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The Debt Crunch and Stress-induced Illness
A recent Associated Press-AOL poll, which took another look at the debt-stress crunch now affecting the American consumer, found that 44% of the 1,002 people in the survey indicated migraine headaches, 29% had severe anxiety, 23% suffered from severe depression and half of the study participants had some form of muscle tension or back pain. The results, when compared to a previous study completed in 2004, show significant increases in debt-related stress-induced physical problems. It's no secret that chronic stress brings on physical problems and the emotional toll is hefty, as well.
Americans have piled up $957 billion in consumer debt, according to the Federal Reserve, and much of it is in the form of credit card debt. Twenty percent of after-tax income is now earmarked to pay this debt and that leaves household budgets with increasingly less money to spend on essentials.
What can be done? My first thought is for professional help in credit card counseling from a reputable service and then consider lifestyle changes to help you weather this credit storm. You will survive, but just as anyone who's ever been through a tornado knows, you have to begin to sort things out and reorder your priorities.
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Technorati Tags: economy, recession, stress, debt, credit cards, saving money
Americans have piled up $957 billion in consumer debt, according to the Federal Reserve, and much of it is in the form of credit card debt. Twenty percent of after-tax income is now earmarked to pay this debt and that leaves household budgets with increasingly less money to spend on essentials.
What can be done? My first thought is for professional help in credit card counseling from a reputable service and then consider lifestyle changes to help you weather this credit storm. You will survive, but just as anyone who's ever been through a tornado knows, you have to begin to sort things out and reorder your priorities.
Related Topics:
Technorati Tags: economy, recession, stress, debt, credit cards, saving money
24 Comments:
yer its true its time to rid off your cards and change your life style
Stress has caused me to have a flare up of diver-reticculitis. You don't even know it is happening untill you are in so much pain you have to stop and deal with your own problems.
Its unfortunate,but most americans over-spend.They use their credit card when cash is low.Stress is brought on mostly by the person.If people werent so materialistic,I think the mental anguish,high blood pressure,stress and other health problems would be less.Lets all take time to breathe and not over-spend or over induldge in whatever you really think is necessary.Good luck
Thinking back about thirty years ago, it was so easy to get the cards in college and grad school, and it still is just as easy today. Weaning ourselves off the cards, is very difficult, as they have become life-savers in an emergency. Narrowing/ cutting them down to two cards is a good first start.
I think that there are a lot of people out there who are not just dealing with over-spending, but who may have lost a job, and just don't have the money for their basic needs. That's some serious stress!
I, like most am feeling the stress of increased costs. It all could have been prevented if I had prepared by having an emergency fund set up before my wife's medical issues and employment issues.
I am taking responsibility for my actions and buckling down. Nobody's fault but mine - not the government, not the credit card companies. No victim here.
I am retired and what bothers me the most is the news networks that are fooling around with the truth. They are really not reporting what is really happening to us, covering for Bush and his cronies. Washington does exactly what BIG OIL, BIG BUSINESS & THE DRUG COMPANIES tell them what to do.And that is what gets my blood boiling.
we have eyes..but we cannot see..we have ears but we cannot hear..we have a brain but cannot comprehend..all these credit problems were explained and put before you since the begiining of time..bottom line...you deserve what you get.....
This is a very important topic, and I'm glad to see medical sites addressing it. I see it often in my legal practice, when people come to me for help filing bankruptcy. Contrary to popular belief, the vast majority of these folks are not there because they overspent. They're there because they got laid off, divorced, or faced sudden illness. The stress from the resulting debt can be overwhelming. While I'm sure it's true that some folks do overspend themselves into stress, and those folks do need to take a different approach to their lifestyles, there's a vast group of people for whom suggestions of "cut back on your spending" don't do a thing to alleviate the underlying problems.
For starters: Let's have a government run single payee health care system, the same onethat Congress has that works so well.
Then let's go after a windfall profits tax on the horrible, corrupt oil companies who have gotten huge writeoffs since the 1960"s to develop alternative feuls, then let's go after big Pharma, the corrupt, legal drun pushers who are sucking Americans dry.
Wake up Everyone! We have been sc----d!
geeegee
third generation medical person
I am a retired senior. My husband
and I have had credit card debt
like many others but now only have
two cards instead of ten and they
are low interest and paid in full
each month. We got a reverse
mortgage and are able to save three hundred dollars a month for
emergencies and travel if we want.
I dispose of all credit card
offers and loans on our house,older and wiser.
Grey Fox.
stress is the a ghost which makes a man physically and mentally sick.so it should be avoided.
yoga and meditation helps a lot in reducing any type of stress.it's very useful for the people to reduce their stress in unfavorable conditions.
meditation is also one of the best way to get rid of it.Normally business people undergo more stress when compared with a normal man.so it's better to drive away the stress.
