Depression, suicide linked to debt

It’s unfortunate, but too many western countries caved in to the bankers while applying a different set of rules and standards for everyone else in debt.

While too many consumers got carried away with using more credit than they could afford, they weren’t alone. The bankers did the same, but with much greater multiples — yet they received a bailout.

In this context, yes, the government should step in and do something to help these people. Then again, they may not be as wealthy or as influential as bankers, so the rescue plan may be on hold for a while.

Reuters:

debt economic crisis

Debt via Shutterstock.

Irresponsible lending and intimidating debt collectors are pushing thousands of people in Britain into depression and suicide, a report said Wednesday. Separate data showed more people are taking their own lives.

Many, already struggling with the economic slowdown, wage freezes and benefit cuts, were overwhelmed by tactics used by some money lenders, including persistent phone calls and threatening letters, the report by researchers at England’s University of Brighton found.

“Debt clients frequently feel humiliated, disconnected and entrapped, with the process of debt collection having a clear impact on people’s mental health,” the report said.


An American in Paris, France. BA in History & Political Science from Ohio State. Provided consulting services to US software startups, launching new business overseas that have both IPO’d and sold to well-known global software companies. Currently launching a new cloud-based startup. Full bio here.

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