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Death by Debt

Updated on July 31, 2010

Bailiffs

The issue of debt has always been in the world, however in the last year or so debts have accumulated to the point that more people cannot afford to pay it back. The figure of those who go bankrupt or lose their houses is on the increase. The most alarming trend which I can’t help ignore these days, is the amount of people taking their lives because of it. They just feel there is no other way out. There are many stories below - you could choose one or just read the captions:

  • (UK) A farmer who was bankrupt and facing eviction and the break-up of his family committed suicide by breathing in deadly fumes from a pesticide, June 2010. Full story.
  • (UK) A former soldier committed suicide because he could not face the shame of going bankrupt, June 2009. Full Story.
  • (US) Man Who Killed Wife, 5 Children & Self was in Debt & Jobless, Jan 2009. Full Story.
  • (Turkey) Teenager commits suicide over unpaid family debt - because his mum was sent to prison for owing the debt. April 2010. Full Story.
  • (UK) A MAN killed himself in his blazing car after the pressure of mounting debts got too much for him, May 2010. Full Story.
  • (UK) Most recent - Family found dead in Hampshire home were deeply in debt. Husband killed his wife and 2 daughters before hanging himself – July 2010. Full Story.
  • Then there are some who die of heart attacks, strokes, high blood pressure due to the stress of accumulating debt.

There is a lot of useful info on the internet about how to deal with debts but some people are in so deep that they are practically drowning in it. Some are also in so deep and don’t even have jobs to pay off any of the debt, let alone look after their families.

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What are your thoughts? Should Government do more?

a) Do you think the Government should give people a Debt break? Example, pass a law that gives people a year or so before they start making payments to their debtors, (maybe giving time to find work), meanwhile the people who are owed could claim a little compensation from the government?

b) Do you think maybe lenders should cut down the amount of loans they give or just lend people very small amounts?

c) Should the Government make it compulsory for people to have monthly medical check ups. Doctors would be able to identify depression/stress and offer support to help subdue suicidal thoughts?

d) Government should stop Banks/Lender making unnecessary charges. Example, If I miss a mortgage payment - I will get charged about £35 "admin fee" for a letter sent out, to say "you missed payment!" Also, if you have an overdraft of £500 and it goes over by £500.01p the bank can charge from £25 - £35 for going past the limit. I think £5 should suffice in both cases. It's not as if people broke the Bank...

e) LessTax payments deducted from Salaries? Or do you have any other advice for people who are in such situations and think there is nothing to live for anymore?

** Some of the above might sound silly, but the trend is worrying and could even affect people we know. (who appear normal on the outside and then you hear they committed suicide)

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Are you in Debt?

Please if you are in debt, seek legal advice immediately. Example in the UK, there are laws that cover the homeowner and also there is government help. In Jan 2009, government introduced SMI – (support for Mortgage interest) whereby your mortgage is paid if you are not working and this reduced the amount of repossessions. More info on SMI (UK)

Seek help immediately. Its good to be positive that things will work out (like I did at some point) but take some action too. You’d be surprised that some companies would accept a very minimal payment (a token payment) and might even write the rest off in 5 years.

An extremely useful Charity that gives good Legal Advice/Support is:

http://www.nationaldebtline.co.uk/

I haven’t got websites for other countries but all you need to do is a search with keywords e.g “legal Advice” or “help with Debt” and similar websites should pop up.

It would be interesting to read your views on this sad issue…

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    • Lady_E profile image
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      Elena 4 years ago from London, UK

      @Hezekiah -

      That's such a pity. I hope the government can help in some way. Maybe by introducing Debt Consolidation centres. Thanks for stopping.

    • Lady_E profile image
      Author

      Elena 4 years ago from London, UK

      @Mary

      I'm glad you are giving your kids words of wisdom. I also remember years ago when Credit Cards were just sent to me in the post. I never requested them. Apparently, I was a "good customer". I was so happy and then learnt the hard way. Thanks for stopping.

    • Hezekiah profile image

      Hezekiah 4 years ago from Japan

      Good points, here in Japan. Terribly high suicide rate due to debt. Even Japan it's as a country is in deep debt.

    • mary615 profile image

      Mary Hyatt 4 years ago from Florida

      Debt is a terrible thing. I have tried to advise my children and grandchildren: if you can't afford to buy something, wait until you can! I have one granddaughter who had to take out a student loan in order to her degree. It will take her years to repay.

      At one time here in the US, the banks made it too easy for people to get mortgages they couldn't afford. I was one of those. Credit was easy to get and banks were begging people to borry, borry, borry!

      Great Hub. I voted UP and will share.

    • Lady_E profile image
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      Elena 6 years ago from London, UK

      Thanks Peter.

      I appreciate you stopping by.

    • PeterinCanada profile image

      PeterinCanada 6 years ago

      Excellent educational post, Lady_E.

      Most definitely an area that everyone of us could use a bit more understanding of.

    • Lady_E profile image
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      Elena 7 years ago from London, UK

      Aawh, well done Nikii - I admire you for that. I hope one day someone is also able to help you, so maybe you can afford to take a break from all that hard work and go on a well deserved holiday.

