Do You Have Financial Phobia

Do You Have Financial Phobia



Do You Have Financial Phobia?
With an​ ever-increasing level of​ personal debt being reported, along with record numbers of​ bankruptcies and insolvencies, it's no surprise to​ anyone that money is​ becoming a​ big problem for thousands if​ not millions of​ people.
Most of​ us would equate 'money problems' with 'debt problems', and indeed servicing high levels of​ debt is​ a​ major cause of​ worry and stress for those of​ us who've perhaps borrowed too heavily in​ the past.
There is​ another kind of​ money trouble that doesn't receive quite as​ much publicity .​
It's called Financial Phobia, and is​ a​ real clinical condition that causes untold problems for its victims.
Recent research has suggested that up to​ 20% of​ adults suffer from full-blown financial phobia, with nearly half of​ the population showing some signs of​ a​ milder version of​ the condition.
Sufferers find it​ extremely difficult to​ keep on top of​ their finances, as​ the prospect of​ doing simple things like opening bills causes them feelings of​ anxiety, nausea, and even - in​ the worst cases - full panic attacks .​
They will dislike checking their bank balances, will put off paying bills, and in​ extreme cases will avoid opening mail altogether and throw it​ away rather than deal with the contents.
So what causes this condition? One of​ the main triggers is​ a​ sense of​ finances being out of​ control, sometimes through debt, but also through having a​ bad experience with finance such as​ losing money in​ a​ bad investment, or​ of​ following bad advice .​
Victims of​ mis-selling of​ inappropriate products can lose trust in​ banks and by extension the whole realm of​ finance.
The irony is​ that by avoiding paying attention to​ their financial situation, sufferers will tend to​ make matters worse as​ they can't pick up on problems early on .​
Missed payments, for example, can go from being a​ minor issue to​ a​ cause of​ legal action if​ they are ignored rather than tackled.
As their financial situation deteriorates, the sense of​ being out of​ control increases, leading to​ a​ vicious circle where other problems including full depression can arise .​
So is​ there a​ way out?
As with all genuine phobias, counselling may be required if​ the problem has got out of​ hand, along with professional financial help from debt advisors which is​ often available for free from charities.
However, people in​ the early stages of​ the condition can help stop the situation deteriorating by starting to​ get back on top of​ their finances, fighting their urges to​ ignore the problem, and starting to​ tackle any underlying causes such as​ debt.




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