Thousands of consumers are struggling with debt due to the economic crisis. Use the form below to get free confidential debt help. In a climate of rising house prices and cheap mortgage loans, debt is manageable and the number of people getting into trouble with their loans remains low.
However, in times of economic hardship, when house prices fall and mortgage lending becomes more expensive, a range of mortgage problems can occur. Inevitably, these types of serious financial troubles cause stress and confusion.
The following section details the different problems faced by mortgage borrowers, how to deal with debt, and what debt really means for the consumer.
The whole country is feeling increasing stress as a result of the worsening economic crisis caused by reckless lending, greedy bankers, inadequate regulations and political control.
Avoiding debt stress will not pay off your mortgage or solve your debt, but it could seriously lower your risk of physical and mental problems. Stress badly affects health, and something as simple as worrying about debt could cause numerous health issues, some of them serious.
Being in debt gives rise to anxieties, fears and worries. Under such stresses our minds are worrying about the future and clouding our thinking, decisions and behaviour. If you are worrying about money it has a knock-on effect on your whole life and those around you. It is important to make decisions with a clear mind as opposed to a mind that is overwhelmed with anxieties, fears or worries.
People avoid dealing with money issues because they don’t know what to do or how to deal with their situation, there are many different ways of borrowing money and it’s important to choose the right one for your situation.
The first is to be in the right frame of mind, the second is to provide a practical solution.
Stress and mindfulness
Recent research has clearly demonstrated stress, anxiety, fear and anger all lead to mental illness such as depression, not to mention physical illness ranging from heart disease to cancers.
We recognise that we are all in the same boat, under the same pressures, and we all need similar solutions. We have teamed with leading stress-management experts specialising in dealing with our anxieties, worries and negative emotions, as well as those who provide free and professional Debt management solutions through IVA’s.
Mindfulness has been shown in over 600 studies* to reduce stress, anxiety and even severe depression whilst also transforming negative emotions such as anger and fear. We recommend that you practice mindfulness to help reduce any anxieties, worries or fears before you seek practical solutions to address your debt concerns.
Mindfulness is a simple practical exercise offering real hope in times of uncertainty.
Serious debt and serious stress
Debt such as a mortgage loan can cause serious stress. Monthly repayments can be hard to meet, particularly if unemployment is added to the situation. When borrowers fall into arrears, stress levels increase. The relationship between debt stress and ill health has been proven in numerous studies.
Debt and health problems
Stress from dealing with debt has been linked closely to major health problems such as migraines, ulcers, major depression and anxiety or panic attacks. In the worst cases, stress can cause life-threatening health issues such as cardiac arrest or heart attacks.
Mental and Physical effects
Medical studies have directly shown that those people experiencing high levels of stress due to debt are also more likely to suffer from both physical and mental health problems. Stress sufferers may have problems sleeping and be more likely to have bad temper tantrums. Worrying about debt only increases the risk of serious illness.
Debt stress and avoidance
Commonly, those people in serious debt may ignore the problem. Avoiding debt in this way is certainly not the best method to deal with debt stress. Debt problems should be confronted instantly, and there are many agencies who can offer advice or support. Talking to your lender or creditor should be the first port of call in case of repayment problems.
Tips for Dealing with Debt Stress:
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