      Thanks and Best Wishes.

    • profile image

      NikiiLeeReyes 7 years ago

      I work myself to death so that I wot have to be in debt you know; I work ad go to school no student loans I have to pay rent , I'm doing it all alone and what I would give to be back in highschool whew you are so right this is absolutely useful you've earned yourself a new fan!

    • Lady_E profile image
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      Elena 7 years ago from London, UK

      Hi Fastfreta

      Are you psychic? I visited your profile a while ago and then noticed I didn't see you a lot on site. So, made a note to check you out again and I log in and see your smiley face. Hope you are fine.

      Thanks so much for stopping and sharing your comments.

      Best Wishes, E.

    • profile image

      Debt Collection 7 years ago

      What a tragedy! Sorry to hear about this.

    • fastfreta profile image

      Alfreta Sailor 7 years ago from Southern California

      What a wonderfully written article Lady_E. Your advice should help lots if they would only head it. Even though you're asking our opinion about what the Government could do, I say yes to all of them. Again very good Lady_E.

    • Lady_E profile image
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      Elena 7 years ago from London, UK

      ** Thanks Pr_am, I agree there should be more awareness so people don't drown in it. Thanks for stopping.

      ** Hi John, that's a lot of dosh but there is always a way round it. I don't know where you are from so can't direct you to any specific place but speak to a debt counsellor/agency in your country.

      Selling one of your cars would be a good start.

      Good Luck.

    • profile image

      John 7 years ago

      Should I commit suicide i have so far $285030 in debt from my house and credit cards and my 2 cars and im only 19. I dont know what to do...cant find a job anywhere and im only in college for first year. i have talent like i play guitar but i lost time for that because of this debt. please help me

    • PR_am profile image

      PR_am 7 years ago from Oregon

      Great hub and very relevant to the present economic situation worldwide. Think there should be more awareness of the negative sides of debt especially to young people and emerging professionals. Thanks for taking time to research this.

      Best wishes to you!

    • Lady_E profile image
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      Elena 7 years ago from London, UK

      ** Thanks Stars. Hope all is well. God Bless you too. :)

      ** That is the key Spconlin - Educate people. However, I think they need to be educated a bit earlier these days - maybe in secondary schools because as you noted its become the standard in modern times.

      Well done and thanks for sharing your personal story which I hope will encourage those who are facing serious debt problems at the moment. Best Wishes.

    • spconlin profile image

      spconlin 7 years ago from Wisconsin

      Lady E,

      You have written an excellent article that is very timely. Living on credit has become the standard in modern times and this needs to be addressed. Unfortunately, the only thing that can be done is educate people about the hazards.

      There was a time a few years ago when I was very close to being one of those headlines. I had a job making good money and still couldn't keep up with my debt. Rather than ending it all, I recognized the problem and took steps to fix it. I am now proud to say that with the exception of education loans and a mortgage, I am completely debt-free. The key to living well is budgeting your finances. Unfortunately, this is also a life skills that isn't being taught to most people these days.

    • stars439 profile image

      stars439 7 years ago from Louisiana, The Magnolia and Pelican State.

      Dear Lady E : Your hub is wonderful. It will help many people. God Bless You.

    • Lady_E profile image
      Author

      Elena 7 years ago from London, UK

      ** Thanks Transportation College - I think sometimes in life the Negative thoughts out weigh the positive and people act from there. Glad you stopped by.

      ** True Alvaro - Debt Depresses, it weighs people down. I'm glad Obama is doing something positive. Regards.

      ** Hello Maryanne - That would be nice. Lets hope it happens. Best Wishes.

    • Maryanne Maguire profile image

      Maryanne Maguire 7 years ago from Santa Monica, CA

      I'd like to see govt and communities do more - together. Not just tap into tax dollars. Set up programs where professionals get tax breaks or other incentives to offer low-rates and free services one day a week or soemthing.

    • profile image

      alvaro96paul 7 years ago

      I truly believe that debt is what causes most of the depression in our society. The bills just pile up and it's hard to take care of all of it. It's a never ending cycle, making money and paying other things off, and the cycle goes round and round for years and years. Thanks to Obama, we now have a better chance of solving the issue.

    • profile image

      Transportation Collection Agency 7 years ago

      What a tragedy for all of these people. It is sad that people think death is a better solution than facing their problems.

      Thanks for the humbling post, it puts things in perspective for me.

    • Lady_E profile image
      Author

      Elena 7 years ago from London, UK

      ** Thanks Culturespain for those enlightening comments. Lets hope there is a recovery for all affected including businesses. Regards.

      ** Oh my goodness Steph - What a sad story. I really wish people would think deep and try to find a way out. It doesn't have to be Suicide. I appreciate you stopping by.

      ** Hi Alisha - that's so sad to know. I still don't understand why they murder their kids too. Thanks for the great advice at the end. Regards.

      ** Well done Lender - that's Brilliant. Thanks for sharing that. With time, being debt free is possible.

      Best Wishes.

      ** Hi Mygell - thanks so much for sharing your story. To the contrary, I don't think it's corny. He makes a way where there seems to be no way. He provides miraculously for His own. I am glad you have a positive attitude. Regards.

