Comments on: Depression and Debt – A Dangerous Combination

By: Richard W

Richard W — Tue, 20 Oct 2009 02:02:29 +0000

I was diagnosed with depression about a year ago. While I am still trying to deal with it effectively, the more I learn about it the more I realize I’ve had it longer than I thought. I found myself overspending in an attempt to buy my way out of depression. I still spend to much and have now found myself in a situation where after paying the minimum balances on my credit cards, I then have to use the cards to finish the month just for groceries. This creates a circle of depression creating debt, feeding depression. I have yet to find a way out. With my wife’s recent job loss I am facing bankruptcy. So absolutely, debt and depression can and often do go hand-in-hand.

By: Nicole@Background Check

Nicole@Background Check — Fri, 02 Oct 2009 04:44:31 +0000

People having financial hardship are very vulnerable for stress. His family and friends must understand and give him support instead of blaming him of being into his current situation. Don’t put someone down, when he’s already down. Help him up gain his confidence and he’ll be able to get back to his feet again.

By: bluish-green

bluish-green — Sun, 23 Aug 2009 07:59:50 +0000

Hmmm. For me, depression led to debt. I have a low tolerance for stress, and while I’ve always worked, I’ve been underemployed for the majority of my life. Higher wages and higher stress seem to go together, and I’ve had a few work related breakdowns in my life. As a result, I’ve had times where my income has had a serious retrenchment, and this has led to debt. I deal with things as I can, and I’ve stopped debting, but I don’t really expect things to get much better. I’ll just learn to live with them.

By: The Real Deal Debt Guide

The Real Deal Debt Guide — Fri, 21 Aug 2009 05:45:48 +0000

This guide touched angles of this subject that are not often described or even understood. Very well written.

By: Dawn

Dawn — Thu, 20 Aug 2009 16:38:22 +0000

I also agree that debt and depression are linked, however, I have found a small silver lining in the current economy. Because the economy has effected nearly everyone, even those who haven’t had job or income losses, I am finding that people are talking much more honestly and openly now about debt. Whereas before debt was normal (as you say) it was also swept more into the closet and not talked about. What I have found is that all my friends are far more willing to talk about their struggles as well as the steps they are taking to fight it. One of the key aspects of depression is feeling you are all alone. Now people aren’t quite as alone – and there is a lot less shame in admitting you are broke and in debt. My girlfriends and I get together and talk about budgets and finance in a way we never did before. I hope others who are struggling have a little solace in that they are aren’t alone, and at the same time, see the rays of hope in that there is ton of information out there on how to combat it.

By: Jessica W

Jessica W — Thu, 20 Aug 2009 07:13:50 +0000

I completely agree that debt and depression could be linked. I’ve struggled with depression for many years, and while I’m fairly certian it wasn’t a result of debt, I remember specifically, in college that debt was very, very stressful to me, and that additional stress made me more prone to more destructive depressive episodes. One similiarity that people should be especially sensetive to is that depression doesn’t always manifest as sadness. I ignored my depression symptoms for 10 years because they were more like lack of interest, lethargy or frustration, so I presumed I was just irritable–but I certianly didn’t feel sad, so was sure I was not depressed. I could see this kind of a misunderstanding being especially damaging to individuals with financial-related depression. Thanks for spreading the word!

By: Craig

Craig — Wed, 19 Aug 2009 15:12:12 +0000

The two go hand in hand and one can lead to the other. Dealing with depression and becoming motivated will not only help your self esteem, but will help you become motivated to work harder, and to save more.