That high interest rate on your credit card could be giving you more than a headache. It could potentially make you clinically depressed.
That’s the conclusion of a recent study conducted by the researchers at the University of Wisconsin-Madison’s Institute for Research on Poverty.
Gleaning information from the National Survey of Families and Households in the U.S. and a series of regression models, study authors discovered household debt is positively correlated with a higher number of depressive symptoms. This was more true of short-term unsecured debt – like credit card debts or payday loans – as opposed to mid- or long-term debts, like mortgages or car payments.
Long-term debts might actually be considered a positive for some people, as they may be deemed good investments in the future. However, it should be pointed out that this data was collected in the late 1980s and early 1990s, which means housing debt might now in fact be a source of significantly more stress, especially if the home is not worth nearly as much as it used to be. That sense of financial security may no longer be what it was before the recession.
Also interesting was that the association was especially acute for those adults between the ages of 51 and 64 (those nearing retirement) with a high school diploma or less. It was also true for those not in a stable marriage for the duration of the study period (which was two separate two-year time frames).