The Stress of Debt
Many of our bankruptcy clients come into our offices overwhelmed with worries about finances and debt, in addition to the concerns of everyday life. And it turns out that financial stress can hurt your decision-making skills and max out your ability to cope with day-to-day life.
A study published in the journal Science suggests that the mind can only process so much and that financial worries can tax your mental reserves. This chronic stress is hidden behind every financial decision you make, taking away from your ability to problem solve.
The researchers tested shoppers at a New Jersey mall and farmers in India who reported various levels of income. They were asked to consider their own finances while making hypothetical budget decisions. The shoppers and farmers were then asked to take standard cognitive tests that measured logical thinking and control. The people who had lower income levels performed poorly on the cognitive tests, with a drop in IQ by an equivalent to 13 points.
If you are constantly worrying about how to make ends meet, it may be doing you more harm than you know. You might be making irrational and risky decisions about your financial future. Our experienced Chapter 7 and Chapter 13 lawyers offer a free legal consultation to help you get control of your finances and get a fresh start.
Call us today at 816-842-6200 to speak with an attorney. Or you can email us and schedule your free consultation.