Financial Stress
Credit card bills arrive in the mail once a month for each card. Debt collectors may be calling on the phone on a daily basis. Utilities are threatening to cut off your services. The car dealer is threatening to repossess your car. All of this pressure can and does cause constant anxiety and extreme stress. When you are distracted by worries about how to cope with your debts, your productivity at work is likely to decrease. It also can invade your home. Studies show that the leading cause of divorce is financial pressure, leading to arguments over money. It can even take over your life. Big financial decisions, like where to live, what car to buy, what you can afford to spend on a monthly, weekly, or daily basis can be affected by debt stress.
Clearly you are not in any position to make the best decisions about your life when you are weighed down by grave worries about your ability to pay your bills. Economic turmoil (e.g., increased unemployment, foreclosures, loss of investments and other financial distress) can result in a whole host of negative health effects - both physical and mental. It can be particularly devastating to your emotional and mental well-being.
Although each of us is affected differently by economic troubles, these problems can add tremendous stress, which in turn can substantially increase the risk for developing such problems as:
Depression
Anxiety
Compulsive Behaviors (over-eating, excessive gambling, spending, etc.)
Substance Abuse
It is important to be aware of signs that financial problems may be adversely affecting your emotional or mental well being -or that of someone you care about. These signs include:
Excessive Anxiety
Lack of Sleep/Constant Fatigue
Excessive Irritability/Anger
Increased drinking
Illicit drug use, including misuse of medications
Apathy - not caring about things that are usually important to you
Not being able to function as well at work, school or home
If you or someone you care about is experiencing these symptoms, you are not alone. These are common reactions to stress, and there are coping techniques that you can use to help manage it. They include:
Trying to keep things in perspective - recognize the good aspects of life and retain hope for the future.
Strengthening connections with family and friends who can provide important emotional support.
Engaging in activities such as physical exercise, sports or hobbies that can relieve stress and anxiety.
Developing new employment skills that can provide a practical and highly effective means of coping and directly address financial difficulties.
The only way to get a handle on what you owe is to figure out how much you owe. Gather up all your credit card statements and other bills and total up everything you owe. Once you know how much you owe, then you can work out a plan to pay off your debt. This should include either trimming expenses or increasing your income or both. Avoid making any purchases with your credit cards until you pay off your current balances. Then, make a pact with yourself not to charge any purchases unless you have a specific plan in place to pay off the balance in 90 days or less. At least twice a month, allow some time to managing your finances. This includes paying bills, balancing your checkbook, and analyzing your expenses.
Even with these coping techniques, however, sometimes these problems can seem overwhelming and you may need additional help to get through "rough patches." Fortunately, there are many people and services that can provide help. These include your:
Healthcare provider
Spiritual leader
School counselor
Community health clinic
Acknowledge that economic downturns can be frightening to everyone, but that there are ways of getting through them - from engaging in healthy activities, positive thinking, supportive relationships, to seeking help when needed from health professionals. Work together to help all members of the community build their resiliency and successfully return to healthy and productive lives.
