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.


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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18 Responses to “Depression, suicide linked to debt”

  1. W.c. Varones says:

    We call this Greenspan’s Body Count:

  2. karmanot says:

    The level of ignorance in the Republican Congress is stunning. Has any one seriously pointed out that one can’t sustain an empire with stupid government?

  3. Naja pallida says:

    This latest generation of Republicans didn’t even want to put the spending on the books. We went for most of the wars without ever actually having them listed as an item on the budget to pay for. It’s like walking up to the counter at your local grocery store with two carts full, one you intend to pay for, the other you intend to try and sneak out the door with. When suddenly you’re stopped and told you have to pay for both, you stomp your feet and cry that you’re spending too much money, and that the people who told you that you have to pay for it are the bad guys. Republicans govern the way a troop of monkeys does.

  4. BeccaM says:

    The solution is to restore taxes to the pre-Bush II rates and to reduce our military/defense budget to what it was in the late 1990s.

    That’s 2/3 of the deficit right there. The rest would take care of itself if we got unemployment back under 5% and people were able to get decent-paying jobs.

  5. Bill_Perdue says:

    Las Vegas has the consistently highest rate of foreclosures in the US and there have been quite a few media reports of suicides and suicide-murders related to foreclosures and debt problems.

    The banksters and their political prostitutes in the WH and both parties in Congress are guilty of murder and they’ll never spend a minute in jail.The solution is the creation of workers parties and a workers state based on a domestic program like this:

    · Call for constitutional amendments guaranteeing socialized medicine, quality housing and nutrition and trade union levels of pay and benefits for workers, students, retirees, job trainees and the unemployed.

    · Call for the expropriation of banks, financial institutions and manufacturing and transportation companies that accepted or applied for federal bailouts, to be run by councils of workers and consumers. Call for laws to criminalize hoarding large amounts of money here or overseas.

    · Call for a 100% tax on personal income over $200,000.00 a year and a 100% tax on estates over that amount.

    · End the horrors of unemployment by adopting a 30 hour work week, with full benefits, for 40 hours pay and by supporting demands for trillions to be invested in publicly owned and democratically run union led Manhattan Project style efforts to green industry, agriculture and the infrastructure.

    · Not a penny in handouts and bailouts for the looter rich. Criminalize industrial and agricultural pollution and polluters.

  6. karmanot says:

    You nailed it Becca. This is end stage capitalism and it will get worse. Both political parties are bought by Wall Street, who changed the paradymn from production to debt as asset.

  7. karmanot says:

    No, the government is not run like a family piggy bank and while you nag about debt, acknowledge that the Bush administration incurred gross spending debts, for which the bills are now due. Republicans want to spend, but not pay the debts.

  8. Naja pallida says:

    Except that’s not really how government debt works, at least not if applied correctly. If we were using deficit spending to improve infrastructure and innovate, and actually stimulate the economy, instead of starting wars, giving huge tax breaks to people who are perfectly well off, and bail out gamblers on Wall Street, it would be an entirely different situation.

  9. karmanot says:

    It will be a tsunami of sorrow Indigo, when Social Security is slashed, Medicare and Medicaid reduced. Many of we oldsters are just barely making as it is. Under Bush many lost the savings and retirement nest eggs.

  10. karmanot says:

    It’s getting worse. Now on American TV, predator money lenders are targeting the families of Vets and active military. It’s vile and unrelenting.

  11. guest1 says:

    We are paying for it either way, either through a slower economy or weaker dollar.

  12. nicho says:

    There is a vast difference between personal debt and government debt, but do go on.

  13. guest1 says:

    And the solution is for the government to put us in more debt :P

  14. There is only one reason people borrow money – because their pay isn’t keeping up with their lifestyle. If incomes rise with per-capita GDP, borrowing is unnecessary. That was the case in the 1950s and 1960s. When incomes lag, debt increases. This is what happened between 1980-2007. Maybe we do need unions after all?

  15. BeccaM says:

    It’s the creation and perpetuation of a permanent debtor class running up against the inevitable conflict that results when these debtors are denied a means of earning enough income to meet their debt servicing obligations.

    Wages for the bottom 80% have been stagnant since the 1970s. First, families began augmenting their incomes in the 80s by having two adults working rather than being able to have a comfortable, modest middle-class living with just one — even if that one, like in my own family’s case, is a union blue-collar worker. Soon, that wasn’t enough to keep up with inflation and other cost-of-living increases not covered by the usual gov’t numbers, such as food and fuel. So in the 90s, we were transformed into a debt-fueled economy: Credit cards, home equity loans, etc.

    Now we’re in the blood-from-stones phase, where not only can’t people work harder, even those who do want to work can’t find decent paying jobs. The parasite bankster/rentier class has so drained its host that the host itself is on the verge of dying.

  16. Indigo says:

    “Murder-suicides,” as they are styled by the authorities, are not unusual here in Florida, particularly among octogenarians whose financial resources and health have dwindled to the point where survival is not just impractical, it’s impossible. Bankers would have the elderly on the streets, if they had their way. The curse on them is not a matter of naughty words but a True Curse, one that endures into eternity but begins with the frustration of all they hold dear in this world. May their children disappoint them, may their neighbors be contemptuous, may whatever they secretly fear become the days of their lives and may they pass from this world with blasphemy on their lips.

  17. dula says:

    The Untouchables: How the Obama Administration Protected Wall Street from Prosecutions

  18. nicho says:

    Yes, some people spent more than they could afford, but wanting more is human nature. The bankers are the gatekeepers of the system. They were the ones who are supposed to say no. It’s stupid of me to go to the bank and ask for a $500,000 mortgage when I’m making $30,000 a year. It’s criminal for the banker to lend it to me. It’s beyond criminal for the banker to then sell my mortgage as “investment-grade security” to a municipality or pension fund — which is what they did. Why are there no bankers in jail?

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