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How to navigate a financial emergency

“When you don’t have cash for something you need, there are many different financing options available. However, few realize that many of these options can lead to a debt spiral that can be difficult to pull out of,” said Richard Carrano, CEO of Purchasing Power.

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Your washing machine suddenly breaks down, a child requires a laptop for school or your car needs new tires. Sometimes surprise bills can be difficult to cover.

dealing with debts

Life’s financial emergencies happen to everyone, but in the US alone, six in 10 Americans cannot cover an unexpected $500 bill without selling something or borrowing money, according to Bankrate. In fact, as many as 70 percent of US families live paycheck to paycheck, according to Alok Deshpande, founder of SmartPath Financial Education. In fact, less than 30 percent of families today have anything left at the end of the month to put in savings. That reality is echoed by a recent GoBankingRates survey, which revealed that 69 percent of Americans have less than $1,000 in savings and 34 percent don’t have any savings at all.

“When you don’t have cash for something you need, there are many different financing options available. However, few realize that many of these options can lead to a debt spiral that can be difficult to pull out of,” said Richard Carrano, CEO of Purchasing Power, an employee purchase program offering consumer products and services through payroll deduction at the workplace. “Regrettably, circumstances and bank accounts don’t always align. That’s why it’s so important to be ‘credit educated’ – to understand hidden costs and fees associated with high-risk credit options and avoid making financial mistakes that can hound you months, even years later.”

Buying items on sub-prime credit or through high-interest vehicles like payday or title loans can be risky propositions, particularly if you have a low credit score to begin with. Understanding your options can help ensure you make the best choice to meet your short-term needs without compromising your long-term finances.

Consider the following:

Cash: Paying cash for a major purchase makes the most sense in terms of avoiding exorbitant fees and preventing credit dings from missed payments. However, cash may not always be readily available.

Credit cards: Chances are, even with a shaky financial history, you can find a creditor willing to offer you a line of credit, but you’ll likely have a steep annual percentage rate that accrues each month. Furthermore, if you’re unable to repay more than the monthly minimum, you could end up carrying that debt for years before it’s fully paid down.

Employee purchase programs: Research shows that financial stress at home regularly impacts employee productivity at work. This leads many employers to offer an employee purchase program such as Purchasing Power, which allows you to buy what you need through automatic paycheck deductions over a 12-month period. There’s no credit check, zero interest and no hidden fees. There’s also a free financial wellness platform to help with budgeting, credit reports and personal coaching.

Rent to own: With rent-to-own products, you pay a monthly principal amount plus service fees and taxes for a period of time, up to completing the rental agreement and owning the item outright. While the monthly rate makes items like appliances and furniture immediately accessible, be wary of the long-term cost. Renters can end up paying as much as three times the retail value of an item before satisfying the terms for ownership.

Payday/Title loans: Essentially, these loans function as a loan against a future paycheck or your vehicle. They often come with high percentage rates and fees, as well as extremely short repayment schedules. Rely on these loans only if you are certain you can cover the entire loan and associated fees by the designated due date.

Whatever option you choose for emergency financing, understanding the repercussions can help you long-term.

Learn more at PurchasingPower.com.

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Cardio-fitness cuts death and disease by nearly 20%

Running, cycling, or swimming – if you regularly exercise, you’re on track for a long and healthy life.

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Running, cycling, or swimming – if you regularly exercise, you’re on track for a long and healthy life.

This is according to a study – “Cardiorespiratory fitness is a strong and consistent predictor of morbidity and mortality among adults: an overview of meta-analyses representing over 20.9 million observations from 199 unique cohort studies” – that was published in the British Journal of Sports Medicine.

The study comprised of 26 systematic reviews with meta-analysis representing more than 20.9 million observations from 199 unique cohort studies. It is the first study to collate all the scientific evidence that looked at the prospective link between cardiorespiratory fitness and health outcomes among adults.

The study found that:

  • for every 1-MET increase in cardiorespiratory fitness – the amount of energy used for quiet sitting – a person can reduce their risk of death by 11-17%, and specifically, their risk of heart disease by 18%.
  • an increased cardio fitness level will reduce your risk of death from any cause by 11-17%.

Senior author Grant Tomkinson said that cardiorespiratory fitness is probably the most important type of fitness for good health. “Cardiorespiratory fitness (or CRF) is your ability to perform physical activity for a long period of time like running, cycling, and swimming. And in this study, we found prolonged cardiorespiratory fitness is strongly and consistently associated with all types of premature death and incident disease – spanning heart failure, depression, diabetes, dementia and even cancer.”

Tomkinson added that the researchers “summarized the evidence linking CRF to numerous health outcomes and found that those with low levels of CRF are far more likely to die early or develop chronic conditions like heart disease later in life.” Specifically, “we found that every 1-MET increase in CRF, which is the amount of energy used when sitting quietly, reduced the risk of early death from any cause and heart failure by 11–17% and 18%, respectively. For most people, a 1-MET increase in CRF can be achieved through a regular aerobic exercise program.”

For Tomkinson, the message is quite simple: if you do a lot of “huff and puff” exercise, then your risk of dying early or developing diseases in the future is reduced. If you avoid exercise your health may suffer.

Chronic health conditions are an ongoing cause of poor health, disability, and premature death. In Australia, an estimated 11.6 million people (47%) have a chronic and debilitating health conditions, which contributes to two thirds of the burden of disease.

“Clearly, cardiorespiratory fitness is as an important factor for good health. If you are already exercising, this is good news; but if you know you need to up your fitness and movement, then this is a timely reminder,” co-author Dr Justin Lang said.

