Maira Salcedo of Innerbody Research sent us the following about the effects of debt on mental health:
"I came across a news article of yours, "$1 trillion credit card debt looming, Wallet Hub says," at "www.greensheet.com/breakingnews.php?article_id=1962," where you discussed the potential effects on consumers of an anticipated rate hike by the Federal Reserve, data on rising consumer credit card debt, and scenarios when credit card debt can be a plus. I thought that you might be interested in our study on the effect debt has on mental health. We surveyed 1,063 people about their accumulated debt, lifestyle, and spending and saving habits. From our survey, we were able to gain insights into which forms of debt were most detrimental to peoples’ mental health, as well as the type of mental health issues most associated with debt accumulation.
We also discovered which generation is most affected by outstanding debt, how they are attempting to pay it down, and how paying off their debt (or not) affects their quality of life. It's no surprise that home loans have the highest approximate average outstanding balance ($77,000) with the lowest annual interest rates; credit cards have the highest annual interest rates with the lowest outstanding average balance ($7,660). Feel free to check out the study here: www.innerbody.com/how-different-forms-of-debt-affect-our-mental-health."
Is debt a topic that comes up when you are interacting with merchants and other small business clients that accept payments? If so, have you been able to offer useful advice and resources? Please weigh in on this or other topics of interest at greensheet@greensheet.com.
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