Debt Stress Psychology
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or email help@cleardebt.co.za
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Debt stress and debt stress syndrome: Do you have it?
There is a lot of evidence so show that the stress of dealing with higher prices and growing financial debt is now affecting the physical and mental health of a large number of South Africans. According to a recent American health polls, perhaps as many as 16 million Americans are "suffering terribly" due to increased fuel, food, and housing costs and these figures can even be more in the South Africa context. In addition, many people are trying to "stay afloat" by paying their bills with their credit cards and or borrowing money. As a result, revolving consumer debt has increased is on the increase and people are struggling even more to stay out of debt.
Of course, these financial challenges directly lead to a great deal of worry and fear. When a person is under stress, their body enters an alarm state and is prepared to quickly respond to any kind of threat. This natural response works well when a person is trying to fight a fire or take shelter from a storm. However, if a person remains in this heightened state for days, weeks or months, the same hormones and neuro-chemicals that encourage survival begin to create problems with blood pressure, heart rate, memory, mood, and immune functioning. Just as a vehicle stuck in high gear will cause engine damage, a person overwhelmed with chronic stress risks both physical and psychological damage.
Denying the severity of your debt or endlessly worrying about finances without taking action are not effective ways of dealing with the situation. Therefore, experts on finances and stress management have identified some crucial steps in dealing with Debt Stress Syndrome. First, make the debt known. Take the time to write out the actual numbers (your income and expenses) and look for ways to save, conserve, or simplify. Second, seek social support and, if necessary, professional supports like Clear Debt. Ask someone to help you make sense of the numbers or to understand what will happen in the long run regarding a loan or credit card. Finally, take steps to make the situation feel less out of control. Put together a plan for paying off the debt, even if it is not ideal to your current dreams the sooner you set up a plan the quicker you can be on your way the your dreams again. Be clear and honest with yourself about what you can manage and what you need to do at a minimum. If possible, stop using credit cards or at least minimize the number you have. Debt and financial stress can quickly get out of control, and can affect physical and mental health, so it is vital that a person make and adhere to a realistic plan. A good place to start as mentioned earlier is something like this:
There are three important things people should do to manage debt-related stress:
DON'T DENY IT
Admit the situation to yourself. Talk to your spouse or others you trust about it. There is a shame that people attached to being in debt, don't keep it a secret it is not a shame. Sometimes, just discussing your problems and concerns can help you put them into perspective and give you insights into ways to deal with them.
BE PROACTIVE
When people are in debt and stressed out about it, they feel out of control. They make the debt catastrophic, and that only exacerbates the stress. They need to get ahead of the debt. If the credit card companies are calling, answer the phone, and arrange smaller payment plans. Look into debt counselling like Clear Debt. Instead of feeling helpless and that the debt owns you, turn it around -- be proactive and take control of the situation.
GET HELP
Seek help from a debt counsellor or financial adviser. You can go to places like Clear Debt that are set up for people with debt problems. You can go to a therapist like offered by Clear Debt to cope with the shame and stress. Also, help yourself, eat right, exercise -- DON'T just obsess about the debt.
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