Nov 26, 2008 6:00 pm US/Eastern
Health: Slumping Economy & Depression
PHILADELPHIA (CBS 3) ―
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Ethan Miller/Getty Images
The declining economy is weighing heavy on many of us and could seriously be impacting your health. New research based right here at the University of Pennsylvania is uncovering alarming numbers.
The research found that one in three people undergoing foreclosure are clinically depressed, making it that much harder for them to dig out of their financial hole.
The thought of losing the home she'd worked all her life for was almost too much for Helen Thompson to bear.
"I was slowly committing suicide," Helen told us.
With the news she was facing foreclosure, this North Philadelphia great-grandmother became depressed and started drinking.
"I've never been so sick in my life. I just thought I wasn't going to make it," said Helen.
Helen is not alone according to new research at the University of Pennsylvania on almost 300 local families facing foreclosure.
"About a third are screening positive for depression, major depression in our study," said Dr. Craig Pollack, UPENN Physician Researcher.
Dr. Craig Pollack is leading the study, still underway at PENN.
Another preliminary finding -- the threat of foreclosure leads many to stop buying necessary medicine or going to the doctor.
"Right now a lot of outreach efforts of keeping people in their homes are not necessarily looking at the health consequences of foreclosure," said Dr. Pollack.
After the study is published next year, Dr. Pollack hopes that the research may encourage mortgage counselors to consider someone's health in the foreclosure process.
Because the constant calls from bill collectors can take a long term toll.
"My phone had been cut off, my insurance, the bills was really getting outrageous … It was just too much."
Helen is still threatened with foreclosure, but is trying to work with her lender to keep her home.
Bottom line, the worst thing you can do is avoid the issue. If you're facing foreclosure, reach out to your mortgage company or one of the credit counseling services available on our Web site and try to negotiate a payment plan.
RELATED LINKS:
http://www.philaup.org/
http://www.acornhousing.org/index.php
http://cccsdv.org/
(© MMIX, CBS Broadcasting Inc. All Rights Reserved.)
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