Financial Distress Leads to Tragedy in Dallas
What a tragedy it is when people are so financially desperate they can't see a way out. This happened on Tuesday, July 13th when Dallas-area Mayor Jayne Peter was found dead in her home along with her daughter Corinne. According to the police on scene, notes left at the home indicated Jayne had taken her own life as well as her daughter's.
Jayne's husband died in 2008 but he apparently didn't have enough life insurance or savings to provide adequate financial support for his family in case something happened to him. His family was left with a heavy debt burden and Jayne's income wasn't enough to cover monthly expenses and all of the outstanding financial obligations.
Jayne was still recovering from the loss of her husband and dealing with overwhelming debt while trying to hide her financial difficulties from her daughter. The family home was in foreclosure and to make ends meet Jayne was charging personal expenses on her city-issued credit card. When she died there were approximately $4,000 worth of credit card expenses in question. This misfortune ultimately ended in tragedy.
Many people have feelings of anxiety and shame when they’re in serious financial trouble. Money Anxiety Disorder has become pervasive with the economic recession and loss of jobs,income and retirement account values and accompanying high levels of debt.
It's important to realize that your financial problems are not unique. The American Psychiatric Association conducted a survey in 2008 that showed over 80% of the responders suffered from financial-related stress and anxiety.
There are professionals who can help you and resources that are available. Nonprofit credit counseling agencies have counselors who can look at your financial situation and provide solutions. Go to NFCC.org to get a list of local agencies. There is also a national resource hotline number: 211 (just three numbers like 911) and a website 211.org that offer a directory of assistance programs in your area.
This horrible story of Jayne Peter and her daughter Corinne could have had a different outcome if she had reached out to organizations who could have helped or if her husband had taken out a life insurance policy that would have given his family financial security.
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