Lauren Tara LaCapra
The foreclosure filings piling up across the country are taking a toll not just on banks and Americans' personal finances, but on their mental state as well.
Nearly 1.7 million homes have been foreclosed upon so far this year, and the pace has accelerated. RealtyTrac reported on Thursday that there were 55% more foreclosure notices issued in July than a year earlier. The related stress can lead to an increase in unhealthy behavior, like not eating or sleeping properly, self-medicating with alcohol or drugs, and damaging personal relationships or employment. Some have even taken their own lives. One couple facing foreclosure in Prineville, Ore., left their car running to kill themselves and their three dogs, according to a USA Today article. ABC News reported that another woman in Massachusetts fatally shot herself after faxing her mortgage company a note saying that "by the time you foreclose on my house I'll be dead." While these may be extreme examples, there is no doubt that the economic downturn is causing mental anguish for Americans across the board, and that those who are in danger of losing their homes are likely to be hit the worst. ComPsych, a Chicago-based provider of employee assistance programs, says it received 21% more calls related to finances during the first six months of the year, with eviction calls up 25%. The company has added more on-site training sessions for personal finance to help employees cope with financial stress. "Our experts say this is being driven by economic hardship and uncertain times," says spokeswoman Jennifer Hudson.
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