This paper addresses the manner in which alterations of interpersonal experience are (a) central to most of those predicaments labelled as ‘depression’, and (b) inextricable from other, seemingly distinct depression-symptoms. I sketch an approach inspired by the phenomenological tradition of philosophy, which emphasizes how depression-experiences involve profound changes in one’s sense of possibility. In so doing, I show how anticipated and actual interactions with other people shape and re-shape experience of the wider world by imbuing it with certain distinctive types of possibility. It follows from this that a shift in how one anticipates, experiences, and relates to other people in general also amounts to a shift in the types of possibility offered by the world. My discussion is concerned primarily with the structure of depression-experiences, rather than with causes or treatment. However, I conclude by tentatively addressing some implications for the latter.