Surviving Debt and Suicidal Thoughts
We’ve all had money worries at some point in our lives. Some of us, more than others. The impact on your mental health because of financial problems can be severe: from suicidal thoughts to crushing financial depression.
Continual money worries can begin to affect everything; from your relationships to your career to most importantly, your health. Lack of sleep, constant anxiety, stress and guilt can lead to suicidal thoughts with men being more susceptible.
Statistics on Debt and Depression
According to the Australian Bureau of Statistics: 75% of suicides were by males; and the highest rates observed were among men aged 40-54.
ABS also reported that at the end of 2013, total household debt in Australia stood at $1.84 trillion. That’s $79,000 of debt per Australian.
In June of this year, we overtook the Swiss as the world’s most indebted. As the Australian Business Review reported, Australia has an outstanding debt equivalent to 125% of GDP with no decline in sight.
It’s no wonder so many of us feel our debt is insurmountable and our financial problems will never end. But what happens when you find yourself sinking into a depression as a result?
First of all, don’t despair. While you may feel completely alone, trust us when we say, there are many people who are in the same boat with you because depression due to financial problems is actually more common than you think.
Research from the University of Southhampton (UK) found a “strong relationship between debt and mental health” according to study researcher Dr Thomas Richardson, a clinical psychologist at the university.
“It might be that debt leads to worse mental health due to the stress it causes,” Dr Richardson said. “It may also be that those with mental health problems are more prone to debt because of other factors, such as erratic employment. Equally it might be that the relationship works both ways.”
“Further research is now needed to show exactly how debt leads to depression or poor mental health, so that interventions can be designed to try and prevent those in financial trouble developing mental health problems and vice versa.”
The study showed those in debt were three times more likely to have mental health problems than those who were not. The results also found that those in debt were more susceptible to depression, drug dependence, and psychosis. It also suggested that those who died by suicide were more likely to be in debt.
Overcoming Financial Depression
It all sounds very overwhelming, but with the right help, patience, and guidance, you can overcome your financial depression, survive your debt and avoid suicidal thoughts.
Crisis hotline Lifeline’s first suggestion is to talk to someone when you find yourself unable to deal with your financial problems — whether this is a counsellor, close friend or family member, take the first step and get your life back. Debt Mediators can provide you with a free, confidential consultation to help you manage your debt. Many of our clients speak about how relieved they were once they handed their debt problems over to us. You can read the independently collected reviews on our written testimonials page.
What are you waiting for? Take control of your life again, today. Because your happiness is priceless.