Stress Issues
The Stress of Credit Card Bills and How It Affects Your Health
Aug 25, 2017 - 1:47:15 PM

( - The usage of plastic money like credit or debit cards has made financial transactions easier and facilitated the availability of cash round the clock. Credit card as a financial instrument is not just convenient, but it also provides access to a predefined amount of
unsecured loan. Despite the numerous benefits of using a credit card, the ready accessibility of money has made many a user’s debt ridden.

Stress and the credit card

A majority of credit card users dread the time of the month when they receive the monthly credit card bill since at that time they will have to confront the debt they have accrued during the month. This un-secured loan is not just harmful to your credit score thereby severely restricting your future financial prospects, but it also increases stress and inadvertently harms your health.

Managing the recurring monthly payments like mortgage or rent or other loans is in itself stressful, that's increased exponentially when the credit card debt is added to the mix.

Causes of the debt related stress

A study indicates that the chances of a heart attack, double for a person suffering from debt related stress as compared to a person that's debt free. The main cause of this stress is the frustration of a credit card debt holder in their inability to nullify the debt.

A major chunk of your monthly payment towards credit card bills goes towards paying for the interest related charges, allowing only a small portion to settle the principle, thereby keeping you in the grip of a vicious circle of credit card debt. This happens due to the high interest rates of credit card loans.

There are several reasons for getting stressed when you are in debt such as

· The realization that the settlement of your credit card debt will require a long time due to high interest rates.

· But being able to pay the monthly minimum amount, due to existing financial commitments leads to nonpayment of the principal amount. This results in your money being paid to settle the interest charges instead of the principal amount thereby causing stress.

· Calls from creditors, if you are behind schedule.

How to manage the stress of credit card debt?

There are a few things that you can do to manage your stress levels. One of the first and foremost is negotiating with your credit card company to get lower rates of interest. Other things that can be done are –

· Being honest with yourself and your family members about the debt will help you in overcoming your debts by enabling you to face the problem and allowing you to take steps to pay your debts.

· Gather your financial information like your earnings and expenditure to work out a way to pay off your credit card debt.

· Take help of financial planners to plan your budget and overcome your outstanding credit card debt.

· Making a plan is not enough, you have to follow it religiously to overcome your debt

Credit card debts are no laughing matter due to its severe negative effect on your health. Your way of thinking and commitment level are the factors that will lead to credit card debt relief, thus help you live stress-free.



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