Who knew all debt wasn’t created equal? While we all try and actively avoid debt, it does look like debt type plays a factor into happiness.
The Ascent team by The Motley Fool surveyed more than 1,000 Americans with debt to learn how it affects their feelings and thoughts.
While a mortgage is probably the biggest amount of debt someone can take on, many viewed it as the best debt type to have. Debt can be stressful – but if it helps put a roof over your head and can help with an investment, people tend to view it differently.
With 97% of those surveyed saying they believe they would be happier if they did not have debt, mortgage debt was the most satisfying type of debt, while those with medical loans were the least satisfied.
Here is the percentage breakdown of life satisfaction by debt type:
Mortgage – 87%
Auto – 82%
Personal Loan – 75%
Credit Card – 75%
Student Loan – 71%
Medical – 64%