Thursday, June 27, 2019

The Psychological Cost of Debt

I found this interesting article centered on the relationship that we have with money - the good, the bad, how we see it and how we relate to it.

The Ascent Staff, from the Motley Fool, conducted a survey of over 1000 Americans to explore the links between happiness, fulfillment, self-esteem and financial distress.

In it, you read that Americans with mortgages have the highest level of life satisfaction compared with those with other forms of debt, such as medical, student loan, or credit card debt.  In other words, mortgages are the happiest type of debt (who knew?...).
72% of people believed that incurring debt could be a good think when done responsibly.
63% of people believed that wealthier people were also happier - it seems obvious, but in fact, not so much in my opinion.

Can money buy happiness? 56% say money could buy happiness "to an extent", while 8% say: "not at all", and 17% say "absolutely yes".
And also:
97% of people with debt believed they would be happier if they didn't have debt - I wonder who are the other 3%  ;-).

Thank you for reading!  Share if you like, and contact me for your real estate questions!

Francis Rolland

My Home Valuation tool
Detailed, local trends etc...
Current mortgage rates   (low!)

No comments: