Who are the Debt Poor?
AbstractOur previous research argued that interest payments on consumer debt should be subtracted from household income to measure poverty. We estimated 4 million additional poor Americans in 2007, calling them "debt poor." This paper finds that the debt poor are somewhat like the poor (they are unlikely to own a home or have private health insurance), somewhat like middle-class households (race), and in-between in other ways (education levels). Debt poor households were likely middle class once, having access to considerable consumer credit; but following a loss of income, their large debt burden put their living standard below their poverty threshold.
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Bibliographic InfoArticle provided by M.E. Sharpe, Inc. in its journal Journal of Economic Issues.
Volume (Year): 43 (2009)
Issue (Month): 2 (June)
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Web page: http://www.mesharpe.com/mall/results1.asp?acr=jei
Debt poor; Survey of Consumer Finances; consumer debt; poverty;
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Blog mentionsAs found by EconAcademics.org, the blog aggregator for Economics research:
- Pressman and Scott on measuring poverty
by Mark D. White in Economics and Ethics on 2009-10-23 12:49:19
- Todorova, Zdravka, 2013. "Consumption as a Social Process within Social Provisioning and Capitalism: Implications for Heterodox Economics," MPRA Paper 51516, University Library of Munich, Germany.
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