Debt and stress are like co-joined twins. The average U.S. household with credit card debt has balances totaling $16,748, and the average household with any kind of debt owes $134,643, according to a 2016 Nerdwallet study.
Conversely, 72% of Americans said they felt stressed about money, according to an American Psychological Association study. And 22% said they felt “extreme” stress over their finances.
Stress may be hard to define, but it manifests itself in obvious ways – lack of sleep, loss of focus, nagging worry.It can affect big things like your job, since you fear losing it would make your financial situation even worse. It can affect small things like lunch, since you feel guilty for ordering a $2.19 iced tea instead of water. You don’t need an endocrinologist to tell you that’s no way to live.
Fear and Panic
The thought of getting a late payment notice doesn’t just make you uncomfortable, it gives you a rapid heartbeat, shortness of breath, dry mouth, a headache and the shakes.
The National Institute of Mental Health estimates 40 million Americans suffer from anxiety. Financial worries are a massive trigger for those disorders. You assume the worst, like that you’ll be homeless if your house gets foreclosed, or your car is going to break down on the way to work and you’re going to get fired for being late.
As the economy sagged, anger issues rose. The phenomenon got its own name in medical circles: Debt-Anger Syndrome.
Instead of panicking or denying, victims get mad. They are mad at creditors who continually send them bills; mad at the mailman for delivering the bills; mad at their bosses for not paying them more; mad at their spouses for not making more money; mad at their kids for needing new braces; and mad at themselves for getting into this fix.In short, they are mad at life. This not only can ruin relationships, the physiological effects can lead to migraines, heart disease and reduce your resistance to infections.
People deny, freak out and lash out over debt. After they work through those stages, the bills are still staring them back in the face. That’s when depression sets in.
People who struggle with debt are more than twice as likely to suffer from depression, according to a study by the University of Nottingham in England. Hopelessness sets in, as does low self-esteem. It can lead to even more debt, since sufferers sometimes try to relieve their depression by treating themselves to a shopping spree or some other mental getaway.But all that does is lead to more debt, which leads to more depression and despair. At that point, people don’t care whether their pain is caused by debt or debt is causing their pain.
They just want the pain to end.
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I Will Effectively Dispute:
Fair Credit Reporting Act
The federal Fair Credit Reporting Act (FCRA) promotes the accuracy, fairness, and privacy of information in the files of consumer reporting agencies. There are many types of consumer reporting agencies, including credit bureaus and specialty agencies (such as agencies that sell information about check writing histories, medical records, and rental history records).
Reference: Fair Credit Report Act
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