    • profile image

      Mygell 7 years ago

      My husband and myself are experiencing this at present.With all four kids in school ,two are in college, a high school and a Grade school.Come to think of it, it's too impossible for us to live a comfortable and decent life from our meager earnings for just being ordinary private employees.

      This may sound corny to you, but PRAYERS do wonders! Surprisingly , our eldest daughter was able to graduate from college last year (we had three college then).Our debts,up to now skyrocketed into thousands of pesos! Too impossible for us to pay!But we believe that God has his own ways to provide for us. We are always reminded by this phrase: :"As for you: do not set your heart on what you are to eat and drink; STOP WORRYING!" -Lk 12:29

    • lender3212000 profile image

      lender3212000 7 years ago from Beverly Hills, CA

      I made the decision about 5 years ago to become debt free and it has really taken an amazing amount of stress out of my life. I don't think people really understand just how much pressure it applies to daily life until you finally free yourself from it. Excellent article!

    • Alisha2010 profile image

      Alisha2010 7 years ago from Irvine, CA

      A family that lived down the street from me experienced the same ill fate-- murdering the kids and then hanging himself because of bankruptcy. All very sad, I think the goal when it comes to debt is to 1) live through it and 2) find alternate means to make some cash.

      Great piece!

    • Lady_E profile image
      Author

      Elena 7 years ago from London, UK

      ** Thanks Mariann - Glad you visited.

      ** Thats true Shawn - It's a growing issue. Thanks for comments.

      ** Thanks for those comments Paul - its good to know you have companies in US who can negotiate a resaonable payment plan on your behalf. If only people would call them. I appreciate you stopping by.

      ** Hi Amorea - that was very useful info. I hope a lot of people find comfort and help from it. Indeed, there is a way out. It might take a while, but there is a way.

      Thank you very much for those comments and Good luck with your finances. :)

    • stephhicks68 profile image

      Stephanie Hicks 7 years ago from Bend, Oregon

      Its easy to feel so overwhelmed by debt that you want to do something drastic. In my hometown, we've suffered the greatest decline in housing prices of any other metropolitan region in the U.S. Several property developers did end up committing suicide in 2008 and 2009. So depressing.

    • profile image

      culturespain 7 years ago

      Dreadful stories and no-one can be anything but sympathetic when others are overwhelmed with debt. The truly awful thing now is the knowledge that the present economic crisis has been caused by the negligence of national governments allowing (during the boom years) absurd debt levels and ridiculous banking operations. The crash, of course, has led to perfectly sound businesses going under together with many people who were previously perfectly able to service their debts. We are living through a time of tragedy for many.

    • profile image

      amorea13 7 years ago

      Lady E - great article and thank you for your time, effort and sensitivity in creating it - perhaps I might say this and with all care and sensitivity in return - I, like many others have been and indeed am in what most of us would regard as 'debt' - financial debt of, in my case, £47,000 - however in the last 4 years I have discovered something and have used it to challenge the banks: they have broken their own banking 'law' by failing to make full and complete disclosure of all the facts pertaining to their 'giving' of the loan (this would also refer by the way to credit-card loans and 'mortgages' which curiously comes from the Latin word meaning 'death-grip' no less) - and as a result of this undisclosed fact they can be challenged and have been very successfully. Remember all of our democratic societies (apart from, I believe, 4 countries in the world) are governed by very powerful banks in effect and all these countries are completely in debt - because of precisely what I have explained herein. There is a way out Lady E and I know this from cases I know and indeed my own. Just thought you would like to know. Thank you for your fine article so needed at this time.

    • paulkimelecu profile image

      paulkimelecu 7 years ago from philadelphia, pa

      I think this problem is horrible. I like your idea that people should be given a year off to recoup and revamp and maybe save money. I also know that here in the US there are many debt settlement companies; some are scams but some are legit. They help you negotiate settlements with your creditors so that you pay less than your debt. I think that's a great way to stave off the depression and suicidal thoughts that go with great amounts of debt.

      Thanks for this informative yet sad hub!

    • Shawn Scarborough profile image

      Shawn Scarborough 7 years ago from The Lone Star State

      Thanks for this great hub. Debt is a huge problem in our society.

    • MariannGood profile image

      MariannGood 7 years ago

      Thank you for your insightful hub about debt.

      Enjoyed reading it!

    • Lady_E profile image
      Author

      Elena 7 years ago from London, UK

      ** Hi Rickrideshorses - introducing money matters into school lessons is a very good idea. I hope I remember to include your website in the Hub. Thanks for sharing.

      ** Hi TattoGuy - it truly is sad. I hope it's not the same in Ireland. Nice to see you again. :)

    • profile image

      TattoGuy 7 years ago

      Debt can kill both the soul and your spirit, great hub but some really sad stories.

    • Rickrideshorses profile image

      Rickrideshorses 7 years ago from England

      Great hub, Lady_E. Debt indeed can be crippling for those who are affected by it. Personally I think that school children whould have lessons from the age of FIVE on finance, budgeting, saving and other money-related topics. There are a few tips on my blog www.quickmoneytips.co.uk. Many adults could also do well from learning about tax, the economy, interest rates and prices. Money is something that we ALL have to deal with in life and the sooner we understand it the easier it is to be in control of our own finances and avoid ''death by debt''.

