Behavioral Health Articles

Money Problems Got You Down?

by Barb Henza

While recent reports have indicated that the recession may have ended, the fallout from the financial turmoil of the last year is still very real for many households.  Many of those who are currently experiencing financial difficulties have always held a job and never paid a bill late in their life, up until now. The reasons are varied: maybe they lost their job and are having difficulty finding a new position. They may have taken out an adjustable rate mortgage assuming they would have the income necessary to cover any increase in payments but the current economy has resulted in their income going down, not up. Or they were relying on investment income to make ends meet in retirement. Whatever the cause of their financial difficulties, their image of themselves as a responsible adult who can take care of themselves and their families has been shaken to the core.

Someone dealing with sudden financial problems may feel they have done everything they were supposed to do and now someone has changed the rules and they don’t know what the new ones are. It is not uncommon for individuals dealing with financial problems to try to work through their difficulties on their own. They may be embarrassed by their situation and see the need to ask for assistance as a personal failure. For some there is the fear that if they do tell someone they are having problems dealing with their finances they will be criticized or judged by the person they are confiding in. If that person is a family member or friend they may be afraid that by telling them about their money problems that person will see them differently and as a result treat them differently in the future.  For someone who has always paid their bills on time, navigating their way through financial problems can seem like trying to find their way out of a maze. They don’t know what actions they can take to improve their situation or even where to start. As their difficulties continue, the emotional strain they are under can make it difficult to develop a plan or take the actions needed to make the situation better. As a result they may begin to believe that their situation is hopeless and stop trying to find a solution.

While the situation may feel hopeless there are steps that can be taken to begin to resolve financial difficulties. Start by confiding with someone about what is happening. Talking about the situation honestly with someone you trust can go a long way towards reducing the stress that may be keeping you from taking action.  Develop a plan of action by taking an honest look at what you have coming in each month, then comparing that amount to your monthly obligations. Once you have that information you can start to identify strategies to resolve the situation and to contact creditors to begin to negotiate a solution.  It won’t happen overnight but each step taken will increase your sense of control and reduce stress levels.

Understand that you are not alone. On a national level we have been very good at encouraging consumers to take on debt but not real good at helping them deal with the fallout when they find they are unable to pay it back as agreed. There is still a stigma attached to asking for help when it involves dealing with debt when we wouldn’t think of criticizing someone for asking for assistance with other personal issues. If you are a consumer facing financial difficulties, don’t be afraid to ask for help working through them.

There are organizations that will help you work through financial difficulties and find a workable solution in a neutral setting. Cornell Cooperative Extension of Cortland County offers a free Family Budget Education Program which provides one-on-one assistance to consumers facing financial difficulties, call 753-5077 for more information. Discussing your situation and identifying a plan of action will go a long way to replacing a feeling of helplessness with one of “I am not alone. I can work through this and come out stronger in the end.”

Barb Henza is a Community Educator for Financial and Consumer Education at
Cornell Cooperative Extension of Cortland County.  She is writing this article for the Think Again! Group (TAG), which seeks to eliminate the stigma associated with mental health issues in the Cortland area.