Debt Nearly Buried Them

Decades ago, lawyer John Glover stood in a bank lobby, struggling with financial ruin and self-worth. Foreclosure loomed, and in desperation, he considered floating a check he couldn’t cover. His mind then turned to a more drastic solution—his accidental-death life insurance policy.

The $5,000 payout seemed like an answer to his crisis. He even thought of making his death look like an accident. But the thought passed, and he didn’t follow through. Instead, he lost his home, later divorced, but ultimately survived.

Financial crises can push people toward despair. Studies show that experiencing debt increases the likelihood of a suicide attempt by 58 percent. While suicide is often a result of multiple factors, financial stress can be a major tipping point.

Sarah Brummett, director of the National Action Alliance for Suicide Prevention, stresses that financial distress is subjective. “When stressors, including finances, reach a crisis point, it’s really self-defined,” she said.

After his lowest moment, Mr. Glover began tracking every dollar he spent. Once he confronted the numbers, he realized his financial problems weren’t as insurmountable as they seemed. “There’s always some way out,” he said.

Seeking community, he joined Debtors Anonymous, which helped him shed the shame of financial failure. There, he met Karen McCall, who had faced similar struggles. She was starting MoneyGrit, a business to help others regain financial control.

McCall recalled her first Debtors Anonymous meeting. Initially embarrassed, she broke down in tears when a member warmly welcomed her. She later realized that secrecy and shame only deepened financial distress.

One client, a respected doctor, had been contemplating suicide to secure his children’s education through life insurance. He had hidden his financial ruin, a common trait among those in crisis. McCall emphasized that facing the reality of one’s situation is the first step to recovery.

She encourages people to examine their financial reality, however painful. “So often, people don’t know exactly what they owe. Knowing the numbers makes them feel better,” she said.

Now married, McCall and Glover have spent two years traveling Europe. “At one point, that seemed impossible,” she said. “Dealing with money issues is worth it—it changes lives.”

Ambus Hunter, once confident in his finances, spiraled into debt after developing a gambling problem. Losing $10,000 in a month, he briefly considered illegal schemes or even suicide. Instead, he worked tirelessly to rebuild his savings and became a financial counselor for problem gamblers. His key lesson? Self-forgiveness.

Author Michelle Singletary stresses the need to normalize mental health care in financial crises. “When you’re in a hole, all you see are the walls,” she said. Speaking up can provide a lifeline. If you are struggling, reach out—help is available by calling or texting 988 for the Suicide and Crisis Lifeline.