Illinois residents may want to talk about financial problems

Doctors and the media have often expressed a concern that stress can cause illness and even death. Being able to talk about things like financial problems, bankruptcy, and tight budgets may help relieve some of the stress debt creates. Many Illinois residents may not want to talk about their credit card debt and how tough things are for them. However, the stress of trying to handle things alone may sometimes be too much.

Being able to talk about a seemingly insurmountable financial situation can provide a first step in relieving this stress. By getting the situation out in the open, friends and loved ones may be able to offer much needed moral support. It may even make Illinois residents feel more at ease to know that they are not alone. In fact, a report derived from data from the Federal Reserve earlier this year stated that more than 46 percent of households in the U.S. with credit card debt owe an average of more than $15,000 on their credit cards. By openly discussing the problem, it may help everyone with their stress.

Keeping financial problems a secret tends to isolate people and cause discord in relationships, which only adds to an already stressful situation. The longer the situation continues, the worse everyone ends up feeling. Conversations about the problem may lead to a possible solution to dealing with the debt, collection calls, and other stresses that come with living under a mountain of debt.

One such option for debt relief may be filing for either Chapter 7 or Chapter 13 bankruptcy protection. The protections provided by state law and the federal Bankruptcy Code stops collection calls, postpone lawsuits, and may ultimately provide a discharge and a fresh start to someone struggling with financial problems through no fault of their own. Being in debt can be stressful, but talking about it with people who can help, either through moral support or by devising a way to solve the problem, may just relieve some of the potentially harmful stressors that doctors are always talking about.

Source: Fox Business, "Why are You Keeping Your debt a Secret?," Peter Andrew, Sep. 13, 2012

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