Are you feeling overwhelmed by your financial situation but have been putting off doing anything about it? Does debt stress keep you awake at night or create tension in your relationships? Do you feel ashamed or stressed out but don’t know what the first steps are to make effective changes? You are not alone.
In this episode of the BDO Financial Wellness Podcast, we’re uncovering the side of debt that isn’t always talked about — the effect that debt can have on your mental, emotional, and physical health. Debt can result in an increase in stress, which can negatively affect your overall health in many ways. For a closer look at the effects of debt on your health, we turn to Nancy Snedded and Paul Moffett. As BDO Licensed Insolvency Trustees, they are uniquely qualified to advise on the downsides of debt and the mental stresses it causes. Together they highlight the stress associated with debt, the mistakes too many people make when dealing with debt, and the first steps to take when you are ready to make a change.
[1:13] How does the stress of debt immediately reduce when meeting with a BDO Licensed Insolvency Trustee?
[2:40] What is the physical toll of debt stress?
[3:10] How much time do BDO trustees spend addressing the mental, physical, and emotional toll of debt stress?
[4:15] Is there a correlation between stress levels and debt levels?
[5:35] What are the first steps to take when you start feeling the effects of debt stress?
[7:30] The correlation between effective financial health and physical health.
[9:50] The value of understanding how your mood affects your spending.
[12:05] Changes that immediately come to those who seek debt solutions.
[13:37] Getting real with the effect that debt is having on your mental health.
[14:44] Paul shares the four words that he wants everyone to hear about debt and mental health.
[16:24] The first step to ending the stress that surrounds your debt.
“It’s a very rare occasion that someone comes to see us and they’re not feeling some level of stress or anxiety.” — Nancy [1:25]