Feeling blue? Maybe you should check your net worth. But hold on…it’s not because money makes us happier. Most studies show that once we have enough money to achieve a reasonable standard of living, more doesn’t make us much happier – and a lot more doesn’t make us any happier at all. In fact, if you’re looking for the key to greater good cheer, you won’t find it in what you own but in what you owe. Research by Lawrence Berger, an associate professor of social work at the University of Wisconsin in Madison, has found that debt and depression are twin evils – when debt goes up, so do depressive symptoms.
Now let’s just clarify a key point: This research isn’t talking about the clinical kind of depression that can drag people to dangerous lows; that requires professional intervention. Instead, Berger’s research ties debt to the day-to-day lows that plague otherwise healthy people.
Find out why debt and depression tend to go together – and what you can do to deal with both – in my new post on GoldenGirlFinance.com.