Financial suicide: Debt and death across US counties during the Great Recession

Abstract Exploiting variation in debt‐to‐income ratios across US counties at the onset of the Great Recession, we investigate the impact of debt exposure on suicide. We find that more indebted counties saw a significant rise in suicide rates, with effects double for men and triple among adults ages 40–64. These patterns align with financial responsibilities: men are primary borrowers on mortgages, and middle‐aged adults hold the most secured debt. The impact of debt on suicide behavior, with annual costs of several billion dollars, underscores the welfare implications of inflexible household debt instruments.