Suicide becomes tool of their debt mgt
Syed Shemul Parvez :
As the nation embarks on the shimmering path of development, a darker reality often unfolds for its middle-class and low-income citizens: the crushing weight of debt that causes them to suffer depression.
While the government, in its pursuit of progress, raises taxes and VAT to fuel grand projects, the middle class finds itself caught in a financial vice.
Experts paint a grim picture, where the rising costs of development and the ripple effects of global conflicts leave the middle class as silent bystanders to an era of relentless inflation.
Saddled with debt and seeing no viable escape, some have resorted to the ultimate tragedy suicide.
Others, overwhelmed by the pressures on their families and businesses, succumb to mental anguish and apathy.
The true number of debt-driven suicides remains shrouded in mystery, but the increasing frequency of such news reports in newspapers paints a chilling picture. On March 25th, a tragedy unfolded in the Jatrabari area.
Jewel Molla, a 35-year-old cloth trader, succumbed to the mental torment brought on by crippling debt.
As relatives recounted, the isolation of living alone only exacerbated his financial worries.
In the quiet of his home, in Mir Hazir Bagh, Dakshin Jatrabari, Jewel made the heartbreaking decision to end his life, hanging himself with a sheet from a ceiling fan.
Sub-inspector Nur Mohammad of the Jatrabari police station confirmed the incident to the media, stating they received information from a relative about Jewel’s failing business leading to debt and a mental breakdown.
The story of Jewel Molla is not an isolated one. Earlier in 2023, Mohammad Arif Hossain, a young businessman of only 23, took his own life in Mirsrai, Chittagong, on September 4th, burdened by the weight of an insurmountable loan.
He was found hanging in his residence, leaving behind a haunting apology on his Facebook page.
These tragedies echo the despair of Hiramoni from Akkelpur, Joypurhat. Hiramoni, her husband Masod Rana (a rickshaw-van driver), and their daughter Rani
represent countless families struggling to make ends meet with no land ownership to offer a safety net.
Masod and Hiramoni became entangled in a web of debt, borrowing from 8-10 different NGOs. Yet, their circumstances only worsened.
The suffocating pressure of a debt exceeding Tk 3,00,000 ultimately led Hiramoni to take her own life – a tragic testament to the devastating human cost of economic hardship.
Hiramoni’s story is far from unique.
A recent Bangladesh Bureau of Statistics (BBS) report paints a grim picture, revealing that nearly a quarter of Bangladeshi families rely on loans to meet essential needs like food, clothing, shelter, healthcare, and education.
These loans, often taken from non-government organizations with exorbitant interest rates, disproportionately burden rural populations.
The report, titled “Food Safety Statistics- 2023,” defines food insecurity as the inability to access sufficient or adequate food to meet basic needs.
The World Bank adds another layer of concern, estimating that around 500,000 Bangladeshis fell into extreme poverty between 2022 and 2024 due to declining purchasing power.
Furthermore, private statistics suggest that approximately 40 million people in Bangladesh rely on loans for basic necessities.
Dr. Tawohidul Haque, an Associate Professor at the University of Dhaka, sheds light on the root cause of this crisis.
He said, “A widening gap has increased between income and expenses. Middle-class families are forced to deplete savings, while lower-middle-class families resort to loans to survive the ongoing economic crisis and skyrocketing commodity prices.”
“While initiatives like the Trading Corporation of Bangladesh (TCB) aim to provide essential goods at subsidized rates for underprivileged communities, their reach is limited, failing to meet the nationwide demand,” said Dr. Haque He further emphasized the need for a more comprehensive approach, urging the government to break the hold of dishonest business syndicates who manipulate prices during major festivals.
He argues that unless the government dismantles these syndicates and strengthens its commitment to a welfare state, existing measures will have minimal impact.
Dr. Saima Haque Bidisha, a Professor of Economics at the University of Dhaka, proposes a two-pronged solution.
She said, “Establishing a robust social safety net through an expanded allowance system and ensuring widespread availability of TCB trucks across the country is a must.
Minimum wage and monitoring policy have to be ensured to reduce the sufferings.”
At present, people are burdened with high-interest microloans while pursuing business ventures.
However, the safety of these investments remains uncertain in many cases, making loan repayment difficult.`Prof Saima suggested that by enhancing socila security in these areas, the young business community can be spared from frustration and the burden of debt-induced suicides.
Psychiatrist Dr Helal Uddin Ahmed highlights the need for effective support systems.