Financial Problems & Stress

Financial problems lead to physical and mental stress.

Debt problems can have many causes --- trying to seem as well-off as your neighbors, losing your job and having to rely on unemployment insurance, falling behind on your mortgage or car payments --- but they all lead to one result: stress. If your financial troubles stem from a job layoff, overdue mortgage payments, a pending foreclosure or the loss of unemployment benefits, you may be grieving over what you've already lost, and worried about losing even more. Whether you experience mental or physical symptoms of stress, the effect on your health and relationships can be profound.

Types

According to Stanford University psychologist Kelly McGonigal, you can experience three distinct types of stress when you're facing financial problems. The first kind of stress is "challenge": you realize you're in a rough situation, but you can identify personal or external resources that may help you to overcome it. The second kind is "threat": you're facing something bad, and you haven't been able to identify any helpful resources. The third kind is "loss/harm," which is a response to a disaster that has already taken place. McGonigal notes that "challenge" is the healthiest form of stress, while "threat" tends to result in "the worst emotional and physical outcomes."

Physical Reactions

The human body reacts to stress in predictable ways, whether it stems from a physical threat or financial worries. Chronic stress relating to heavy financial problems comes from your body's "fight-or-flight" response. When you're constantly worried about covering your mortgage, or how you're going to afford overdue payments, your body responds by going into fight-or-flight mode. Your glands release adrenaline and cortisol, the stress hormone. These hormones help you when you're facing immediate physical danger, but because your financial problems aren't going to go away immediately, your body stays in "emergency" mode. The longer your body remains in this mode, the more likely you are to suffer from problems with blood pressure, digestion, mood, immune response and memory. If your financial problems intensify, your stress may increase to a point where you are mentally or physically unable to function.

Health Effects

If your body responds to long-term financial stress by overproducing stress hormones, it can put you at risk for cumulative physical damage. If you have any chronic or preexisting conditions, your body's physical response to ongoing financial worries may make them worse. If your financial problems persist long enough, and you can't find a way to reduce your stress level, you are at risk of developing serious health problems like heart disease or diabetes.

Identification

If you are experiencing financial problems related to debt, try to identify and overcome your behavioral reactions to stress, such as snapping at your spouse or children, drinking more than usual or beginning to smoke again after quitting. Acknowledge that these reactions and coping methods are not healthy, and may even be preventing you from taking effective action.

Solutions

According to Kelly McGonigal, the best strategy for dealing with stress related to financial debt is to figure out exactly where you stand financially. Pull out all of your bills, and arrive at a solid number for each one. When you know what you owe, you're better equipped to talk to a financial counselor and make decisions about bringing your debts down. Identifying helpful resources can change the type of stress you face from "threat" to "challenge," which generally leads to better outcomes.

References

• The Washington Post: Debt and Stress
• Mental Health on MSNBC: Debt Stress Causing Health Problems, Poll Finds