Ever since the global recession hit in 2008, billions around the world have struggled financially. In America, millions of citizens buried in debt lost their jobs, and then their homes. The bad news didn't stop there, unfortunately, as a poll conducted by the Associated Press and AOL Health in that very year revealed a connection between stress from debt and health problems.
About 10 to 16 million Americans had to suffer through the double-whammy of debt and health problems, according to the research psychologist and AP consultant Paul J. Lavrakas, who analyzed the poll. He adds that these are the Americans who had at least three stress-related problems, and suffered a lot of debt stress. Debt stress saw a marked 14% jump that year from 2004.
Of those millions of Americans with a lot of debt stress:
51% had muscle tension
44% had headaches
29% had severe anxiety
27% had digestive tract problems
23% had severe depression, and
6% had heart attacks.
You could very well be one of the many suffering Americans.
Effects of Debt on a Person's Behavior
The human body copes with stress by releasing adrenaline and cortisol. However, an overload of these hormones lead to physical damage. So dealing with a lot of stress means a “hormone high”, which then leads to all sorts of health problems. Financial stress also leads to behavior that compounds the problems.
With more debt, you'll probably spend more on cheap junk food. You won't be able to afford the right medicine, let alone healthcare services, when you do get sick.
Sleep deprivation is also linked to financial stress. This leads to a weaker immune system, which in turn can affect work performance. Because of this, people tend to end up with bigger emotional outbursts, having shorter fuses and being more sensitive to negative stimuli.
As debt builds, so do anxiety and desperation in paying it off.
Dealing with Financial Stress
And how do most people deal with all this? Drugs? Liquor? Cigarettes? Food? You indulge in whatever way to forget your problems, leading to you guessed it more stress. It's a vicious cycle.
So what can you do to keep things from spiraling out of your control?
1. Keep calm.
This ties into the human body producing a lot of adrenaline and cortisol. By staying cool, you can regulate your body's production of such hormones. Some things you can do are breathing exercises, listening to music, and writing down your situation as a release.
2. Take a different perspective.
Just like how you can control your body, you can also control the way you look at things. You can remind yourself that a lot of people have gone through the same thing and survived, and that you can do something about it. You can pursue other more fulfilling goals.You might even realize that you don't need all the stuff you've been spending so much on.
3. Make a plan.
With a cool head and a fresh outlook, you can plan for future actions with a positive attitude. The most important thing to do is to come up with a budget plan. You should know exactly what to spend on and when to save. There are plenty of debt consolidation programs out there to make your debts more manageable.
4. Get help.
There is nothing wrong with admitting that you can't do it all by yourself. Seek assistance. Whether it's for emotional support from friends and family, or financial guidance from advisors and experts, don't wait until you're at rock bottom before reaching out. If the stress has really gotten to your head, you can also seek professional help in clinics or hospitals.
Because of the economic depression, financial stress has been proven to be very much a real thing, and it doesn't just take your jobs and your house. It also affects your physical and mental health. Take these tips to the heart. It's for your own good.
Author: Gerard is the Managing Director of Wealth Smart Australia. He has completed courses for Diploma of Financial Services (Insurance Broking).
About 10 to 16 million Americans had to suffer through the double-whammy of debt and health problems, according to the research psychologist and AP consultant Paul J. Lavrakas, who analyzed the poll. He adds that these are the Americans who had at least three stress-related problems, and suffered a lot of debt stress. Debt stress saw a marked 14% jump that year from 2004.
Of those millions of Americans with a lot of debt stress:
51% had muscle tension
44% had headaches
29% had severe anxiety
27% had digestive tract problems
23% had severe depression, and
6% had heart attacks.
You could very well be one of the many suffering Americans.
Effects of Debt on a Person's Behavior
The human body copes with stress by releasing adrenaline and cortisol. However, an overload of these hormones lead to physical damage. So dealing with a lot of stress means a “hormone high”, which then leads to all sorts of health problems. Financial stress also leads to behavior that compounds the problems.
With more debt, you'll probably spend more on cheap junk food. You won't be able to afford the right medicine, let alone healthcare services, when you do get sick.
Sleep deprivation is also linked to financial stress. This leads to a weaker immune system, which in turn can affect work performance. Because of this, people tend to end up with bigger emotional outbursts, having shorter fuses and being more sensitive to negative stimuli.
As debt builds, so do anxiety and desperation in paying it off.
Dealing with Financial Stress
And how do most people deal with all this? Drugs? Liquor? Cigarettes? Food? You indulge in whatever way to forget your problems, leading to you guessed it more stress. It's a vicious cycle.
So what can you do to keep things from spiraling out of your control?
1. Keep calm.
This ties into the human body producing a lot of adrenaline and cortisol. By staying cool, you can regulate your body's production of such hormones. Some things you can do are breathing exercises, listening to music, and writing down your situation as a release.
2. Take a different perspective.
Just like how you can control your body, you can also control the way you look at things. You can remind yourself that a lot of people have gone through the same thing and survived, and that you can do something about it. You can pursue other more fulfilling goals.You might even realize that you don't need all the stuff you've been spending so much on.
3. Make a plan.
With a cool head and a fresh outlook, you can plan for future actions with a positive attitude. The most important thing to do is to come up with a budget plan. You should know exactly what to spend on and when to save. There are plenty of debt consolidation programs out there to make your debts more manageable.
4. Get help.
There is nothing wrong with admitting that you can't do it all by yourself. Seek assistance. Whether it's for emotional support from friends and family, or financial guidance from advisors and experts, don't wait until you're at rock bottom before reaching out. If the stress has really gotten to your head, you can also seek professional help in clinics or hospitals.
Because of the economic depression, financial stress has been proven to be very much a real thing, and it doesn't just take your jobs and your house. It also affects your physical and mental health. Take these tips to the heart. It's for your own good.
Author: Gerard is the Managing Director of Wealth Smart Australia. He has completed courses for Diploma of Financial Services (Insurance Broking).