Hafemeyer Law

Financial Stress and Health Problems

A recent survey showed that 7 out of 10 individuals experience significant stress in their lives. One of the main causes of stress is financial.  On average, only 1 in 10 individuals said their financial situation was good. Too often we accept this as a normal part of life; however researchers now believe that financial stress can have an adverse effect on health and well-being. The effects on health not only derive from the physical effect of stress on the body, but the way individuals chose to manage their stress.

Anxiety can cause individuals to employ certain behavior patterns and coping mechanisms to manage and decrease anxious feelings.  These coping mechanisms and behavior patterns vary but commonly include alcohol, nicotine, drugs and food. Sadly, these coping mechanisms often have the opposite effect and lead to increased stress. Alcohol, nicotine and drugs can cause sleep loss and depression and can further increase the effects of stress on health and well-being.

The survey found that in an effort to combat overstretched budgets, financially strapped families and individuals try to reduce costs by cutting back on fresh fruits and vegetables and foregoing health care for small health matters. Unfortunately, this practice can lead to larger health problems with greater medical costs in the long term which may only add to financial strain.

Financial experts reveal that taking action is one healthy way to reduce financial stress. Taking a hard look at what debts are owed and setting a realistic budget can often times set individuals on a path to reducing the strain of a tight budget.

If you are experiencing stress due to financial hardships bankruptcy may be an option that can give you a fresh start. Contact my office to discuss your unique situation.

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