Being on a "limited income" if I need something as simple as a vehicle repair, or if my health takes a turn for the worse, I am stuck with using credit. I have no other choice, as I live alone and would die, if I could not take care of my health, or use my transportation.
I'm a lawyer in Chicago. I don't do bankruptcy any more. I'm not into giving lawyers business, but the fact is that 80% of those who do credit counseling end up in bankruptcy anyway. Those counseling agencies are rip offs. I don't know how much debt you have. You can find bankruptcy lawyers who do initial consultations for free (they are usually the nicer ones). Ask a ton of questions. Make sure that's all they do.You are hiring them. If they don't want to answer about their backgrounds, how many cases they've done etc. then get out and see someone else. The same goes for those who intimidate or who you feel uncomfortable with. The only legitimate counseling I've heard of, and don't know much about, is provided by the federal gov't for free. Google it and make sure it ends in .gov. Make sure it's the Feds. For all who say people are totally responsible for credit cards being run up, they don't know all of the tricks of the credit card business. One example - you are late on one pymt on one card. The other cards record that & raise your interest. The industries lobbyists wrote the new bankruptcy law, and no one in the gov't administration thinks there's anything wrong with that. There are so many more tricks they pull. It's worse than tricks. It's rip-offs. I'm not saying it's all their fault, but they can double what you actually spent. I have two cards. I don't use one. I just have it if I need it for an emergency. Before I became a lawyer I had a husband with bad credit who used my cards to buy expensive junk, and I ended up going bankrupt. Good Luck!!
Hi -
I'm a lawyer in Chicago and believe me I don't look for extra work. I don't do bankruptcy work anymore. Almost every credit counseling agency is a rip off. I don't know how much you owe, but 90% who do credit counseling end up going bankrupt anyway. I would find a lawyer who only does bankruptcies. Many initial consultations are free. Those attorneys are usually easier to deal with. Ask them all your questions. You are paying them. If they try to intimidate you, or you don't feel comfortable with them then get out of there and talk to another one. The only credit counseling that is worthwhile is provided by the federal government free of charge. I'm sorry I don't have a link or a place to send you. The info maybe around the area of the Fair Debt Collection Act. You should be able to Google and make sure the end of the link has .gov Good Luck!!
here i am after midnight sitting here because i cannot sleep. I have headaches every day. I take many different meds for things. I cannot work. i am in process of applying for ssi. My husband is our only income. We have no credit cards, made that choice when we married 13 yrs ago. I cannot understand though how stress can make me feel like the world is crashing in. Bills are always there. You pay one and three come the next day. budgeting on our income isn't really possible. we don't live paycheck to paycheck. we can't. it's claimed before we even know what he made. the past 7 months have broke me down mentally and physically. I have epilepsy. without sleep, i am in trouble. but i better make sure i pay all those bills or i am a problem. don't even bother explaining to bill collectors your health issues/money issues, it isn't their problem. nope our america that we have known to exist once, well i guess we need a new name. any suggestions? how about land of the poor sick and tired? anyone who says it's our own fault really isn't living in reality wake up!!!! We haven't even been able to buy bread milk or sometimes gas in the last 2 weeks, but of course we don't qualify for any assistance. wish i could make my own bread, can't afford the ingredients. wish i had fresh milk, can't afford a cow. wish we could bike to work, well 40 miles is a little far. hmmm..... anyone thinking these same things?
Yes, I know that overspending is bad and that there is a sad lack of saving in this country but I thought that this conversation was to address the anxiety of being in debt. Telling someone that they shouldn't have spent so much doesn't help the anxiety. If anything, it makes it worse because now guilt is added to anxiety. I would like to know what people are doing to reduce the stress. I am trying to put my daughter thru nursing school so that she can support herself and I don't have to partially support her family. I am heavily in debt but I am hoping that she keeps to her word and helps me pay off the debt once she gets a job. But now, the pressure and anxiety is overwhelming, especially with the financial crisis in the country. Does anyone have any thoughts on the matter that aren't comprised of telling me what I already know about overuse of credit and overspending?
I started out 2008 on a plan to have all of my debt paid off my the end of 2010. I'm over 1/3 of the way there and have LOVED seeing my credit card balances drop and slowly disappear. Even just being on the plan has greatly reduced my stress level.
If anyone's interested, I'm actually following Dave Ramsey's Total Money Makeover plan and would highly recommend it!!
