry less, and feel more at ease. Additionally, if your debt is related to a work-related accident, your financial troubles may make it even more difficult to move on from that event. Reducing or paying off your debt entirely may allow you to better move forward.
Another issue with medical debt is that it can leave you feeling stuck and unable to pursue meaningful endeavors. Because a significant portion of your income is going toward your debt, you may feel unable to use your money for enjoyable activities. When your debt is eliminated, you have the opportunity to once again focus on other life goals or at least feel freer to use your income as you want.
How can you lower your medical debt?
When an injury-causing accident occurs on the job, you may qualify for workers’ compensation. This coverage could help address the medical expenses resulting from your injuries and needed care. As a result, you may no longer bear the burden of these expenses and could regain your financial freedom. You may also feel yourself becoming happier and less stressed about the ordeal. It may also be worth looking into whether any third-party claims could apply to your situation to help you address the financial damages further.