The Financial Consequences of Undiagnosed Memory Disorders

Carole Roan Gresenz (), Jean M Mitchell (), Belicia Rodriguez, R. Scott Turner () and Wilbert van der Klaauw
Additional contact information
Carole Roan Gresenz: https://gufaculty360.georgetown.edu/s/contact/00336000014Tg42AAC/carole-roan-gresenz
Jean M Mitchell: https://gufaculty360.georgetown.edu/s/contact/00336000014RXziAAG/jean-mitchell
R. Scott Turner: https://neurology.georgetown.edu/turner/

No 1106, Staff Reports from Federal Reserve Bank of New York

Abstract: We examine the effect of undiagnosed memory disorders on credit outcomes using nationally representative credit reporting data merged with Medicare data. Years prior to eventual diagnosis, average credit scores begin to weaken and payment delinquency begins to increase, overall and for mortgage and credit card accounts specifically. Credit outcomes consistently deteriorate over the quarters leading up to diagnosis. The harmful financial effects of undiagnosed memory disorders exacerbate the already substantial financial pressure households face upon diagnosis of a memory disorder. Our findings substantiate the possible utility of credit reporting data for facilitating early identification of those at risk for memory disorders.

Keywords: Debt repayment; memory disorders; credit cards; mortgages (search for similar items in EconPapers)
JEL-codes: G41 G51 I1 (search for similar items in EconPapers)
Pages: 42
Date: 2024-05-01
New Economics Papers: this item is included in nep-ban and nep-pay
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

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DOI: 10.59576/sr.1106

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