Stress is a common experience.
We may feel stress when we are very busy, have important deadlines to meet, or have too little time to finish all of our tasks.
Often people experience stress because of problems at work or in social relationships, such as a poor evaluation by a supervisor or an argument with a friend.
Some people may be particularly vulnerable to stress in situations involving the threat of failure or personal humiliation.
Others have extreme fears of objects or things associated with physical threats-such as snakes, illness, storms, or flying in an airplane-and become stressed when they encounter or think about these perceived threats.
Major life events, such as the death of a loved one, can cause severe stress.
(Encarta 2008) If not managed appropriately, stress can lead to serious problems.
Exposure to chronic stress can contribute to both physical illnesses, such as heart disease, and mental illnesses, such as anxiety disorders.
The field of health psychology focuses in part on how stress affects bodily functioning and on how people can use stress management techniques to prevent or minimize disease.
(Encarta 2008) When we look at stress as it relates to debt we find that many individuals put themselves in this state.
Debt has been destroying lives with the undo stress it causes.
Americans have gotten to the point were they take pills to pay bills.
People overwhelm themselves with credit worthiness, in what they believe to be some type of social being; they con themselves into thinking that they deserve to have something, or that they should be living the good life, just because they work everyday.
This trap affects some people more than others, for the unfortunate majority (which are mostly middle to low income), debt has become nothing more than a heavy burden; this burden leads to unsolicited phone calls, anger towards our love ones and can also cause low self esteem.
The stress level connected to debt will cause long term health issues such as constant headaches, back pain, sleepless nights (insomnia) and heartburn.
Stress weakens the immune system, which can lead to other unhealthy conditions such as heart disease, strokes or diabetes.
Those laden with debt can also become a health risk on their job.
Their attention span will become short making them more prone to injuries.
(Money 2008) According to current statistics, the average American has about eight credit cards, the shocking amount of debt per household is about $9,000 and consumer debt is over 1 trillion dollars (and this does not include mortgage debt).
(Money 2008) The overwhelming thought of debt, and not having the ability to pay the debt back has led many to divorce, abuse and in some cases murder/suicide.
Many consumers bring this stress on themselves because they lack patience and refuse to take no for an answer.
I believe some borrowers have always been confused when it comes to credit worthiness, trying to keep up with the Joneses.
I didn't' think it could happen to me, I was a proud credit worthy citizen but today I found out that I am nothing more than a mere mortal, an average Joe and a pawn in my creditor's need for greed.
You may be wondering where I am going with this so let me further explain.
I was considered a valuable customer according to my Platinum card's customer service.
However being a valued customer was not enough to stop them from increasing my interest rate from 3.
99% to a whopping 29.
99%.
Now before you discount my claim thinking that I must have missed a payment or two or that my account was severely delinquent let me assure you that this was not the case.
My account was current my payments were made on time, never once did my account go past 30 days late.
In fact I even took advantage of the special programs they offered including online bill pay.
My only downfall may have been that I didn't use the card as a primary credit card it was strictly a backup.
However it was still part of my overall credit worthiness.
I put in a call to the credit and with a cheerful voice the representative on the other end of the phone began to explain that it was nothing wrong with me as a customer but it was more of a business decision.
I had no choice but to laugh, knowing that the reason I was cancelled was simply because I was not one of their highly favored, high interest rate customers.
The representative calmly told me in a well-rehearsed voice that if I decide to opt out then I can enjoy the benefits of my low 3.
99% interest rate on any remaining balance but I would have to close the account.
If you know anything about credit ratings then you will understand that it is not always in the best interest of a consumer to close an account that has been in place for several years but in this case I gave the creditor what they wanted and severed ties with them forever.
This may not have been in my best interest but I will not be a slave to the credit card company, getting pimp slapped with outrageous fees after being a faithful customer for many years.
My father always taught me to protect my name and to establish a good credit profile.
He also told me that cash was king and as long as cash was the acceptable standard that I should always consider this as a first line in my purchasing defense.
It is no secret that I hate debt.
My very first book was originally entitled "I hate debt and you should too.
" Try and understand that creditors could care less as to how long of a relationship you have with them, or the fact that you pay on time.
Creditors are in the business to make money, and when they can no longer squeeze money from you, they decide that they are better off without you.
For many people this could be a serious financial blow but for me this was just the wake up call I needed to help me remember that I am only human, an average Joe but I still have my integrity and to that I say "Credit No More.
" References: Gray, P.
B.
(2007, July) Hidden Cost of Stress.
Money p.
44 Encarta (2006) www.
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com Informative information that covers everything from financial planning, retirement as well as debt management.