Financial Hardship and Depression – It's Not Worth Suicide

The recent suicide of Freddie Mac's acting chief financial officer is not the first to be associated with our current economic downturn. In fact, news reports indicate that calls to suicide hot lines, suicide attempts, and completed suicides have been on the increase as the overall economic circumstances worsened. The headline of an April 14, 2009, CBS4.com report announced “Economy Blamed For Seeming Spike In Murder-Suicide.” Many of the headline grabbing cases of suicide and murder-suicide seen during the past couple of years reveal financial and economic pressures as contributing factors to such needless tragedies. And, needless they are, because no matter how snarled and ugly finances may be, there are options.

It's not just those at the top that are suffering increased stress. According to an article published on April 16, 2009, in the Michigan Business Review, there has been a measurable increase in the “demand for mental health services” as the current economic circumstances continue to present challenges. People at all socio-economic levels are feeling stressed by higher rates of unemployment, increasing foreclosures, significant debt burdens, and a variety of other financial pressures, particularly as many experts see little reason to expect a quick recovery.

“The suicide rate, like the incidence of depression, rises when the economy falls,” noted the Baltimore Sun in an April 23, 2009, article that cited M. Harvey Brenner, professor emeritus at the Johns Hopkins Bloomberg School of Public Health. "It is so regular a pattern among most of the industrialized countries of the world that it is virtually an economic indicator," said Brenner, as quoted by the Baltimore Sun. "It's a standard feature of recession." According to the article, “the peak suicide rate on record was 1933, at the height of the Great Depression” and, in Brenner's opinion, “when the suicide rate for this recession is tallied, it will be high.”

"Depression is a very, very persuasive liar. It tells you that nothing will ever improve, that you will never get better. You develop amnesia about ever having felt well, so there is really no point to keeping on hanging on,” said licensed clinical social worker and suicide expert Elizabeth Ruegg, as quoted in an April 22, 2009, article published in the Tampa Bay Newspapers on-line edition. According to the article, “more than 2,500 people, or about seven each day, took their own lives in Florida in 2007,” a number that leaves the state with one of the highest suicide rates in the nation.

Ruegg makes such an important point, one that cannot be overstated. Financial problems, whether on a grand scale, like those faced by corporate CEOs and government officials, or on the day-to-day level faced by the average person can often feel overwhelming, and finding solutions can seem impossible. It is essential to step back and look at the big picture, and that means stepping back far enough to put the financial parts of the picture in their proper perspective. At that point potential solutions become easier to see.

For the average person, often it is debt that is causing the most financial stress. Without the burden of debt, everything else would be easier to handle, such as weathering a period of unemployment or managing an increase in a monthly mortgage payment. Fortunately, debt is something that can be broken down into smaller, less overwhelming pieces, into a series of achievable goals, in which progress can be readily seen and measured. The important thing is not to be paralyzed by stress, worry, or depression, but rather to take action.

There are options for dealing with debt, especially during this period of time in which the creditors are are also stressed, facing higher loss potentials than the norm. This means that they are often more open for negotiation, in hopes of getting back at least a healthy portion of their monies, as opposed to nothing or having to deal with the the repossession of depreciated goods that will fetch little in a stressed resale market.

Sometimes all it takes is a phone call or two to creditors to negotiate a reduction in interest or a new, more manageable repayment schedule, something that most people can do on their own. Complement that with a revamped budget with a focus on making progress, even just a little bit, towards debt reduction and an increase in personal savings, whether its just a handful of change at the end of the day or a few dollars saved with coupons at the end of a grocery trip, and you've got a solid plan for working through financial trouble.

For those that have a more complex debt situation or are not quite yet confident enough to step into the negotiation arena, credit counseling can help devise a spending plan that will allow for progress in reducing debt. Some people find that a debt consolidation loan can be very helpful, especially in the case of high interest credit card debt, as the loan will most likely be at a lower interest rate than the credit card debt. People also appreciate the simplicity of reducing the number of payments to deal with that debt consolidation brings. Rather than make multiple payments to multiple creditors, the debts are paid with the loan and then the loan is repaid according to the agreed upon repayment plan.

Maybe the solution lies in starting over. Perhaps finances are so snarled that maintaining the same lifestyle is impossible. It may be time to walk away from the home that can no longer be paid for, allow the auto be repossessed, and let the chips fall where they may. Different doesn't mean worse. Less isn't necessarily a bad thing, especially in terms of quality of life. Being unable to continue to maintain a certain way of life or a specific socio-economic class or position in society doesn't have to be a tragedy. It can be an opportunity to explore and enjoy other ways of living.

Periods of economic downturn can be very stressful, especially for those that are fighting to hold on to what they have and feel as though they are losing the battle. It can be all to easy to succumb to the paralysis that depression can bring, leaving one vulnerable to feeling hopeless and being unable to see beyond finances. Remembering to see the big picture, to view financial issues in the right perspective, is essential -- there is still room for joy and the appreciation of the multitude of things that money will never be able to buy. If a time comes where you can't see that bigger picture, don't hesitate to reach out for someone, private or professional, that can help you to see it again.