CONSUMER DEBT STRESS, CHANGES IN HOUSEHOLD DEBT, AND THE GREAT RECESSION
Tóm tắt
This research examines psychological debt stress and changes in household debt holdings for consumers during the Great Recession using data from a monthly national U.S. household survey covering the period 2006 through 2012. Debt stress measures in the population rose by over 50% at the bottom of the recession. Determining relative stress for eight different types of household debt, we find that noncollateralized debts are more stressful than collateralized debt and that during the recession the composition of debt shifted away from collateralized debt and toward noncollateralized. Our empirical results show that women and Hispanics experienced higher measured levels of stress. (
Từ khóa
Tài liệu tham khảo
Avery R., 2003, An Overview of Consumer Data and Credit Reporting, Federal Reserve Bulletin, 89, 47, 10.17016/bulletin.2003.89-2
Bagwell D. C., 2003, Financial Stress, Health Status, and Absenteeism in Credit Counseling Clients, Journal of Consumer Education, 20, 50
Berger L. J. M.Collins andL.Cuesta. “Household Debt and Adult Depressive Symptoms.” SSRN.2013. Accessed January 15 2013.http://ssrn.com/abstract=2200927.
Bricker J., 2012, Changes in U.S. Family Finances from 2007 to 2010: Evidence from the Survey of Consumer Finances, Federal Reserve Bulletin, 98, 1, 10.17016/bulletin.2012.98-2
Chan S. “An Outcry Rises as Debt Collectors Play Rough.”New York Times July 5 2006. Accessed July 5 2006.http://www.nytimes.com/2006/07/05/nyregion/05credit.html.
Cohen‐Cole E. andJ.Morse. “Your House or Your Credit Card Which Would You Choose? Personal Delinquency Tradeoffs and Precautionary Liquidity Motives.” Working Paper SSRN May2010. Accessed May 1 2010.http://ssrn.com/abstract=1411291.
Currie J. andE.Tekin. “Is the Foreclosure Crisis Making Us Sick?” NBER Working Paper No. 17310 August2011.
Ekici T. andS.Ozbeklik. “Financial Distress and Consumer Confidence: Are There Any Animal Spirits?” Working Paper METU NCC 2013.
Emmons W. R., 2013, Why Did Young Families Lose So Much Wealth during the Crisis: The Role of Homeownership, Federal Reserve Bank of St. Louis Review, 95, 1
Fry R. “Young Adults after the Recession: Fewer Homes Fewer Cars Less Debt.”2013.http://www.pewsocialtrends.org/2013/02/21/young‐adults‐after‐the‐recession‐fewer.
Haltenhof S. S. J.Lee andV.Stebunovs. “Bank Lending Channels During the Great Recession.” Finance and Economics Discussion Series 2014–06. Board of Governors of the Federal Reserve System (U.S.) 2014.
Hilsenrath J., 2012, Fed Wrestles with How Best to Bridge U.S. Credit Divide, The Wall Street Journal, A1
Hurd M. andS.Rohwedder. “Effects of the Financial Crisis and Great Recession on American Households.” NBER Working Paper No. 16407 National Bureau of Economic Research Cambridge MA 2010.
Lavrakas P. J., 2009, New Research on the Measurement of Debt Stress and Related Health Problems
Lavrakas P. J., 2000, A Debt Stress Index for Measuring the Stress Associated with One's Total Debt, The American Statistical Association Proceedings, 78
Malgarini M. M.Pugno andG.Zezza. “Life Satisfaction in a Survey of Italian Households.” Universita di Cassino Dipartimento di Scienze Economiche Working Paper No. 6/2009 June2009.
Prawitz A. D., 2006, In Charge Financial Distress/Financial Well‐Being Scale: Development, Administration, and Score Interpretation, Financial Counseling and Planning, 17, 34
Shand J.. “The Influence of Credit Constraints Educational and Personal Debt on Homeownership Among Young Households.” Virginia Polytechnic Institute and State University Working Paper 2013.
Silver‐Greenberg J., 2011, For the Families of Some Debtors, Death Offers No Respite, The Wall Street Journal, 258, A1
Skiba P. andJ.Tobacman. “Do Payday Loans Cause Bankruptcy?” Vanderbilt Law and Economics Research Paper November 9 2009 11–13.
Sullivan J. X., 2008, Borrowing During Unemployment, The Journal of Human Resources, 383, 10.3368/jhr.43.2.383
U.S. Debt Collection Agencies. “An Industry Analysis.” April 1 2012. Accessed May 9 2013.http://www.marketresearch.com/Marketdata‐Enterprises‐Inc‐v416/Debt‐Collection‐Agencies‐6884999/.
Wang H. “Strategic Consumer Default: Mortgage Versus Consumer Debt.” Ph.D. dissertation Ohio State University 2012.
Worthington A. “Debt as a Source of Financial Stress in Australian Households.” School of Economics and Finance Working Papers Series No. 164 Queensland University of Technology 2003.