Crisis hotlines are reporting a surge in calls from frantic homeowners. The American Psychological Association (APA) and other mental-health groups are publishing tips on how to handle the emotional stress triggered by the real estate meltdown. Psychologists say they’re seeing more drinking, domestic violence and marital problems linked to mortgage concerns — as well as children trying to cope with extreme anxiety when their families are forced to move.
“They’re depressed, anxious. It’s affected marriages, relationships,” says Richard Chaifetz, CEO of ComPsych, a Chicago-based employee-assistance firm that is counseling homeowners over mortgage fears. “People tend to catastrophize, and that leads to depression. Suicide rates go up. We see an increase in drinking, outbursts at work, violence toward kids. Before, their houses were like ATMs,” as they rose in value. “Now, they feel trapped like a rat in a corner.”
Filed under: Personal Finance | Tagged: credit crisis, current events, depression, emotional stress, foreclosures, mortgage crisis, news, real estate, real estate meltdown, suicide
Fully agree. Foreclosure (or the risk of it) can cause major stress which ultimately can affect every day living and relationships.
I believe the key is self education, learn as much as possible about your options and talk to your bank before the problem gets worse. Often you can find a solution.
Regards
Tim
Thanks for your comment Tim. There’s definitely ripple effects to foreclosures that go deeper into life issues than simply financial affairs.