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Stressed workers are least likely to perform well on the job because they are constantly reflecting on their current financial situation instead of working.

This stress can lead to unhealthy consequences such as drug or alcohol abuse or violent mood swings and excessive fighting with their spouse. 40 to 50 percent of those who are financially stressed have experienced some type of negative impact on their health, according to the Personal Finance Employee Education Foundation.

Tips for dealing with stress and debt are:

• Confront the problem. Don’t ignore your debt; bring it out in the open.

• If you are married, talk with your spouse about how you will begin to pay back the money. Vow not to use your credit cards.

• Make a commitment that you will pay more than the minimum amounts on the bills you owe – set goals for each bill that you are paying off

• Many people equate debt with failure and this produces more stress. If you make the plan and begin the long journey back to financial freedom you will also be relieving your stress.

• Most importantly don’t think of the worst case scenarios, which some in the medical field call “catastrophizing.”

For more information, visit consolidatedcredit.org

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Hector Sants, Chief Executive of the Financial Services Authority recently made it clear that the FSA will continue to push money lenders to become more responsible when loaning money.

With the recent pressures being placed monies markets, and the USA credit crunch coupled the tightening of UK regulation through the FSA could mean for many the days of continuous borrowing to pay for life styles could be over. And herein lies the danger, as many have come to rely on the ease of gaining credit to support such status. In the most recent results for The Debts Counsellors Credit Survey shows that 44% of those taken part said they strongly agreed that credit was easy to get. But is this going to change?

So, with the FSA pushing and the senior management being placed into a corner, the days of easy credit could be numbered, and for many borrowers this could spell a very rocky road ahead.

For more information, visit debtcounsellors.co.uk

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The Internal Revenue Service (IRS) will brief and update the credit counseling industry at the Spring Conference of the American Association of Debt Management Organizations (AADMO) in New Orleans on May 5, 2008.

According to Mark Guimond, Executive Director of the AADMO, the largest trade association for the credit counseling industry, “the IRS has increased the number of industry audits by another 111 to a total of 254 – this represents the vast majority, if not the entirety, of the operating industry that will be audited.”

“If you work for a 501(c)(3) tax-exempt credit counseling agency you need to prepare for your audit. The time for a “reality-check” is before, not during or after, an audit. This may be the most important educational opportunity ever for your organization,” said Guimond.

“This conference will focus on the audits to come, those in place, those on appeal, those that are completed and an ever changing credit counseling industry. With so many issues critical to this industry pending before the IRS, we are pleased to have this opportunity for the IRS to brief credit counseling on the status of its evaluation of the industry”, added Guimond.

For more information, visit aadmo.org

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In January, the Federal Reserve made unprecedented interest rate cuts to stave off what many experts feel is a looming recession. Most consumers had hoped that these reductions would help them pay down the nearly one trillion dollars in credit card debt they’re struggling with from month to month. Unfortunately, the Fed’s rate cuts are producing the opposite effect – banks are actually raising interest rates for consumers. The result may prove disastrous for many.

A few months ago, a consumer carrying an $8,000 balance on a credit card at 15% interest was probably facing monthly payments of roughly $180. If that interest rate increases next month, let’s say to 28%, the new minimum payment would be $266.67 – an increase of 48%. That’s a budget buster for most families, especially those straining to meet their mortgage payments.

Most consumers would be surprised to learn that there already are some options available to them. For example, some people are able to renegotiate their interest rates directly with their credit card companies. A reputable credit counseling agency can advise you how it’s done. Others may only need to prioritize their debt, or to learn how to apply basic budgeting strategies to create savings or adequately fund their retirement plan.

For more information, visit cambridgecredit.org

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