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

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

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

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

Following are suggestions for managing debt — whether with good or bad credit — follow.

If credit is bad:

Those who are behind on payments, have creditors calling or have given up hope of repaying debts probably realize that their credit rating is likely low and falling. Here are some options that might help:

1. Take a title loan on a vehicle.

2. Borrow from a 401(k) or other employer-sponsored retirement account.

3. Borrow from family or friends

4. Negotiate.

5. Get debt resolution help.

6. Consult a debt consolidation service.

7. File bankruptcy.

If credit is good:

Those who know they are in too deep, but haven’t started hearing from creditors and are able to make at least minimum payments on debt, have a few additional options:

1. Consolidate via credit cards.

2. Take out a personal or signature loan.

3. Borrow against a home.

For more information, visit bills.com

The three major credit reporting agencies - Equifax, Experian and TransUnion - report consumer credit scores based on the Fair Isaac Corporation’s FICO formula. This spring, Fair Isaac will unveil FICO 08, intended to help lenders better gauge actual risk by better differentiating good customers who have made one mistake from people with multiple delinquent accounts.

Must-know terms include:

* Average Daily Balance or Adjusted Balance
* Amortization
* Annual Percentage Rate (APR)
* Bankruptcy
* Credit score
* Liquidation
* Repossession
* Revolving account

For more information, visit bills.com

The Sub Prime market is geared towards people with bad credit, but all lenders in this sector have removed many of the more, forgiving criteria they once had. This, coupled with the rise in rates, means that someone coming out of an affordable rate, after the end of a benefit period, say a 2 year fix, will find their options are limited.

Although rates have increased in the last two years, the news today of a cut, will hopefully help many mortgagees in terms of their affordability and paying debts. Today, the average mortgage in the UK is around £125,000. With the 0.25 percent decrease today an average mortgage of £125,000 will see a decrease of £312.50 per year only if the mortgage is on a tracker or variable rate.

Overall, the cut in interest rates, coupled with the previous reductions, could help those in financial ‘dire straights’. It may not be by very much but it’s certainly better that an increase.

For more information, visit debtcounsellors.co

• Pay down your credit cards.

• If you work with a company that has a staff of sales people talk with them. If sales are low and they are barely getting by then everyone’s job could be in jeopardy.

• Build an emergency fund. You should have up to six months of savings to take care of your living expenses.

• If you receive any checks or rebates from the government put that money in your emergency fund.

• Apply for unemployment benefits without hesitation if you are laid off from your job.

• If you have stocks and bonds talk with an expert to make certain that you are diversified. You should not panic and sell right away. Keep a close watch on the market and your investments.

• Don’t act hasty if the walls start crumbling around you. If you have to take money from your retirement plan, first understand the rules.

• If you can prove that you are experiencing financial hardship some 401(k) plans allow withdrawals — but you will still owe income tax on the withdrawal and, again if you are younger than 59 1/2, you will owe a 10 percent penalty.

• This may sound obvious, but don’t spend money because it makes you feel good.

• Start a new business. It’s a fact that many successful businesses were opened up during poor financial periods. If you have the right game plan and the money to do it, this may be the time to live out your life’s dream.

Ultimately, it’s important not to panic if you feel you are being financially stressed out. Work with your family to come up with new ideas on how to save money or make money and if you feel that your job is at risk don’t hesitate to start looking for new work. Call friends and old work partners; begin the networking process so you will have a new job lined up. Don’t wait for the other shoe to drop; strategize and make a commitment to adjust to anything the fluctuating market throws your way.

For more information, visit consolidatedcredit.org

Recognizing this trend, YOUNG MONEY, the leading national money and lifestyle magazine for college students and young adults ages 18 to 25, has expanded its reach and financial education resources for American youth. The publication announced today that it has added a 200th college now distributing copies on their campuses nationwide, up from 110 colleges in January 2007.

With more than 800,000 readers, YOUNG MONEY has grown in popularity and service, experiencing a circulation increase of more than one hundred percent over the past five years.

For more information, visit incharge.org

On a recent teleconference, network members brainstormed 13 ways taxpayers can put this “found money” to work:

1. Put the entire amount toward funding your 2008 IRA contribution.

2. Give the money to charity and claim that amount as a tax deduction on your 2008 tax return, if you itemize using Schedule A of Form 1040.

3. Sign up with www.kiva.org and provide micro-loans to budding entrepreneurs in third-world countries.

4. Start a tax-sheltered 529 college savings plan to fund your own or children’s/grandchildren’s educations.

5. Check that you have adequate insurance coverage on the following types of policies: property and casualty, life insurance, health insurance, long-term care and disability insurance.

6. Use the rebate money to engage the services of an estate planning attorney

7. Use the money to purchase stock mutual funds at current prices.

8. If you have credit card debt, pay off as much as possible.

9. Mortgage interest rates are the lowest we’ve seen in a long time. If you have a good credit score, now might be a good time to refinance your first mortgage and/or to wrap your Home Equity Line of Credit (HELOC) debt or second mortgage into a more attractive home loan.

10. During economic slowdowns, including a recession, job losses and/or business declines are inevitable. Take a course, add to your credentials and consider how you can improve your skill set to make yourself as attractive as possible in the marketplace.

11. Schedule your annual check ups with your doctor and your dentist.

12. Schedule a financial check up for yourself. Annual trips to the dentist, the doctor - and your financial planner - are wise investments

13. Purchase a gift certificate, for a set amount of professional financial advice, for a loved one.

For more information, visit garrettplanningnetwork.com