May 15, 2008

USA Today

Foreclosures Take Toll on Mental Health

The escalating pace of foreclosures and rising fears among some homeowners about keeping up with their mortgages are creating a range of emotional problems, mental-health specialists say. Those include anxiety disorders, depression and addictive behaviors such as alcoholism and gambling.

“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.

ComPsych says financial concerns are now the top issue the firm’s counselors are hearing in calls from clients. Calls about financial worries have surged 20 percent over last year; those related to mortgage problems have doubled. “It’s escalated to the No. 1 issue because of the housing crisis,” Chaifetz says.