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A new study has found that resolving debts can lighten the load in more places than just your wallet.
Researchers surveyed 200 low-income individuals on their decision-making skills and anxiety before and after their debt was partially paid off.
Debt - Relief - Burdens - Decisions - Things
They found that debt relief lowered the 'mental burdens of the poor' that previously prevented them from making better decisions, among other things.
The study was conducted by the Social Service Research Centre at the National University of Singapore and published recently in the journal Proceedings of the National Academy of Sciences of the United States of America.
Participants - Study - Debt - Relief - Singapore
Participants in the study received debt relief worth up to 5,000 Singapore dollars, or roughly three month's household income.
The charity payments were put toward portions of participants mortgages, utility bills and municipal debts.
Participants - Dollar - Amount - Debt - Relief
While all participants received the same dollar amount of debt relief, not all had the same debt levels - some had more debt accrued compared to others, meaning they had more debt leftover after the charity donation.
They were then told to take a survey that measured anxiety and cognitive functioning, as well as financial decision-making.
Survey - Participants - Debt - Relief - Months
The survey was given to participants before they received debt relief and then three months after receiving debt relief....
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