Dealing With Financial Stress For Better Health

Financial stress is a huge problem in the United States and it is causing stress-related ailments. Based on statistics from the American Psychological Association, 72 percent of Americans are stressed about finances. In a separate study, about 90 percent of individuals struggling to pay off debts go to their doctors to treat life-threatening conditions. With credit card debt at an alarming $1.02 trillion in 2017, the stress is unlikely to go away that fast.

Experts note that the debt burden in the US is not due to reckless spending. In fact, Americans facing or recovering from bankruptcy are those who just couldn’t afford unexpected major expenses. Unfortunate circumstances have led them to financial problems, according to reports and it has led many to seek medical care.

Recovering from financial distress

Understanding the debt cycle is very important. Freeing oneself from debt starts with financial literacy and in that journey, one would find that there are many solutions available. While financial advisors reiterate the need for additional income to pay for all forms of debt, this is easier said than done.

If you would like to fix your credit now, it is imperative that you deal with it head-on. Experts note that consolidating your debts is a good idea. Refinancing your mortgage and other loans can ease your worries. Refinancing can also help you get better rates and it is even available to those who have bad credit.

Financial stress and health

Financial distress can lead to anxiety and can negatively affect a person’s health along the way. As a general response, the regular American can lose sleep over financial problems while others who struggle to cut corners no longer leave enough budget for their own healthcare. Unhealthy coping behaviors such as smoking, drinking, and overeating can also result from financial distress. Unhealthy emotions are expected as well.

Individuals who struggle with their finances are more likely to have increased blood pressure and heart rate. They have also been reported to breathe faster and experience difficulties in concentrating on tasks at hand. Financial stress can also lead to a slower metabolism, stroke, sexual dysfunction, and digestive problems.

The Journal of the American Osteopathic Association notes that up to 90 percent of visits to general practitioners are due to conditions that stem from too much stress. Dr. Arta Bakshandeh, a senior medical officer, told Fox News in 2015 that majority of patients have stress-related medical problems and that money is at the root of their stress. While laying out a plan to pay all of your debts, stress management will be needed to ease the anxiety. Relaxation can be a challenge but you can deal with financial stress through meditation or doing something you love.

The importance of dealing with financial problems

Because of the medical conditions caused by money problems, individuals with debt need to get rid of their primary stressor. Addressing the root cause is never easy but it can be done, experts say. This can start by increasing your spending awareness.

Studies show that using credit cards can increase spending by 15% which means that using cash can help you curb bad spending habits. It is also advisable for you to track your expenses and to stick to a budget to prevent additional financial problems in the future. Removing certain expenses is also ideal. This can mean getting a bundle for your Internet, cable, and landline or stopping yourself from splurging on expensive night outs. This can also mean spending less on hobbies and other recreational activities.

Dealing with your financial problems will make a world of difference, according to healthcare professionals. It will not only improve your credit score but will improve your health as well. Your mental health will also benefit from getting rid of your stressor. If you are currently struggling to pay off your debts, give it your all in fixing it because your health is on the line.

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