    • Lady_E profile image
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      Elena 7 years ago from London, UK

      It so sad, Kaitem2 - "passing silently"

      Thanks for stopping and sharing your comments.

    • katiem2 profile image

      katiem2 7 years ago from I'm outta here

      Hea, it's happening and so many people are passing silently as they just can't bring themselves to talk about it admitting to everyone around them....

    • Lady_E profile image
      Author

      Elena 7 years ago from London, UK

      ** Hi Cari Jean - thanks for your prayers and I agree consumers should buy homes they can afford. Sadly, some make out that they have more income coming in and Lenders make decisions on that because they have signed the details. Nice to see you.

      ** Great Idea - James Michael. Another useful option. Thanks so much for visiting.

      ** Wife who saves - I really like that idea also because I teach p/time in Colleges, it moved me. Honestly, If they could add Sex Education then surely they can add Money Management. I might start incorporating this into lessons in the next academic year. It might just be a 2 day Lesson.

      So glad you stopped by. Best Wishes.

    • profile image

      Wife Who Saves 7 years ago

      This is a great hub that highlights the problems with debt. My personal belief is that the government should make it mandatory for all high schools to teach money management during the junior or senior years when most kids get their first part-time job. The course should be thorough and include credit, debt, savings and investing. It could be easily done as a study unit in math class.

    • profile image

      James Michael 7 years ago

      Great topic. I think there should be a government sponsored clearinghouse for credit that limits total credit allowed to payments of 30% of monthly net salary.

    • Cari Jean profile image

      Cari Jean 7 years ago from Bismarck, ND

      This is a great hub but sad as well. There is a proverb in the Bible that says "Hope deferred makes the heart sick." These people who are in so much debt have no hope of getting out. Men especially since they tie their identity to their career, how much money they make and how well they can support their family. When they are feeling hopeless, their hearts become sick and suicide seems like the only answer. It is so sad. I get angry at the credit agencies who loan money when they know the people aren't going to be able to afford to pay them back. At the same time, though, consumers need to take responsibilty and buy a home they can afford. I don't think there are any easy answers. All I know is that when I was in major debt at one time I put my trust and my hope in the Lord and am now almost debt free. I pray for those who feel like it is hopeless.

    • Lady_E profile image
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      Elena 7 years ago from London, UK

      Thanks menchrono

      one step at a time and eventually you'll have it sorted.

      Good Luck. :)

    • profile image

      menchrono 7 years ago

      very interesting hub...

      not work for my debts...

      still fighting...

    • Lady_E profile image
      Author

      Elena 7 years ago from London, UK

      ** Totally agree with your Comments Dr Chris. Regards.

      ** Good point, Peggy W. Management Skills would go a very long way in not only helping the problem but preventing it too. Thanks and Best Wishes.

      ** Hello DeBorrah - thanks so much for those suggestions and word of encouragement at the end. I hope people take comfort from it. Regards.

      ** Another interesting point culturespain - we are so used to living with debt. Hopefully, we'll all take a different view on it.

      Glad you stopped by.

    • profile image

      culturespain 7 years ago

      I think the main problem is the debt culture that we all live in. By this, I mean that culturally it is 'acceptable' to be in debt. This what needs to change - together with a realisation that it is often not possible to have immediately everything we all want (a bigger car, luxury holiday or grand house). If more people can come to that conclusion then debt may become less acceptable and thereby less used...

    • DeBorrah K. Ogans profile image

      DeBorrah K Ogans 7 years ago

      Lady E, This is an Excellent and informative hub! You have presented a wealth of useful suggestions! You are right about debt! There are many reasons that debt occurs… In this economy everyone is impacted in one way or the other.

      I do think that the government could do more to help. There is a huge injustice... Huge billion dollar corporations readily get help while many families and small businesses suffer greatly during this economic recession. Many have been ensnared with fraudulent inferior rising mortgages… There needs to be a balance...

      Many business, corporations, stocks, homes and personal assets have been lost by many… It can be overwhelming. It is really quite sad that many have taken their lives… LORD Help their families and loved ones... GOD is able!

      We must always keep in mind that “Things come and go.” This is true no matter how much or little you have. We can always get more things but we only have one life! Despite everything that is going on: It is GOOD to KNOW there is always HOPE in the Lord! In HIS time “ALL things work together for the Good for those who LOVE HIM…” Romans 8.

      Thank you for sharing this thought provoking hub! Much Love, to you in HIS name, Peace, Joy & Blessings!

    • Peggy W profile image

      Peggy Woods 7 years ago from Houston, Texas

      Wants and needs should be differentiated. Needs are far fewer! It is amazing how people have them confused. When I was doing my volunteer counseling in an assistance ministry where people were coming in for assistance with food, paying bills and other needs we would assess the situation before helping them pay some of the bills. We had to document the crisis.

      When going over the budgets, most people thought that cable TV was a necessary item. Taking cash out of ATM's where they were charged some money to get their own cash was often done. Crazy things like that were common. People really need to learn money management skills whether they earn a lot or a little. And saving for a rainy day...that is a necessity...it should not be just an option.