I CAN APPRECIATE ALL THE PRECEEDING COMMENTS EVEN THE COUPLE STATING TO STAY AWAY FROM CREDIT COUNSELORS. ONE SAID 90% ARE RIP OFFS AND THE OTHER SAID 80%. FOR THE MOST PART THEY ARE RIGHT. HOWEVER, I HAVE BECOME ONE OF THOSE COUNSELORS AND I AM FAR FROM A RIP OFF. I CHARGE VERY LITTLE AND DO MUCH FOR ABSOLUTELY FREE, NOT JUST THE INITIAL CONSULTATION. I GIVE FREE LECTURES AT LOCAL LIBRARIES TO HELP PEOPLE IN DEBT SITUATIONS. I DON'T NEED TO SAY ANY OF THIS TO GET BUSINESS BUT I STARTED THIS BUSINESS TO HELP PEOPLE. I'M FAR FROM WEALTHY BUT HOPE TO GET THERE ONE DAY AND JUST STAY OUT OF DEBT UNTIL THEN. YOU SEE MY EXPERTISE STARTED IN DEBT AND MUCH STRESS OVER THAT DEBT. I THEN DECIDED TO SEE HOW IT WAS POSSIBLE FOR ALL THESE COMPANIES, BANKS, LOAN SERVICES, CREDIT CARDS, AND EVEN NO ESPECIALLY THE GOVERNMENT ALLOWED IF NOT HELPED OVER 90% OF OUR COUNTRY GET INTO DEBT. HOW IS IT ALLOWED FOR A CREDIT CARD TO LEGALLY CHARGE 30% INTEREST IF YOU'RE ONE DAY LATE OR ONE DOLLAR OVER ON A SPECIAL OFFER CARD. AND ALSO, WHY ARE THEY ALLOWED TO CHARGE THAT INTEREST FOR YEARS INSTEAD OF JUST STOPPING AND THEN IF COLLECTED WON'T CONTINUE TO RUIN THEIR PREY. I HAVE A LOT OF WHY'S AND DO HELP PEOPLE RAISE THEIR CREDIT SCORE, SCHOOL THEM ON BETTER HANDLING OF CREDIT, AND OFFER A NICE DEBT MANAGEMENT PROGRAM BASED ON THEIR DEBT AND INCOME. MY TERRIBLE CHARGES ARE BETWEEN $49 AND $79 MONTHLY. I HANDLE THE STRESS OF COLLECTIONS FOR MY CLIENTS, AS WELL AS, GO TO COURT WITH THEM, IF LOCAL, OR HELP WITH THEIR COURT ANSWERS. IF THIS MAKES ME BAD THEN I'M BAD BUT IF YOU ASK THE PEOPLE I'VE HELPED, THEY'LL TELL YOU A DIFFERENT STORY AND I'LL LOOK AND HELP ANYONE FOR FREE TO GET STARTED. CSAHELPNOW@AOL.COM
Stress from debt is a reality. There are MANY health problems that come from emotional conflicts and wiping out debt is a huge step forward.
Being in debt also has an impact on your self esteem... and I don't think going into bankruptcy helps your self image at all.
Some one else commented on Dave Ramsey. He is a very good resource.
Getting finances under control makes a huge difference in mental health and physical comfort!
The credit crunch and economic crisis plus the holidays have caused my psoriasis to flared out of control. I have anxiety for which I have to take pills, but I am commited to resolved the situation by making radical life changes. I am glad I am not alone,thank you for this space
Our stress is from reduction in pay. We only owe for our house and car. Everything else we pay cash for. However, we are losing 1000.00 a month and feel blessed my husband still has a job. Many parts of the company he works for have dropped everyone down to 36 hours. We are having a hard time just paying utilities, and I work outside the home also. One of us may have to get a second job and at our age that will be hard to do. Not many companies are hiring, and not many want people over 55.
Listen young adults!
I am a 25 year old male. I got (and KEPT getting)what I now know to be a "panic attack." Long story short I have learned (the hard way) you HAVE to SLOW DOWN.
For example: I no longer drink no matter how good the party is. I cut back on coffee from 2 cups a day to 2 cups a WEEK (if needed.) If you work in an ultra stressful enviroment as I...SLOW DOWN. It's ok to take a breather! STOP go pee get water do NOT over push yourself. No matter how much harder you work at the end of the day your wage remains the same!
Just some tips. Hope this help.
P.S. Breath, a deep breath goes a long way. You might not even need medication one day for you have conquered the monster! I AM doing it, it is possible.
Long story short, I had a fairly severe panic/anxiety disorder in 2004. I used yoga and meditation to help reduce my stress levels, and was much better, up until now. This time I am just lucky to have the right tools, and the recognition of what my symptoms stem from. So here I go again. Most of my stress is certainly linked to my credit card debt. However, I don't feel sorry for myself and I know that I am the only one to blame for this situation. I got into debt from rescuing animals, and vets are very expensive!!! In the last month I have already spent well over $1000.00 in vet bills alone,though I am thankful that I can provide such care for my animals. Unfortunately it is causing moths to take up residence in my wallet. Good luck to all of you, we'll eventually see the light of day!
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