Debt and Stress
Summer, 2005
I have been avoiding writing this article for days now. Thankfully the weather here in the Pacific Northwest cleared enough that I found many outdoor chores, from mowing lawns to pruning whatever dead wood could be found. Eventually the only chore left was cleaning out the gutters, but the thought of climbing 18 feet off the ground on my somewhat rickety ladder sent me dejectedly back here to the computer .
The very thought of uncontrolled debt and the resulting stress it brings hits far too close to home, as I also have fallen prey to the evils of debt related stress.
The Stress of Insurmountable Debt
We live in an imperfect and unpredictable world which frequently presents stressful situations that test our individual coping skills to the breaking point. The stress created by insurmountable debt is extremely pervasive, seeping into every part of your being, an unseen villain that you can ignore for a time, but a villain that will have its way if ignored for too long.
My story is fairly typical in that I denied that I was even slipping into uncontrolled debt. Once I began to realize that this in fact was the case, my embarrassment prevented me from doing anything about it. After all, I was the captain of my own fate and fate would ultimately take its toll as I anxiously waited for things to get better.
Interest Rates, Credit and Debt
It seemed that people all around me were building wealth in our booming economy. Interest rates were at all time lows, credit became more accessible and I began to borrow against future income to finance the lifestyle that I thought I had earned.
I quickly ran up my credit cards to their maximum limits and began to make only the minimum payments, never reducing my balance. I responded to every credit card companies' promotion. It was all too good to be true. I began to transfer balances to get the introductory interest rate offered.
The Vortex of Insurmountable Debt
I wasn't aware that I had stepped into a financial vortex that was dragging me further into uncontrolled debt. I scrambled for quick fixes, consolidation loans, mortgage refinancing, always borrowing more.
Despite working more hours, I had the distinct feeling that I was no better off, in fact, I was up to my (proverbial) in debt to the extent that the very thought of having any savings was mere fantasy.
Debt Stress and Health
Headaches became a familiar condition, sleep was sporadic and never deep, I began to feel depressed and responded with anger. My wife of several years tried to get through to me but I was comfortably numbed in my personal world of denial.
The ultimatum came one day when I was too ill to go into work. Either I got some help for my mood swings or I would be finding a new home in which to live. She brought up the fact that since debt problems appeared in our once happy home, I had adopted unhealthy behaviors like drinking, smoking and overeating. My life was a mess.
Even with my glass of scotch resting on the top of my now rotund belly, I objected. It was only a matter of time before everything turned around. Fortune would once again smile upon us. A month later I was sitting in a furnished bachelor suite near my former home with threats of foreclosure swirling about.
I couldn't eat, I couldn't sleep. Creditors began calling me at my humble apartment, and then at work, with threatening predictions of my financial demise. I began to loose focus. Then my sanctuary at work began to crumble in decay around me. I was powerless to change the downward spiral. That's when my boss gave me the ultimatum. Get help or get lost.
My first visit to the doctor was an eye opener to say the least. He claimed that 50% of his patients seek medical and psychological care because of the stress caused by uncontrolled debt. It appeared to be an epidemic.
I mentioned that I had heard the unrelenting stress brought on by debt problems can lower one's immune system and weaken the body's ability to fight off infection. The good doctor informed me that I was quite correct.
Debt and Depression
Certain glandular secretions course throughout your body with the single purpose of killing bacterial invaders. We depend on their abilities for our very survival. When we experience stress our adrenal gland secretes a steroid. The steroid weakens the glandular secretions needed to kill off invading bacterium thereby weakening our immune system making us more susceptible to any cold or flu we may encounter.
Depressing situation, isn't it? But for heaven's sake don't get depressed or you'll get sick!
Debt and the American Family
Sadly I grew to find out that I wasn't alone. It is estimated that household spending has increased over 30% since 1980 during which time after tax incomes only rose 4%. The economic stress in the American family is growing, affecting everyone including our children.
Parents that are stressed out, demoralized and depressed, have difficulties in parenting. It's hard to be patient and compassionate when you are fighting a battle for survival on all fronts.
Debt Help for the Weary
Reluctantly, I went to a credit counselor where I had my first hard, cold look at my indebtedness. It was as if an enormous weight had been lifted from my shoulders! The reality of the situation was far from hopeless as I had once believed. My whole outlook on life changed. I was back!
It took five long years to eliminate the debt that I had managed to incur because of poor debt management. Credit counseling provided me with a well thought out plan that allowed me to live comfortably as I repaired my credit. Although my new approach to debt management was difficult to follow in the beginning, it eventually became a habit that has paid off in newly acquired wealth and well-being.
In my case the answer to relieving debt stress was to meet the problem head on. Your world can become a kinder, gentler place almost immediately.
Avoid the stress of dept by getting the help you need. Visit a Certified Credit Counseling Service today!