Alzheimer’s Disease Can Be Predicted with Credit Score
August 6, 2024
Credit scores can be used to predict Alzheimer’s, writes Peter Watson.
Credit scores are a financial tool that can be useful as an early warning for dementia.
Credit scores are used to measure a person’s ability to fulfil their financial commitments. It is created by monitoring a person’s financial tendencies; for example, paying bills on time.
Your financial tendencies can also measure early stages of Alzheimer’s disease. This information comes from research done by the New York Federal Reserve and Georgetown University.
Your personal credit score can start to weaken five years ahead of being diagnosed with dementia. Mortgage delinquencies can be detected three years prior to a diagnosis.
If you, a friend or a family member exhibit symptoms of declining financial ability, there are two ways this information can be used. Initially and understandably there could be disbelief and avoidance of considering a mental decline has started.
No one wants to face a mental decline. But the gift is understanding that a mental decline is happening which gives you time to organize your financial life accordingly.
We recommend a thorough review of all your financial dealings. Develop safeguards that limit your ability to lose money or have it stolen.
For example, if your current bank account balance is large or is backed up by an automatic line of credit, consider moving excess money to a separate account and establishing controls on future lines of credit borrowings.
Declining mental ability makes you more susceptible to fraud. Most people are aware that they are being targeted by criminals by receiving bogus phone calls, texts and emails.
We are learning to disregard these attempts to trick us into having our money stolen. If your mental ability declines, regardless of how focused you have been in the past, you will likely be tricked into paying out money to a scam artist.
Mental decline is a natural characteristic of aging. Protect yourself.
Peter Watson, of Watson Investments MBA, CFP®, R.F.P., CIM®, FCSI offers a weekly financial planning column, Dollars & Sense. He can be contacted through www.watsoninvestments.com
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