Stressed Over Debt
Ft. Lauderdale – Americans are totaling up their debt and their bodies are reacting to stress. Consumers have more than $880.50 billion dollars in credit card debt and credit card accounts that are over 30 days past due was 2.52 percent in September 2014.
One-third of Americans are losing sleep over the state of the U.S. economy and other personal financial concerns, according to the National Sleep Foundation’s Sleep in America™ poll. Academic scholars and business experts joined to write a report on the connection between debt and stress. The results were shocking – one in four of American workers are stressed out over their financial circumstances. Being stressed over debt only compounds a bad situation. It was noted that stressed workers are least likely to perform well on the job because they are constantly reflecting on their poor financial standing instead of working.
The most important thing that people can do to relieve stress is to confront the problem. “Don’t ignore debt; bring it out in the open. Speak with family about how to begin to pay back money owed, don’t use credit cards as a band aid and speak with a financial professional,” advise Howard Dvorkin, CPA and Chairman of Debt.com.
Debt.com’s Advice for Handling Debt Stress:
- Many people equate debt with failure and this produces more stress. Make a commitment to pay at least the minimum amounts on bills and set goals for each debt to be paid off.
- LLearn from past, stay away from the things that are sources of stress, like credit cards, over spending, self-deprecation, and even perhaps a group of people who do not shed a positive light on circumstances.
- Don’t think of the worst case scenario; this may cause what some in the medical field call “catastrophizing.” A person’s body does not know the difference between imagining a situation and the reality of the situation, so when a person thinks that the worst will happen they cause their body to produce more adrenaline, which in turn generates more stress. People need to stay positive and stick to the plan – and look forward toward the goals.