Spiralling debt brings disappointment, despondency and depression to debtors who never controlled their lives let alone their finance. On the throes of depression is the red line. If depression is not managed, then it leads to fatal consequence. Here is the maxim: If you are in debt, avoid depression.
Debt burden has escalated in the last decade to phenomenal levels, unduly aided by advertisements by credit card issuers and personal finance providers, consumers ratcheted up the borrowings. When the crash came it not only dragged the borrowers low but pulled down the debt providers. Against the backdrop of teetering economy corporates corked off new hiring or at worst began retrench existing staff. Falling income on one side and loss of employment on the other side have trammelled consumers. Business persons are not spared either. They saw to their horror their order book trouncing downwards. Worst affected are the micro and small businesses. Like fall of dominoes, businessmen, consumers and borrowers were stumbled with disappointment, frustration and despondency. Unchecked it ended up in depression. Suicidal tendency was raising its head.
Depression leading to death
Depression as a cause of suicide is now firmly established. During the recession period 2007 to 2009 more than nine countries reported increased rates of suicide due mainly to financial woes. Feeling the sting more, was Greece that recorded a whopping 16% jump in the suicide rate. Ireland followed on heels with a staggering 13 % pike in suicide rates. Britain, though not ostensibly affected could not salvage itself. Recording 8 % rise in suicide rates; Britain tallied 5706 people killing themselves in 2008 many of them cursing debt for their plight.
Does this mean everyone who has loans burden is affected in similar manner? Analysts say that the effect of debt burden on borrowers is asymmetrical. There are no worry characters, which have sufficient asset base and least worried about debt. More than that, they generally flaunt positive attitude towards obtaining and paying out debt. The reckless borrowers on the other hand may not have asset base, but consider more the loans it is merrier. On the middle we have consumers who borrow over the limit considering it as fashion or way of life.
Worry kills
On the other side of the coin are people who are inordinately worried about loans. Most of them are either fixed income earners or enjoy luxury life erstwhile, but were short on disposable assets. A salutary feature in them is that, they get the blame game end with them; in sum, they are justifiably worried about outstanding debt. From this point onwards, we see quick slide towards depression. There is a saying: Why worry kills more people than work because more people worry than work. This comes true as people worry more about their debt. About 11 % of British citizens consider debt as the biggest worry affecting their quality of life. In the case of people who have health issues or suffer from chronic disease, the trepidation is marked. They lose weight and sleep and before long appear mere shadow of their former selves. Worry also targets those who are dependent on drugs or alcohol driving them more towards these. Another casualty is the ones who are light hearted. When they receive notification from their credit card issuers that their file is now transferred to collection departments they get jittery. A follow-up communication that the file is now with third party collector sends shiver through their spines, leading to intermittent bouts of depression.
Seeking remedy
Not everyone acknowledges going through low. Many hide it and implode one day by taking their lives out. Out of others who realize nearly 80 % do not take counter-measures and lurch towards the danger zone in matter of weeks if not days. The fortunate ones re-examine their affairs. They follow three track policies to take them out of the mire.
1. Consult medical professional in treating symptoms of low feeling to get back to proper health
2. Seek advice in arranging creditor meeting, re-scheduling loans and recovery finance to turn the corner
3. Obtain counsel in understanding and evaluating your cosmics, so that you can once again make your cosmics work for you. Cosmics are aspects residing within you generally go un-noticed. Once you know your cosmics well you can manage debt and the resulting depression better.
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