Can You Stay Out of Debt to Avoid Severe Depression?

In our current times, debt has to be the greatest cause of depression on Americans face. Very few people in America are not in debt in one way or another. It’s our way of life. We grew up learning that debt was ok, and even good—the American Way. Just charge it. “Give the canary another seed”. Examine the predicament of many college students who are getting out of school now. They are unable to find a job. They are loaded down with loans that have to be repaid—and soon. The average is around $20,000.00 for these young adults. Those coming out of a masters or doctorate program may be indebted up to $50,000. Young MDs can be obligated up to the cost of a house mortgage just to get through medical school. The baby boomers in retirement or entering the zone save for 30 years and got cut to the quick by this two year bear market. It is down around 50%. Their losses are similar in size. Home foreclosures are skyrocketing. Home values are dropping. Unemployment just hit 8.9% and is supposedly on its way to 10% soon. Everyone is worried to death about financial survival.

Depression is a way of life for many Americans. It is caused by our current economic crisis. Some people may have a lot of debt on one hand, but on the other, they have adequate resources to pay it. They are ok. What about the rest of us?

What can we do to lower the stress of debt and the depression we may suffer? First, we must take control of the situation. Face the problem and make a plan of action. When you act, you start feeling like you are in control of things. Physicians and therapists order depressed people to be active. They are encouraged to walk, jog or take up a sport or exercise. Perhaps, they should find a hobby. You can do physical work in the garden, car repair or cut the grass. This takes your mind off of things for a while and actually gets you physically tired out. It puts your emotions to work elsewhere.

Make a plan to get out of debt. Get out the calculator and crunch the numbers. Can you or family members get an extra job? Talk to your creditors and formulate a way out. Get counseling for debt management, and consult your family members to go over things. If you involve others, the load is not as great. Get help for yourself if you are thinking of harming yourself or others. See a therapist or your physician for help and medications if necessary. Those who are stressed out and depressed, and see no way out are candidates for suicide or other crime. Neither of those is the answer.

Debt causes depression. It has led many to despair. We see it all around us. People are worried, but things are looking better. We aren’t out of the woods yet, but that quick- sand sinking feeling is evaporating every day. We really need to count our blessings, and consider each day what we have to be thankful for. We have family. We have friends. We have life. These problems will pass.