IRS debt obviously compromises your financial health, but this only represents the beginning of your tax-related problems. A growing body of research suggests that debt — including owed taxes — also damages your physical and mental health. We’ve highlighted a few of the most worrisome effects below:
Debt can hold huge repercussions for mental health. Its presence causes stress, which can build up over time to produce feelings of helplessness or despair. Research reveals that those with even modest amounts of debt are far more likely to suffer diagnosable anxiety or depression. Many turn to negative coping mechanisms such as drug or alcohol abuse. These substances further damage the already fragile mental and physical health of those dealing with debt.
The mental burden of debt often leads to sleep deprivation. After all, during nights of tossing and turning over financial worries, it’s almost impossible to get a decent amount of rest. Unfortunately, the ill effects of minimal sleep go beyond merely feeling tired during the day. Research points to a strong link between sleep deprivation and high blood pressure, as well as several other common markers of increased heart disease risk.
A concerning study published in the journal Circulation highlights the role of financial volatility in heart health. Data collected from nearly 4,000 respondents shows that those who experience significant changes in financial status hold a nearly doubled risk of suffering heart problems. Under such conditions, dying early is also more likely. While the study primarily pinpointed job loss as a cause for concern, the economic uncertainty of debt can have a similar effect.
Given the harsh realities of debt’s impact on health, it’s crucial that you tackle the problem as soon as possible. The team at the Highland Tax Group can help you get your IRS debt under control. Contact us today to learn more.