      For those that are in over their heads, as you say, there are free programs out there to assist people. EXCELLENT HUB! Rating this up and also useful. Thanks for spreading the word.

      Sometimes bad things happen to good people who have done all the right things. My heart goes out to them, and it could happen to any one of us. Let us hope that they somehow stay strong and realize that life is still worth living no matter what happens with money concerns. One door may have shut but others will open in the days ahead.

    • drcrischasse profile image

      drcrischasse 7 years ago from NH/Foxboro

      People need to learn debt management and companies need to learn compassion due to tragic events in one's life.

    • Hello, hello, profile image

      Hello, hello, 7 years ago from London, UK

      Thank you so much for your great help.

    • Lady_E profile image
      Author

      Elena 7 years ago from London, UK

      ** Hi Equealla, I'm glad that you have a foundation of only living on Cash and not borrowing. Great comment at the end too - we must lose sight of Materialism. Nice to see you.

      ** Hi Hubpages Writer - Thanks for your supportive comments. Best Wishes.

      ** Hello Hello - please call the number on the link at the bottom of the Hub, from the comfort of your home. (Its a free Number) They are much much better than Citizens Advice Bureau. Have a pen and big paper ready because they will give you lots of info and laws that cover you etc depending on your situation. If you have a Court case, they will prepare you for it. too. Let me put it this way: National Debtline saved my bacon. They are a great Charity. Good Luck.

      ** Thanks for your comment scla. I just hope those on the verge of bankruptcy, who are also experiencing marital problems don't think of ending it all. Regards.

    • scla profile image

      scla 7 years ago from Southern California

      Stress from accumulated debts and losing one's homes definitely puts a lot of strain on people and on their family relationships. Many people who are on the verge of filing for bankruptcy are also experiencing marital problems. There is a strong relationship between bankruptcy and divorce. Debt problems unfortunately put a strain on martial relationships.

    • Hello, hello, profile image

      Hello, hello, 7 years ago from London, UK

      I am on the verge of loosing my house and home and I have contated many places I was advised to but they track on and on and push you from pillor to post.

    • profile image

      hubpageswriter 7 years ago

      This hub raises awareness for sure. It's really sad to see all these debt cases arising and people not being able to take it. A lot of help should be given, though I don't know how it can be done in the most effective way. But it raises lots of good questions which must be addressed before more lives are being ruined. Great hub.

    • equealla profile image

      equealla 7 years ago from Pretoria, South Africa

      When I lived in Mozambique for a long time, being the third poorest country during that time, tought me to live only cash. The people there will not blink an eye if your car is falling to pieces. If you do not have the cash, you do not buy it. There existed no credit cards, and a bank loan was a foreign word or concept for the inhabitants. People are very comfortable to wait for money coming in, even if it was their salary being paid late. They knew they will receive it, as soon as money is available. The life there was simple and not complicated.

      I got so used to this system, that I will never make a debt and give up my new found freedom in living debt free.

      My idea of ridding this problem, is for the human race to lose materialism, and be grateful for what they have.

    • Lady_E profile image
      Author

      Elena 7 years ago from London, UK

      Ooops! Always exploring - just skimmed comments and noticed I missed you out. Thanks for sharing that important info. Everyone is partly to blame - We "the borrowers", the banks, employers who lay people off...

      Glad you stopped by.

    • Lady_E profile image
      Author

      Elena 7 years ago from London, UK

      ** Hello Dreamreachout – thanks so much for that useful advice. Hope your business continues to boom. I’m glad you came by. Best Wishes. :)

      ** The clean life - My heart goes out to you but it's a wise choice and hopefully things will improve and you can branch out again.

      Financial Stress is bad and even worse, when you have a wife and kids that depend on you. I wish you all the best. I look forward to reading the Hub too.

      Many Thanks.

    • Lady_E profile image
      Author

      Elena 7 years ago from London, UK

      ** Mark Gamble – thanks so much for your inspiring comments. God does work miracles for those who put it in prayer too. Money would be provided miraculously. Sometimes, people give, sometimes it’s an unexpected large Tax Refund. I’ve seen it happen but sadly not everyone believes in God. (which is why I was hesitant in including it in the Hub)

      Regards.

      ** Lol Allan - I’m sure no one will flame you. Sometimes we have to say it like it is. “The truth is bitter”. Even though you noted you were playing Devils Advocate – there is a lot to learn in what you have written, which will make people (including me) think twice before they go for Credit.

      Thanks for sharing.

    • Lady_E profile image
      Author

      Elena 7 years ago from London, UK

      John Badd - Thanks for taking the time to leave that comment and answering my questions. I’m sorry that your had to resort to Bankruptcy, but John I know of people who went through it and in a matter of years got back on their feet and were even better off financially, than they were before. I hope this happens to you.

      I read the Whitehouse link – that’s excellent news. “plain language” indeed. Your advice in the last 2 paragraphs is excellent. Years ago in the UK, you didn’t always have to apply for a credit card. I remember my bank sent me one for “being a good customer” and SKY Satellite sent me one “as I was one of their customers”. (both £1,000 limit). Well, John every weekend was Xmas for me – but I learnt my lesson. As you noted “If it is not something you need do not buy it with a loan or credit, save up and buy it with cash”.

