Lawrence Berger, a University of Wisconsin at Madison associate professor of social work, recently published his research findings suggesting the nature of the relationship between debt and depression. Although his work relied upon data from an era when housing was more secure and student loan debts were smaller (4,755 individuals from 1987 to 1989 and 1992 and 1994 in the National Survey of Families and Households), his findings are worth noting. Overall, when “the dollar amount of a person’s debt increases by 10 percent, depressive symptoms — like not being able to shake the blues, feeling lonely, or having trouble eating or sleeping — increase by 14 percent.”
So What?
Living within one’s means is wise counsel in any era. Deciding when to increase the dollar amount of debt, for what reasons, and to what limit is a decision most people make several times during their adult lives.
- What basic guidelines do you or do you and your partner use for determining and periodically reevaluating when to increase the dollar amount of debt, for what reasons, and to what limit?
- How does your faith contribute to the overall framework you have established?