During the time leading up to a dementia diagnosis, many people may begin to lose track of their finances.
FAIRBANKS, Alaska - Many effects of dementia can slip by under the radar before the disease is identified and diagnosed. This can have some unpleasant side effects on daily life, especially when this forgetfulness extends to the area of finances.
According to a new report on the financial consequences of undiagnosed memory disorders, the year preceding a dementia diagnosis often shows signs of worse financial management. They say during this time more than 17% of people in the early stages of dementia were more frequently late on their mortgage payments. They were also 34% less likely to pay their credit card bills on time.
Researchers determined by looking at Medicare records alongside credit bureau records that patients’ average credit scores began to decrease as long as five years before an eventual dementia diagnosis. An Alzheimer’s or dementia diagnosis already presents a substantial financial pressure to many families on its own, and this overlooked effect of rising debt and lowered credit only adds to the difficulty.
The report suggests that, based on the trends it has found, it might be realistic to use credit reporting data as a less expensive and less invasive method to help identify those in the early stages of risk for memory disorders.America faces worst blood shortage in 20 years
Dementia Alzheimers Finances Financial Senior Elderly Mind Brain Credit Debt Study Diagnosis Mortgage
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