      Best Wishes.

    • Lady_E profile image
      Author

      Elena 7 years ago from London, UK

      Support Med - Your comments are so touching and I hope they will be of benefit to others too. “Keep putting one foot in front of the other, even if we have to walk (or crawl) in mud at times”.

      There was a story I didn’t include above (I didn’t want to depress the readers with too many) which was of a very rich man who couldn’t go through the shame of living a lesser lifestyle. He killed his daughter and wife. We have to swallow our pride sometimes, knowing the debt situation will not last forever. Thanks for stopping. Xx

    • the clean life profile image

      Mark Bruno 7 years ago from New Jersey Shore

      Elena, one more excellent Hub from you! This problem that we have not only in the U.S. but all over the world is heart breaking. Everyone is suffering so bad and it is so sad too. What a shame to take your families life and yours also all over the love of MONEY.

      Money the root of all evil so they say. Just lately I wrote a Hub on Livin Beyond Our Means and things I have thought up to get back on the right track. Asking and getting advise is a great idea for anyone that needs it. I have decided to down size, sell everything and live the simple life debt free. Some may not be able to do that but I too am stressed for the bills that I have, but I don't want it to get in anymore debt that im in now. This is why I must due what must be done. I hate to do it but I think it will take most of the stress away not only for me but the family too.

      So thanks you for this great Hub and congrats on your 98 score!

    • profile image

      dreamreachout 7 years ago

      I feel with this Elena being a businessman who went through this recession!! If the government bailed out banks then logically they should bail out individuals too!! H.P.Roychoudhury's comment is in bad taste as he doesnt know what it is to generate employment for others and fall into the bad trap because sales are gone due to slow-down!!

      I have an advice for the debt trapped!! Be yourself, take it head-on, take legal recourse and no debt can lead you to an irretrieval downfall!! Courage and positive attitude is the key-word!!

      Elena, this is one of your best hub in its value to the present world society and all my congratulations for it!!

      Cheers!! :)

    • Allan Douglas profile image

      Allan Douglas 7 years ago from Great Smoky Mountains, Tennessee

      Another great hub Lady_E! The many comments you have already received have done an admirable job of agreeing with the fact that the credit situation is alarming and wide ranging. So I'm going to take the devils advocate approach - others may feel free to flame me if they like.

      Most of this situation is of our own making. Too many people took advantage of easy credit to aquire too many credit cards and maxed them out buying stuff that wasn't essential, or buying homes that were much larger than they needed and were skating along the edge of disaster for quite a while. But they were able to make the payments -- barely -- so it was all hunky-dory. Then the economy broke; people stated getting laid off, and suddenly those large monthly credit payments are not affordable.

      I volunteered in the State of Wisconsin Department of Welfare for a while and I could quote you case after case after case of people who exhibited absolutely no common sense at all in their financial matters. Just one was the single mother with 6 kids, each by a different father, none of whom were paying support. She finally gets her car paid off, so the welface dept cut back her monthly check by that amount. What does she do? She GOES OUT AND BUYS A NEW CAR!

      I realize that not everyone fits into this pigeon hole. For many, circumstances simply ganged up on them and though they were really trying to do right, they have now lost their home and can't pay their bills. Those stories break my heart.

      I have never been one to say that government needs to take control of our lives to prevent us from doing stupid things. We need to be responsible for our own actions and choices. But creditors should not be allowed to do things like jumping your interest rate to 30% if you're late with even a single payment, or mortgage brokers qualify home buyers for loans that include low up-front payments and a huge balloon a year or two into the deal that they know you can not afford. Those are predatory practices and should be banned. On the devils-advocate side again; these terms were in the contract -- people *should* read and understand any contract before signing it.

      OK, I'm going to go slip into my asbestos long-johns, so flame away! :-)

    • profile image

      Mark Gamble 7 years ago

      It is the responsibility of each person to make good decisions. If more is going out than coming in regarding money and the bills then therein lies the problem. We as people want more than we can actually pay for. I have been on the end of losing it all. I have my Life and Thank God for getting through each day now for 14 years. SUICIDE of the flesh is not the answer here. The suicide of the inner self and handing it upwards to a higher power.It is the best and most precise way to get through this economy. (Just my opinions, no harm intended). Great Post Lady E. Love from AMERICA!!!

    • John B Badd profile image

      John B Badd 7 years ago from Saint Louis, MO

      Great Hub Lady E, like many others I have experienced this first hand. I would like to address your questions but first I want to let you know I was buried in dept for the past two years after taking a 60% pay cut when the economy bottomed out. My stress level rose until I quit caring. I finally filed bankruptcy to clear my debt and stress, fortunately I did not own a house I could loose or have a family I had to support - I feel for those who are in the situation I was in and have to worry about people other than themselves.

