According to financial experts, it is normal to feel depressed over mounting debts. What you need to remember is the situation isn’t permanent and things will improve. Unfortunately there are people who cannot see a solution to their problems and become so depressed, they contemplate suicide.
We have compiled some important information about this issue and hope that our tips below will help to prevent future tragedy.
Why do people resort to such extreme action because of debt?
A huge problem at the moment is that people just don’t know where to turn when things become difficult financially.
When your credit card bills are mounting, when the mortgage is too expensive, when you can’t find employment, life can seem such a constant struggle that you feel it is unbearable.
“Financial stress can negatively — even severely — impact things outside of the wallet: your health, your job and your relationships,” says David Alecock, a vice president at InCharge Institute, a credit counselling service.
There are several options available to people who are in debt, so why would someone consider committing suicide instead of seeking financial help first?
Where some people have the ability to pull themselves out of a hole, others can find it very difficult and opt for desperate and extreme measures. If a person in financial difficulty develops mental issues such as depression, seeking help can feel impossible. In addition, people experiencing major stressors such as redundancy, illness, or loss due to death, or divorce may be more prone to depressive behaviours. All of these stressors can make the financial burden feel even more difficult to bear, and thus making extreme measures seem like the only available option.
Debt and death in the news
There have been many cases reported in the news about people who have found themselves in financial difficulty and have resorted to harming themselves, and even others.
In one recent case reported in national newspapers, a young father in Hampshire took the lives of his wife and two young daughters before taking his own. It was reported that the man had hidden debts from his wife and had been struggling for months to meet his mortgage payments. He had also been anxious about debts he had accrued on credit and store cards.
Another recent case is that of a 60 year old Worcester man who ended his life in May 2010. The man, who had accumulated several thousand pounds worth of debt on credit cards and personal loans, also owed almost £100,000 to friends who had lent him money to help ease the burden of his debts. In addition to this, the gentleman had also missed several payments on his mortgage. He had successfully hidden all his debts from his wife and family and had suffered in silence, without seeking help.
These stories are just two of many tragic cases around the world.
What can we learn from these stories?
“I think people should realize that debt doesn’t have to result in suicide,” says Daniel Reidenberg, a psychologist and executive director of Suicide Awareness Voices of Education (SAVE).
“Too often, people are feeling because of the financial stresses that their only way out of their debt is death. Sometimes they think their family would be better off because of that, and most often, they’re not; they’re far worse. ‘’
Helping a loved one
If you know that a friend or family member is having financial problems, you can offer a sympathetic ear, without judgement. Many people who are in debt want to keep their business private and feel too proud to seek help.This is natural and you can reassure them that any details shared will be confidential.
The power of listening is a great tool and can make a huge difference. Offering discreet help to a friend can be extremely valuable, and the difference between a positive change and a negative one.
Don’t let the debt control you
The hardest part of gaining control of your debts is admitting that you have a problem. This may be difficult, but coming to terms with the issue is a vital part of recovery.
Talking to finance professional can help you see things clearly and put together a plan of action to start controlling your debts.
What you need to do is take a good luck at your income and expenditure and see where you are at the moment. Whether you crunch those numbers yourself or want someone to help you, calling a debt management service is the first step in the right direction.
Friendly staff are on hand to help you devise a plan to get debt free. A debt management plan will involve you making an affordable monthly payment toward your credit, where all charges and interest will be stopped so you don’t have to worry about your debts mounting any longer.
If your creditors are hassling you for money, a debt management company can also put an end to this, ensuring you can get on with your life without having to receive letters and phone calls every day.
Support and crisis help
If you find yourself in a position where you fear you may harm yourself, call The Samaritans helpline on 08457 90 90 90.
If sharing your problems with a friend, or counsellor in person seems like too much at this stage, consider online support groups. iVillage, a website for women, has a message board section with many debt categories, including a debt support group where people share their stories and receive advice and encouragement.
Don’t put off seeking help
Don’t forget that there are people who can help you on the road to becoming debt free.
Financial professionals deal with people’s debts every single day, so there is no need to feel embarrassed. Seeking help is a very brave and very positive thing to do. You should not wait until you hit rock bottom to look for help. Now is the time to look into your options.
There are many solutions available to help with debts and here at Sterling Green, we have qualified financial advisers who will offer a sympathetic ear and some professional advice on how best to tackle your debts. We work with you to find a figure you can afford each month to put toward your debts and we help every step of the way.
Our friendly team are just a phone call away so please do not hesitate to call us on 0800 083 2827, or alternatively, fill in an online form on our homepage so one of our advisers can call you at a time that is convenient.
Posted by Katie Simpson ©
