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Bad Credit Keeps People Awake at Night

[Wednesday, September 17th, 2014]

Having a bad credit score doesn’t  just affect your ability to get a great credit card, a low-interest mortgage, or a business loan. It actually affects your sleep.

That’s what a recent survey from the National Foundation for Credit Counseling (NFCC) says. Their July online poll revealed that 79% of respondents are kept awake at night thinking about the state of their personal finances.

Besides money, other culprits for tossing and turning included marriage worries, concerns about job security, and the kids. However, the vast majority of people were more worried about money than any of these other stressors.

Money by far the biggest cause of insomnia

When asked, “what keeps you up at night?” 2,148 people on the NFCC’s home page poll clicked one of these responses:

  • Finances – 79%
  • Marriage – 2%
  • Job – 4%
  • Kids – 2%
  • Nothing – 13%

While this is great news for marriages and children across the country, it’s not such a great indicator for the wallets and bank accounts of Americans. The NFCC, a nonprofit organization that provides resources for financial counseling and programs to help folks get out of debt, said that there were just two pieces of good news in the poll: first, that people knew the source of their stress, and second, that they had a place to reach out to for help with their finances.

Gail Cunningham, spokesperson for the NFCC, encouraged people to go to an NFCC member agency for assistance setting up a program to pay back debt and get their finances on track. She said that debt and money worries could destroy marriages, break up families, and cause poor job performance due to stress. The way to avoid those dire consequences, said Cunningham, is to ask for help.

People in debt are not alone

The NFCC’s 2014 Financial Literacy survey showed that 71% of people worry about finances. Some of the reasons they cited were lack of savings, employment concerns, debt, and credit.

The services provided by the NFCC and its member agencies include help making a budget, financial literacy counseling, debt management programs, housing advice including home-buying and foreclosure advice, student loan debt repayment, and alternatives to bankruptcy filing.

For people with poor credit, one of the most important things to do is reestablish their good credit rating. Luckily, there are many credit card issuers that cater to people with past credit problems. If you find yourself tossing and turning at night due to money worries, cleaning up your credit with a certified counselor and then applying for a credit card meant for people rebuilding credit can be a way to ease the anxiety.

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