NEW YORK, Oct. 14, 2019 /PRNewswire/ -- Your average American has 50 percent more debt compared to 10 years ago. So how is that debt affecting us? CarefulCents.com, a leader in personal finance education, conducted a detailed analysis of scientific literature to find the answer.
"The cost of debt shouldn't be measured by interest rates alone," said CarefulCents editor Brian J. Roberts. "There is a psychological cost to be paid as well."
Key findings of our study include:
- Debt stress is significantly associated with psychological distress and poor overall health, with short-term debts being the most stressful of all.
- Consumer debt level directly predicts changes in marital conflict.
- Presence of credit card debt alone has significant impact on marital conflict, even after controlling for variables in the family stress model.
- Credit cards are the second largest source of millennial debt (20%).
- Financial strains such as consumer debt are strong predictors of depression, mental disorders, and suicidal ideation and behavior.
- Credit card debt is the most stressful of all consumer debt types.
- Those with credit card debt are more stressed about overall debt.
- Being married with children is associated with less debt-related anxiety.
- Short-term debts are twice as stressful as long-term debts.
Read the complete study on debt stress at:
CarefulCents.com is a leading finance education website, simplifying personal finance for people of all ages. Using equal parts original research and compelling content, CarefulCents helps its readers master their money, and in turn, master their lives.