Stygian Girdle

[Malus]

So, Stygian Girdle. Is it as powerful as I understand? I hope that it only affects bad stuff that makes you lose a level, but the wording could be interpreted as ALL bad stuff. My friend seems to have good luck getting the girdle and swears he can’t be touched by monsters. We are both new to the game (and loving it), so we could use a little clarification on this issue.

Thanks