Coping With "Debt Stress Syndrome"

(CBS)  In debt and stressed out?

You're far from alone.

Americans are drowning in debt. It's a growing problem, made worse by a sagging economy.

The mounting pressure to pay bills is leading to an increase in debt-prompted, stress-related illness, experts and surveys say.

The phenomenon has even been given a name in medical circles: debt-stress syndrome.

On The Early Show Saturday, Dr. Alan Manevitz, a clinical psychiatrist with New York-Presbyterian/Weill Cornell Medical Center in Manhattan, talked about the situation, and shared suggestions on how to cope:

Stress is very harmful to the body. Stress is an alarm system designed to get you to recognize a threat to your survival. When you're constantly worrying and stressing over your debt, you put your body in a constant state of alarm. The body responds by releasing stress hormones such as cortisol and adrenaline, resulting in increases in your heart rate, blood pressure, breathing pace, muscle tension, and inflammation, and dumping fuel (glucose, fats) into the bloodstream.

The cumulative effect is an increased risk of diseases ranging from diabetes to heart disease, and infections such as the common cold. Stress can also exacerbate pre-existing conditions, from chronic pain to cancer, by undermining the body's ability to repair or care for itself.

Other related health woes include muscle tension, upper and lower back pain, ulcers, digestive tract problems, migraines, insomnia, tension headaches, and severe anxiety.

This doesn't just happen to the poor, I or to any particular group.

There are three important things people should do to manage debt-related stress:

DON'T DENY IT

Admit the situation to yourself. Talk to your spouse or others you trust about it. There is a shame attached to being in debt, don't keep it a secret of shame. Sometimes, just discussing your problems and concerns can help you put them into perspective and give you insights into ways to deal with them.

BE PROACTIVE

When people are in debt and stressed out about it, they feel out of control. They make the debt catastrophic, and that only exacerbates the stress. They need to get ahead of the debt. If the credit card companies are calling, answer the phone, and arrange smaller payment plans. Look into bankruptcy. Instead of feeling helpless and that the debt owns you, turn it around -- be proactive and take control of the situation.

GET HELP

Seek help from a financial adviser. You can go to groups set up for people with debt. You can go to a therapist to cope with the shame and stress. Also, help yourself, eat right, exercise -- DON'T just obsess about the debt.

[habika]

This is a wonderful opinion. The things mentioned are unanimous and needs to be appreciated by everyone. I appreciate the concern which is been rose. The things need to be sorted out because it is about the individual but it can be with everyone.
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[habika]

This is a wonderful opinion. The things mentioned are unanimous and needs to be appreciated by everyone. I appreciate the concern which is been rose. The things need to be sorted out because it is about the individual but it can be with everyone.
===============================
[url="http://debtfreeseattle.com" rel="dofollow"]Debt Free Seattle[/url]

[habika]

This is a wonderful opinion. The things mentioned are unanimous and needs to be appreciated by everyone. I appreciate the concern which is been rose. The things need to be sorted out because it is about the individual but it can be with everyone.
===============================
<a href="http://debtfreeseattle.com">Debt Free Seattle</a>

[habika]

This is a wonderful opinion. The things mentioned are unanimous and needs to be appreciated by everyone. I appreciate the concern which is been rose. The things need to be sorted out because it is about the individual but it can be with everyone.
===============================
<a href="http://debtfreeseattle.com" rel="dofollow">Debt Free Seattle</a>

[oneworldusa]

The solution to debt is DEATH. ----
Posted by ssm9451 at 09:30 PM : Jun 15, 2008

-Are you being serious or kidding? If not kidding, don''t look at death as a solution so soon. Unsatisfied debts don''t just go away when you die, they are taxed as income. It could create serious issues if you have any real or personal properties to leave behind to anyone.

[oneworldusa]

Posted by donnagor at 05:57 PM : Jun 15, 2008

You pay taxes on the earnings/interest/principle in a 401k because it has never been taxed before, or you got a tax deduction upon deposit, when you take it out. Qualifying for a hardship withdrawal only means you don''t pay the 10% early withdrawal penalty.

[ssm9451]

The solution to debt is DEATH.

[caldwellptr]

In the past it was called indentured servitude.

Today we have indebted servitude.

[kennedy7955]

Millions of Americans must face the fact that they are faking their way through life, living a lifestyle which they cannot afford. It is time the greedy banks apply some common sense rules to offering credit and be prepared financially themselves to pay the price of offering bad loans. The politicians should be preparing themselves and the banking industry for the reality of what will happen should millions of customers default on their credit card debt.

[donnagor-2009]

who ever thinks that it can''t happen to them are seriously mistaken and sure some people are careless with credit cards but there is the problem because the earlier the credit card company prey on teenagers.
The Federal Government does not help either back in 2007 I needed to take a finacial hardship on my 401k and when it came time to filing my taxes the Feds said this was a part of my income. Could someone explain to me what is the meaning of a hardship so I had to pay the Feds money I did not take a hardship because I am rolling in money so ther lies the problem also and if you watch the CBS evenign new you would understand that we taxpayers are footing the bill for alot of misuse of taxpayers money. Oh I could go on but it would be to long everyone have a great day and God Bless because he is what is helping me to hold on.