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Abstract
Background and Objectives
Consumer credit has shown increasing relevance to the health of older adults; however, studies have not been able to assess the extent to which creditworthiness influences future health or health influences future creditworthiness. We assessed the relationships between 4-year pre and postmorbid consumer credit history and self-rated physical and mental health outcomes among older adults.
Research Design and Methods
Generalized estimating equations models assessed pre and postmorbid credit history (credit scores, derogatory accounts, and unpaid accounts in collections) and the onset of poor self-rated health (SF-36 score <50) among 1,740 participants aged 65+ in the Advanced Cognitive Training for Independent and Vital Elderly study from 2001 to 2017, linked to TransUnion consumer credit data.
Results
In any given year, up to 1/4 of participants had a major derogatory, unpaid, or collections account, and up to 13% of the sample had poor health. Each 50-point increase in credit score trended toward a 5% lower odds of poor health in the next 1 year, a 6% lower odds in the next 2 years, and a statistically significant finding of 13% lower odds by 3 years. A drop in credit score was associated with a 10% greater odds of poor health in the next year, and having a major derogatory account was associated with an 86% greater odds of poor health in the next 3 years. After poor health onset, credit scores continued to see significant losses up to the 3 years, with larger decrements over time.
Discussion and Implications
Having a major derogatory account or a sudden loss in credit may be a time to monitor older adults for changes in health. After a downturn in health, supporting older adults to manage their debt may help stabilize their credit.
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Details
1 Department of Epidemiology, Johns Hopkins Bloomberg School of Public Health , Baltimore, Maryland , USA
2 Department of Psychology, University of Alabama at Birmingham , Birmingham, Alabama , USA
3 Department of Psychiatry and Behavioral Sciences, University of Washington , Seattle, Washington , USA
4 Department of Psychology, University of Alabama , Tuscaloosa, Alabama , USA
5 VA San Diego Healthcare System and Department of Psychiatry, University of California, San Diego School of Medicine , San Diego, California , USA
6 Department of Clinical and Health Psychology, University of Florida , Gainesville, Florida , USA
7 Department of Medicine and Pediatrics, Perelman School of Medicine, University of Pennsylvania , Philadelphia, Pennsylvania , USA
8 Department of Health, Behavior and Society, Johns Hopkins Bloomberg School of Public Health , Baltimore, Maryland , USA
9 Department of Epidemiology, University of Pittsburgh , Pittsburgh, Pennsylvania , USA
10 Department of Medical Ethics and Policy, Perelman School of Medicine, University of Pennsylvania , Philadelphia, Pennsylvania , USA