Engagement in problem-focused discussions that direct attention to negative emotions predicts heightened depressive affect and feelings of closeness with friends (Rose, 2002). The goal of this study was to test whether the psychosocial correlates of such conversations are altered by engaging in those conversations through computer-mediated forms of communication and to identify mechanisms that may account for those differences. Fifty-three female friend pairs engaged in problem-focused discussions in an online or face-to-face context. Observers rated expressed negative affect and information disclosure. Self-reports of self-disclosure, true self-expression, and feelings of similarity were obtained. Although participants interacting online were rated as exchanging less information than those interacting face-to-face, they reported feeling more similar, engaging in more self-disclosure, and expressing fewer aspects of their true self. Discussing problems online was indirectly related to feelings of closeness through greater felt similarity. Implications for the study of computer-mediated communication and problem-focused talk are discussed.