Financial Anxiety Explained

Credit card debt can absolutely cause anxiety in the worst ways. Anxiety is an emotional and psychological problem which may be triggered by someone’s financial situation. Your economic challenges can cause you to worry too much about unknown problems due to debt problems associated with credit card debts. For a society living on credit, anyone residing in the developed country, especially, in the United States need to understand how their financial situation may lead to mental health challenges.

For the average person in the US for instance, debt crises often start with a student loan. Student loan debt arises from different financial support received to support one’s education which must be repaid at a later date. Apart from a student loan, settling down as a young adult or couples may require taking a mortgage or applying for a car loan which you need to pay back at a later date. From everyday living, one may have to apply for series of loans to meet living challenges.

Anxiety Because of Debt Can be Overwhelming

Also, many other loans may add to existing loans which must be repaid. Giving the economic conditions in modern societies, it is evident that the rate at which one consumes and seeks loan advancement is not at the same speed with which one makes income. In this regards, the average person’s cash flow in term of spending and income ratio becomes tilted against the outflow of financial resources that soon get accumulated to become credit card debt issues.

In examining the reasons credit card debt is causing anxiety, there are factors to consider. These elements provide the answers to why financial liabilities could create anxiety situation for so many people in the US. Understanding the factors that may lead to anxiety will help to avoid debt crises through effective debt management.

Factors causing anxiety

Stress factor. A US Harris Poll survey for AICPA involving 1004 adults shows that 56% of Americans had a negative impact emanating from debt related problems. 28 percent of respondent said their related financial debt caused stress for them. 21 percent of people who took this survey fingered credit card debt as responsible for family tension creating crises between couples. 19 percent confirmed receiving letters from collection agencies which put pressure on them to act. The stress arising from debt related issues cause people to have a sleepless night, worry about their situation which places them under enormous pressure as a result.
Emotional trauma. For most people, emotions do run high as a result of being in debt. The fact is, one gets in financial crises because of inadequate income which needs settled mind to redress. But it gets exacerbated by heightened emotions, which prevents the affected person from finding solutions at the right time to their challenges.
Lack of planning. Stress and emotional trauma as a result of debt will prevent proper planning which will further deepen the affected person in debt crises. When someone is in debt, there is need to sit back and plan a way to come out of the situation. But a lack of adequate planning to identify the appropriate strategy to be debt free will gets the victim rooted in debt.
Lack of reliable network. To get out of debt, on needs to have the correct information and know what to do at the right time to overcome his or her financial challenges but achieve this needs connection with the right people and resources to effectively manage your debt situation. When you lack a proper relationship with the right kind of people, one is starved of the resources to come out of debt. The lack of reliable network can cause loneliness which will result in anxiety.
When there is utter confusion on the way credit card debt works and how to resolve the ensuing crises, the debtor may become agitated for not knowing what next line of action to follow. Anyone with a better understanding of the steps to take in debt will find their way to resolve the credit card debt issue and move on without problems.
Work with the wrong credit card company. Providing customer support service that helps them manage their credit most efficiently is the hallmark of a professional and customer friendly lender as there are legal provisions to help debtors manage their credit situation to avoid the undue panic that may result in anxiety. When there is no proper guidance from the credit card company, or the company failed to provide the necessary cushioning measure to the debtor, it may degenerate into a situation that causes anxiety.
Quick fix schemes. It is best to talk to a creditor before one becomes unable to pay their repayment as missing payment schedule may damage the creditworthiness of a credit card user. However, the moment one notices possible delinquent in repayment of debt, it is essential to contact the creditor to find lasting solutions. The problem, however, is when the debtor seeks a quick fix that promises to reduce or eliminate the debt without following proper protocol. By following a quick-fix scheme route to resolving credit card debt issue may result in anxiety as the ensuing problem after the quick fix scheme is discovered, which would be found eventually, would harm the debtor.

Working through financial anxiety

In life, one missed road leads to many more miss roads and will eventually cause untold hardship and trauma for the victim. It is best to seek a solution before the anxiety condition become worse since we understand that unresolved financial challenge can become life-threatening and lead to anxiety condition with negative consequences.

It is important to note that anxiety-causing credit card debt needs more than a financial expert to resolve the ensuing crises. Anxiety being a mental challenge requires a professional, and corrective emotional therapist to first work on the fellow to realign their psychology to make a sound financial decision. It is when the individual negatively affected by credit card debt take holds of their psychological challenges that they can efficiently resolve their credit card debts.

Emotional weight affects the entire being of the victim if not quickly resolved. Only the professional psychotherapist is trained to help the victim of anxiety to regain their full consciousness to handle financial matters. The therapist adopts cognitive behavioral therapy techniques to find the cause of fear in a subject and deploy other therapies to find one that is effective in resolving anxiety issues.

Issues bordering on anxiety are emotional problems that need particular professional techniques to solve. Crises in life often start with our past decisions. Unless we pinpoint such choices and find a reasonable solution to remedy the situation, the answer to anxiety crises may be far than thought. Becoming emotionally and mentally healthier is the goal of any therapist and meeting a competent therapist is the solution to anxiety problems.

Getting help

For a psychotherapist to efficiently solve its client’s mental challenges they need empathy; the ability to empathize with a client helps to correct bad decisions and change bad choices to good. It involves a counselor working with a client to listen and understand their challenges and proffer lasting solutions.

If you need to work with a reliable psychotherapist in Chicago, the Chicago psychotherapist is there for you. You will find the environment relaxing and confident to talk to someone who understands what you are going through and together find a lasting solution to make you reasonable again. Read anxiety articles on our counseling blog.