Financial Hardship Can Happen to Anyone: Coping with Financial Loss

TRI Writer • January 28, 2020

rannick bankruptcy attorney, how to declare tennessee and georgia bankruptcyDid you know that financial stress and loss can have disastrous effects on an individual or an entire family? When you are faced with severe financial difficulties, it is not uncommon for the situation to result in additional stressors like job loss, home foreclosure, car repossession , loss of retirement accounts, personal accounts and savings. In addition to the tangible consequences that often accompany difficult financial situations, there is often an emotional impact on both the individual and the family.

Responses to Financial Loss Often Include:

  • Insomnia
  • Substance Abuse
  • Relationship Issues
  • Increased Anxiety
  • Depression
  • Over/Under Eating
  • Digestive Issues
  • Nausea or Headaches
  • Low Self Esteem
  • Impaired Cognitive Functioning
  • Stress/Fear/Panic
  • Anger

Coping with Financial Loss Is Difficult – It’s Best to Proactively Avoid Disaster

It sounds simple: avoid debt. If you aren’t in debt currently, avoid it like the plague. If you are in debt, don’t wait for an outside trigger event to accept that there could be a problem. If you continue forward in denial without curbing the increase of debt until you receive a denial of credit, a foreclosure notice, an insistent call from a debt collector…you’ve denied your situation too long. Don’t live in denial – be aware of your situation and make changes for the better.

Are You Struggling to Deal with Massive Stress Due to Financial Difficulty?

The opposite of living in denial, many find themselves struggling to take any action at all because they are paralyzed by extreme stress about their situation. According to countless studies, debt and stress are almost inseparable. An American Psychology Association study stated that 72% of Americans said they felt stressed about money. Regardless of how stress shows itself in your life, it can have a profound effect on your life. You could see its presence reflected in every aspect of your life. For some, stress can even escalate to levels of intense fear or panic. With a past due notice resulting in a racing heart, shortness of breath and a headache.

Have You Heard of Debt-Anger Syndrome?

In medical circles, Debt-Anger Syndrome refers to the rise of anger issues following a recession or economic downturn. Instead of being afraid, panicking or denying the situation, some victims of overwhelming debt get angry. They are angry at the creditors who send them bills, they are angry at the mailman for delivering the bills, they are angry at their employer for not paying them more, they are angry at their significant other for not making more money, they are angry at their kids for needing things that cost money, and they are angry at themselves for being in such an impossible financial situation. They are angry at life in general – and it all leads back to not having enough money to pay the bills and sustain their lifestyle.

Sometimes Depression Affects People in Response to Impossible Financial Situations:

People struggling with debt are twice as likely to suffer from depression. The situation can seem hopeless, and self-esteem can hit a new low. Some seek a respite from the depression by shopping or treating themselves to a “well-deserved getaway,” but this usually just leads to more debt.

Coping with the Many Consequences of Financial Loss:

The good news about debt and the all-inclusive repercussions is that the solution is simple: get out of debt. Reduce your expenses, increase your monthly payments to creditors, reduce interest rates and pay bills by the due date. For some, this is a plausible plan in and of itself. For others, it is not. If you are ready to deal with your debt, but you don’t think you can dig your way out of the financial hole on your own, filing bankruptcy could be the answer you seek.

If you need to file bankruptcy or you have questions about how filing bankruptcy could help in your situation, don’t hesitate to call Kenneth C. Rannick P.C., Tennessee and Georgia bankruptcy attorney. We help good people through bad times.

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