Knowledge Tree
Relations (1)
related 2.32 — strongly supporting 4 facts
Credit card debt and payday loans are both categorized as forms of 'bad debt' that do not generate future income [1] and are both identified as specific types of debt associated with negative impacts on mental and physical health [2] and poor health outcomes [3].
Facts (4)
Sources
Financial Rules of Thumb: Your Money Management Cheat Sheet champlain.edu 2 facts
claimGood debt is defined as debt taken on to increase income or net worth over time, such as education loans, mortgages, and business loans, because these scenarios provide a return on investment. Bad debt is defined as debt that does not generate future income and often finances non-necessities, such as high-interest credit card debt, payday loans, and rent-to-own agreements.
claimBad debt is defined as debt that does not generate future income and is typically used to finance non-necessities, such as high-interest credit card debt, payday loans, and rent-to-own agreements.
The Impacts of Individual and Household Debt on Health and Well ... apha.org 1 fact
claimSpecific forms of debt, including student loans, medical debt, credit cards, high-cost credit (such as payday loans), legal financial obligations, and child support debt, are predictors of poor health in addition to overall levels of unsecured debt.
Firsthand Perspectives Exploring the Mental-Financial Health ... finhealthnetwork.org 1 fact
claimVarious sources of debt, including medical debt, credit card debt, student loans, and payday loans, are associated with decreased mental and physical health.