      To answer your questions:

      a) I do not think the government should be responsible for compensating companies for people's debts. They should urge companies to give people a debt break but it should not be government mandated - governments have a track record of screwing things up and let us not forget it is our own fault if we get into more debt than we can handle (the lenders are partially to blame also and I will address that shortly)

      b) Lenders should be more responsible about who they lend to. I think credit is nothing more than modern day indentured servitude and these banks are the masters. They boggle down people with debt when they are still impulsive youths knowing they will own a high portion of their income for the rest of their lives. This practice is counter productive and un-ethical (but so many banking practices are).

      c) No the government should not dictate individual behavior; they should recommend people receive check-ups and provide information on the dangers of stress and depression.

      d) Banks do need to change their practices. I am in the U.S. and President Obama passed a law regulating certain lending practices that I think has been one of this administrations smartest moves. Check it out: http://www.whitehouse.gov/the_press_office/Fact-Sh...

      e) I hate to say it but with the current national debt situation across the globe I do not think now is the time to cut taxes.

      My advice to people in these situations is to not give up. You need to change the way you live. You need to see the difference between what you want (prepared meals, new cars, nice homes, trendy cloths, new tech etc.,) and the things you need (food, shelter, clothing).

      More importantly I want the younger generations to learn from our mistakes. Do not let the banks own you. If it is not something you need do not buy it with a loan or credit, save up and buy it with cash - chances are by the time you save up the cash you will want something else or the price of what you wanted will have dropped. The only thing you should take debt for is College, a humble home and a base line vehicle to get to and from work.

    • Support Med. profile image

      Support Med. 7 years ago from Michigan

      These stories are truly sad. There are some govt. programs available to help those from losing their homes. I know of one such person who it helped. Some of these 'programs' you have to qualify for (by their standards) which, of course, does not mean that the help is not needed. Because this type of debt and the unemployment rate is epidemic, I do believe even more help should be available. Our own thoughts and feelings can at times, be our own worse enemy. I only wish that people who have thoughts of giving up (for whatever reason) would seek every avenue for help (and some have), keep a vision in mind and keep working towards it (even if it seems useless)---the good book says "Where there is no vision, the people perish..." And we should not be ashamed of our vision. We all need to know that there is a NECESSITY to believe in a higher power greater than man (and ourselves) and keep a passion for learning knowledge ('seek and ye shall find'). As in the Great Depression, this is a season where it is easy to experience being weak, yet wise. However, when we surrender to weakness, our choices are no longer wise. Having been one to struggle with such thoughts, makes me aware of my spiritual mother, once again, when she said 'strength' is the greatest attribute, for with it you will not give up under any circumstances. You will deal with whatever trials may come your way, one day at a time, and keep hope and prayer (fervent prayer) alive and keep putting one foot in front of the other, even if we have to walk (or crawl) in mud at times. Keep moving forward.-------------------Voted-up/rated.

    • always exploring profile image

      Ruby Jean Fuller 7 years ago from Southern Illinois

      I feel very sorry for people who are in debt over their head, but i must say that some people bought houses that they knew they couldn,t afford. The Government can only help so much, also people max. out their credit cards, knowing it will take years to pay off, if ever. The people i really feel sorry for are the ones who bought nice homes they could afford, then lost their jobs. It,s very sad all around. I also believe the banks should be held liable for their dishonest actions.

      Very important info.

    • Lady_E profile image
      Author

      Elena 7 years ago from London, UK

      Thanks so much for your interesting comments everyone and for those in debt, I hope things improve for you soon.

      @Vladimir – you are so lucky. No Debt - No Stress.

      @Tony0725 and @MikeLickteig – I’m so sorry to hear about the people who were closeby to you that committed suicide due to debt.

      From Tony’s statement – I think the introduction of Credit cards made a big contribution to debt. It would be nice if we could go back to buying things in cash and teach our kids to – so they don’t have a generation of debt.

      @Saddlerider – I hope you never come to the point of Bankruptcy.

      @j dove Miller – that’s an excellent suggestion.

      @Temiprice – thanks for sharing those deep comments. I am sure the recession has changed people's attitudes toward spending.

      @Shinkicker – I’m glad you share my thoughts. More help should be made available. A Japanese follower of mine on Twitter read this and sent me a message that thousands commit suicide where he is from, over Debt.

      Thanks again everyone for taking time to visit. People are human and don’t deserve their lives cut so short and I feel we should make awareness. Some don’t know there is help available. Also, some have debts but the people whom the debt is owed to continue to add a lot of interest. This would stop if they seek legal help. (FREE)

      Wishing us all a Debt-Free life…… eventually we’ll get there.

      Kind Regards

      Elena.

    • HappyHer profile image

      HappyHer 7 years ago from Cleveland, OH

      Many people tie their identity in with their success. They can't see that not being successful is only temporary, and they lose hope. I hope there will be more help available soon as it seems as if this is almost an epidemic.

    • ReuVera profile image

      ReuVera 7 years ago from USA

      Don't get into debt on the first. This will make your life so much easier. Don't put on your credit card more than you are able to pay off, be reasonable in your spendings. Buy a house according your abilities. Don't overspend. Don't wait from anyone to pick up your debts.

      I know, it is easier to say than to do, but if do it right from the very beginning, it is not hard.

    • temiprice profile image

      temiprice 7 years ago

      I think, in the USA at least, the government has done enough. They've passed laws making it mandatory for lenders to explain in clear english what a buyer is getting into when he or she borrows, and how much it is going to cost. Plus the banks have really tightened up their lending standards. When people go bankrupt, ultimately, someone isn't getting paid back. If enough people do it, people with something to lend will stop lending money. Wouldn't you?

      I would suggest that you look at the issue from both angles. All money comes from somewhere. The bank is just an intermediary. You can invision these sad stories of debtors commiting suicide on one end and a rich banker who can afford to lose the money on the other. But I know an awful lot of elderly who keep their savings in the bank, money they worked their whole lives for. What are they supposed to do, eat cat food during a year long debt holiday?

      It's pretty tough being in over your head. But I really think we need to get out of the mentality that the government should save us. I hope this recession has really changed people's attitudes toward spending what they earn and more.

    • Vladimir Uhri profile image

      Vladimir Uhri 7 years ago from HubPages, FB

      Hello, I am not in debt by I will pass on good Hub. Thanks.

    • profile image

      jdove-miller 7 years ago

      I would think the most useful thing the government can do for those drowning in debt is to establish a creditable debt relief program to teach people how to manage money and debt. It won't help to extend loans if people don't learn how to manage the money they earn. Thanks for the post.

    • H P Roychoudhury profile image

      H P Roychoudhury 7 years ago from Guwahati, India

      Who can protect you, if you failed to protect yourself..? When economy is in down for some reasons, the strength of the government also goes down. It is foolish to ask government to protect people. During the hay day period, a certain percentage of income one should store for the worst days. Their lies the human wisdom. To kill family members and then yourself in the case of scarcity of money is not a wise or correct decision.

    • saddlerider1 profile image

      saddlerider1 7 years ago

      Debt has plagued me most of my career life. Up and down with credit cards, paying minimums at times, not paying a bill, considering bankruptcy a few times. But with perseverance and hard work I was able to the forest for the trees and found a light at the end of the debt tunnel.

      I only buy what I need, not what I want and the the very basics, more frugal than I've ever been, keep the debt very manageable and pay on time. There is nothing more stressful than finances and marriage breakdowns and far to often marriage breakdowns are a direct result of finances and not been or knowing how to handle them.

      Great hub, good education for those who have serious debt problems. Find help it is not the end of the world and certainly not one to commit suicide over. Yikes.

    • matt6v33 profile image

      matt6v33 7 years ago from Bangkok, Thailand

      Hello Young Lady,

      Once again, u never cease to amaze me, with tht awsome God given ability u clearly possess. Very Nice Write Up, on this. fyi: i've touched on this issue recently in my "Food For Thoughts", For One Cant Serve Two Masters!

      Money, and Him!

      Thanks again, for sharing with all of us.. We/I Need U! :)

    • Mike Lickteig profile image

      Mike Lickteig 7 years ago from Lawrence KS USA

      The crisis of debt is indeed alarming and significant, and many people feel there is no place to turn. I knew someone who committed suicide for this very reason, and it is a sad situation. I do think a government program to aid those in debt could benefit many. In the US we bailed out the banks, why not bail out the people who owe the banks?

      I have some debt and it does concern me, but I try to take it a day at a time and deal with it. I would not be opposed to some help, though (lol).

      Thanks for a wonderful and sensitive article, Elena. Take care.

      Mike

    • tony0724 profile image

      tony0724 7 years ago from san diego calif

      My dear Lady this is another fine hub about an issue most people do not want to talk about but should. Over here a Mayor from a small town just outside of Dallas Texas killed her 19 year old daughter and then took her own life and the reason was because she had crippling debt as well. This is the most high profile however this is a sad story being played out all across the USA as well. And in fact this is part of the reason that brought about the financial crisis and housing crisis that we are in here in the USA. People had such easy access to credit, that they did not consider the pricetag that came with using credit so liberally. My Grandparents generation almost always paid everything in cash and using credit was seen as a failure. That is a generation we could learn something from.

    • akhimamun profile image

      akhimamun 7 years ago from UK

      Useful information for us.I will look at all of your hubs.

      Thank you very much that you came on my hub.

    • Shinkicker profile image

      Shinkicker 7 years ago from Scotland

      Great Hub Lady E

      There should be more support for people with debt problems. It's not the end of the world and people should have hope.

    • Mentalist acer profile image

      Mentalist acer 7 years ago from A Voice in your Mind!

      I'm so afraid of debt that the only debt I ever had was through a loan from my parents estate for $50.000.00 for a pre-fabricated home,which I paid off as as soon as possible...

    • telltale profile image

      telltale 7 years ago

      Thanks for the posting this hub about debts, I believe it is timely to provide such information, as many of us are in debt one way or another. Only glad that my assets exceed my liabilities, and the economy is not going as good as it should be. Even though I am in Asia, it is a global slow down and almost every country is experiencing it. Good and informative hub.

    • nanospeck profile image

      Akhil Anil 7 years ago

      It's a really useful piece of info.. hope this hub helps evryone who is striving to pay off their debts.A good effort from your part lady_e.