Anxiety, Not Joy, Dominate Holiday Season

Recession. We see it in the media. We feel it in our wallets. It keeps us awake at night, even though we know it can’t last forever.

?It is the here-and-now that has the most impact on us, and if the current situation is less ideal than it was a year ago then it may be difficult to hope for the future,? explains Saint Joseph’s University psychologist Phyllis Anastasio, Ph.D. ?It is easy to think that the lost job is a permanent condition, or that the college loan will never be secured. Anxiety disorders and depression are increasing as a result of the current economic crisis, and there is a worry that suicide rates may increase.?

There are some steps that anyone can take to help alleviate these negative feelings. Anastasio offers the following suggestions:

Take little steps to feel more in control of your finances and future. Clip coupons, walk or carpool to work, forgo unnecessary indulges whether they are the expensive morning coffee, restaurant lunches or the Friday night trip to the cinema. Remind yourself of all the things you continue to control in life and the many ways your life has remained constant and unchanged during the financial crisis. Don’t focus on how things have changed.
Reflect on what gives your life meaning be it family, friends, religion or something else.
Readjust your expectations. You may have to retire later than expected, put off buying that new car, take a vacation closer to home or tighten your belt in other ways.
Remind yourself that the economic climate, like the weather, is only temporary.

Of course, not all money worries can be resolved so simply. A growing number of Americans as facing very real financial crises and need real help.

?If consumers find themselves behind on their mortgages, they should start by talking to their mortgage banker or whomever owns the mortgage to see if they can work something out,? said William Bailey, an associate professor in the School of Human Environmental Sciences.?The quicker you respond to this crisis, the more likely you will keep your property. Some research showed people are waiting three to six months before they seek help, and as a result they never recover.?

Help is also available for those who are unable to broker a deal with their lender, whether because they don’t know how or because they are too far behind in their payments.

?If you can’t work out something with the mortgage holder or you’re two months behind, go to a consumer credit counseling agency because they have the right people to talk to and they will serve as your intermediary for free,? Bailey said. ?They know what words to say, who to talk to and what telephone numbers to call ? all the things that most consumers don’t know how to do. When credit counselors call, people listen because they know they’ve got someone sitting there who needs help.?

In about 90 percent of the cases, reputable credit counselors can keep homeowners in their homes if they are only a month behind in their mortgage payments.

?Just make sure they are accredited and part of the National Foundation for Credit Counseling,? Bailey cautioned. ?There are some fly-by-night operations that are fundamentally scams, and those organizations will say such things as ‘Don’t make any payments on your mortgage. When it gets so bad, we’ll negotiate a 50 percent payoff’ And that will put homeowners so far behind that they’ll really be in trouble.?