“People can make meaningful improvements through additional moderate physical activity, such as brisk walking, at least 150 minutes a week. And as they improve their fitness, their risk of death and disease will decline. But the onus for improvement should not just sit with the individual, it should also be routinely assessed in clinical and public health practice, so that we can support people to improve their health outcomes,” Lang added.

Through regular assessment, clinicians and exercise professionals could better identify adults at greater risk of early death and initiate exercise programs aimed at increasing CRF through regular physical activity.

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Natural therapy shows promise for dry-eye disease

Castor oil has been proposed as a natural product that could offer a safe, effective and easy-to-use alternative to existing therapies.

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Researchers at the University of Auckland are running a trial of castor oil as a potential safe and natural treatment for dry-eye disease following a successful pilot study.

While exact figures aren’t available for New Zealand, in Australia, it is estimated dry-eye disease affects around 58% of the population aged over 50. Advancing age, menopause, increased screen time, contact lens wear are just some of the risk factors for developing dry eye disease.

Blepharitis is the most common cause of dry-eye disease, accounting for more than 80 percent of cases. It is a chronic condition with no known cure.

“Currently, patients are left grappling with symptoms of dryness, grittiness and, in some cases, watery eyes that feel uncomfortable impacting on their quality of life and work productivity,” says doctoral candidate and lead clinical investigator Catherine Jennings.

Current treatments, such as antibacterials and anti-inflammatories, are generally unsuitable for long-term use, due to significant side-effects and potential for antimicrobial resistance.

“Often patients are left feeling helpless when attempting to manage a chronic condition,” Jennings says.

The current trial is of a product containing cold-pressed castor oil enhanced with mānuka and kanuka oils applied using a rollerball attached to a small glass bottle.

“The previous pilot study, conducted by our research team, was unique in its use of castor oil in such an application on the eyelids, with the product not known to be used anywhere else in the world for treating blepharitis,” says Jennings.

Castor oil comes from a flowering tropical or subtropical shrub from the species Riccinus communis. It has been used therapeutically for millenia, including more recently in eye cosmetics and eye makeup removers.

In the pilot study, 26 patients with blepharitis were treated with cold-pressed castor oil over four weeks. They had measurable improvements in symptoms, such as reduced redness of the lid margin, decreased thickening of the eyelid, and a decline in bacterial profusion, as well as reduced eyelash crusting.

Building on the success of the pilot study, the research team is now engaged in the more extensive double-blinded, randomised and placebo-controlled study. They are aiming to recruit 92 participants and generate robust scientific evidence for clinicians.

The ultimate goal is to sustainably improve quality of life for this large group of patients using a natural, safe and effective product, principal investigator Professor Jennifer Craig says.

“Castor oil has been proposed as a natural product that could offer a safe, effective and easy-to-use alternative to existing therapies,” Craig says.

“My hope is this study will produce evidence-based guidance for clinicians with regard to offering castor oil as a possible management option for patients suffering from blepharitis, so they continue to enjoy a great quality of life, read the books they love, be productive in their work environment and enjoy other visual hobbies.”

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For epilepsy, yoga may be good for your mind

People who did yoga were more than four times as likely to have more than a 50% reduction in their seizure frequency after six months than the people who did sham yoga.

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For people with epilepsy, doing yoga may help reduce feelings of stigma about the disease along with reducing seizure frequency and anxiety, according to new research published in the November 8, 2023, online issue of Neurology, the medical journal of the American Academy of Neurology.

“People with epilepsy often face stigma that can cause them to feel different than others due to their own health condition and that can have a significant impact on their quality of life,” said study author Manjari Tripathi, MD, DM, of All India Institute of Medical Sciences in New Delhi. “This stigma can affect a person’s life in many ways including treatment, emergency department visits and poor mental health. Our study showed that doing yoga can alleviate the burden of epilepsy and improve the overall quality of life by reducing this perceived stigma.” 

For the study, researchers looked at people with epilepsy with an average age of 30 in India.

Researchers measured stigma based on participants’ answers to questions such as: “Do you feel other people discriminate against you?” “Do you feel you cannot contribute anything in society?” and “Do you feel different from other people?”

Researchers then identified 160 people who met the criteria for experiencing stigma. Participants had an average of one seizure per week and on average took at least two anti-seizure medications.

Researchers then randomly assigned participants to receive yoga therapy or sham yoga therapy. Yoga therapy included exercises in loosening muscles, breathing, meditation and positive affirmations. Sham yoga consisted of exercises that mimic the same yoga exercises, but participants were not given instructions on two key components of yoga believed to induce a relaxation response: slow and synchronized breathing, and attention to the body movements and sensations during practice.

Each group received seven supervised group sessions of 45 to 60 minutes over three months. Participants were also asked to practice sessions at home at least five times a week for 30 minutes. They tracked seizures and yoga sessions in a journal. After the three months of therapy, participants were followed for another three months.

Researchers found when compared to people who did sham yoga, people who did yoga were more likely to reduce their perceived stigma of the disease. People who did yoga had an average score of seven at the start of the study and an average score of four at the end of the study, while people who did sham yoga had an increase from an average score of six at the start of the study to an average score of seven at the end.

Researchers also found that people who did yoga were more than four times as likely to have more than a 50% reduction in their seizure frequency after six months than the people who did sham yoga.

In addition, people who did yoga were more than seven times more likely to no longer have seizures than those who did sham yoga.

There was also a significant decrease in anxiety symptoms for people who did yoga versus people who did not. They saw improvements in quality of life measures and mindfulness.

“These study findings elevate the need to consider alternative therapies and activities for people with epilepsy facing stigma,” said Tripathi. “Yoga may not only help reduce stigma, but also improve quality of life and mindfulness. Plus, yoga can be easily prerecorded and shared with patients online using minimal resources and costs.”

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