COLUMBIA, Mo. – A University of Missouri researcher has found that the stress of carrying unsecured debt into adulthood is also linked to physical health issues, including pain that interferes with daily activities.
“Unsecured debt is not like student loan debt or mortgage debt, where ending the assumption of that debt helps you build wealth over time or gives you some financial security. “Said Adrianne Frech, Ph.D.” Unsecured debt is credit card loans, payday loans, or money you owe businesses with something like a business credit card. It is the types of loans that are not tied to an asset that help you build wealth over time, and these types of debt are also more difficult to pay off because they have higher interest rates.
Adrianne Frech, medical sociologist and associate professor at the MU School of Health Professions, analyzed data from the United States Bureau of Labor Statistics to examine the financial health of nearly 8,000 baby boomers between the ages of 28 and 40 as well as their physical health. at 50 years old.
“The most disturbing thing we found is that even people who have paid off their debt over time also felt more pain in mid-life than people who never had a lot of unsecured debt,” therefore the effects are long lasting, ”said Frech.
Frech hypothesizes that debt can cause mental health problems in an adult, resulting in physical impairments.
“We follow individuals over time, so we look at the people who carry this unsecured debt for years and years,” Frech said. “People with the highest level of unsecured debt have had more pain by age 50 and it’s the kind of pain that interferes with your daily activities.”