Coping With "Debt Stress Syndrome"

For Many, Mounting Debt Taking Toll Not Only On Pocketbooks, But Health

(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.

[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.

[element51]

Oh, one other thing. I''m sure some of you will say that we were just to stupid to do it right. Well, you may be right but we did all the things we thought would work. There''s an old saying, "the best laid plans of mice and men", maybe we should have listened to the mice.

[element51]

This was an interesting story. I retired a little over three years ago. We had prepared and planned carefully. Our house was paid for, no auto loans, no credit card or department store debt no commercial loans and we had saved and invested so we would have enough supplemental income added with my social security to live a modest life style with no worries. Boy, were we wrong! We make the mistake of assuming the inflation rate would remain constant and we forgot to factor in property tax increases. We were not prepared for a 40% increase in utility bills. We had no idea that our investments would be virtually squeezed to death and that gas and food prices would go insane. The upshot of this is that we are having to draw down on our savings to get by. We don''t eat out, we shop for food at the bent can stores, we drive as little as possible and we no longer use the air conditioner. My point....don''t expect to retire and survive unless you have at least a million to make interest from. Preparation doesn''t always work.

[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.

[grammawhamma]

This past winter''s heating costs are what did me in and I live very frugaly.

[elkc]

There are those who deal with credit carelessly. However there are those who find themself in a situtation beyond their control. A loss of a carreer, a health issue, caring for an older relative, divorce, the list can involve a wide range from the rich to what middle America consider the poor. The educatated to the non-educated. I had to file bankruptcy in the early ''80''s and didn''t have any credit card debt, I did not even have a credit card at the time, however lived in an area where the "Oil Boom" went bust and jobs couldn''t be found for 500 miles around. Had a car wreck, no health insurance, top that with a a house payment, to a property that wouldn''t sell because no one in town had any money. My rule since, has been never to be in debt more than 10% of what my assets are, maintain health insurance and maintain a savings account that can sustain me for a year or longer.

[skinnyminny2]

Not everyone with debt is irresponsible or buys things they can''t afford.
I have never had a credit card and only buy things I can afford but am drowning in medical debt--I guess it''s better than being dead. I think.....

[mollydtt]

We can''t have it all. Just because we see beautiful homes and cars on tv doesn''t mean we canallo afford them. The fear of debt should strike BEFORE trying to spend the money. I can''t believe how many people are complaining about debt stress, yet they eat out, take vacations, buy new cars and live in houses far nicer than mine. They might be "stressed" but they keep buying.

[cbsguest6]

I know what would cure my debt stress syndrome...

Someone to give me a job!

[bigoilprofit]

Just start singing the chorus line to yourselves... to the tune of "Cat Scratch Fever"... instead... it''s...

"Debt Stress Syndrome..."

(if you played with the main lyrics, you could totally have a cool parody song). LOL!

[formrusmcsgt]

I must say that it pains me not to see these materialistic fools drowning in their own debt.

I have 2 paid for vehicles, one is a nice ''99, the other is a ''98 work truck.

Sure, they''re 10 years old, but I''ll be retiring at the age of 58 and never have to work again....

I''d rather retire early than impress others who''s opinion really doesn''t matter to me anyway....

[formrusmcsgt]

Americans are drowning in debt. It''s a growing problem, made worse by a sagging economy.
---
It''s because most want to live beyond their means, save nothing, and impress others by buying the biggest house they can qualify for, change cars every year, and take vacations they can''t afford.

For the most part, they are victims of their own materialism.

[naucoming4u]

They have finally identified a syndrome that matches all of my symptoms.

Posted by Extremophil at 06:22 PM : Jun 14, 2008
.............

Exactly!

Now all we need is a night time...

mortgage
credit card
college loan
utility bill
coughing
aching
stuffy head
fever

so we can rest...

medicine.

[gkc99]

"Kill a Creditor for Christ"?

[extremophil]

They have finally identified a syndrome that matches all of my symptoms.

[naucoming4u]

99% of the fundamentalist Christian terrorists (like Eric Rudolph) are Republican.

Which means **their** bible has many pages/passages missing and are replaced with their own messages...

...for example:

"love thy neighbor as thyself"

is replaced with:

"if thy neighbor has brown skin and wears a turban... KILL HIM."