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Consumer Debt Delinquency over Life Cycle Stages

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  • Jing Jian Xiao
  • Rui Yao
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    Abstract

    Consumer debt delinquency, as measured by being 60 or more days late in in debt payment, is an indicator of financial ill health. Using six datasets of the 1992-2007 U.S. Surveys of Consumer Finances, this study examines consumer debt delinquency over life cycle stages. Inspired by previous research (Du & Kamakura, 2006), fifteen life cycle stages are defined by household head’s age, marital status, and presence and age of children. Multivariate logistic results show that young couples status, and presence age of children. Multivariate logistic results show that young couples and singles with children aged 7 or older and middle aged singles with children aged 15 or older are found to have the highest risk of debt delinquency. Findings suggest that presence and age children are have the highest risk of debt delinquency. Findings suggest that presence and age of children are important factors affecting consumer debt delinquency, which should be considered in public policies that aim to improve consumer financial well-being.

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    File URL: http://indstate.edu/business/NFI/leadership/papers/2011-WP-18_Xiao_Yao.pdf
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    Bibliographic Info

    Paper provided by Indiana State University, Scott College of Business, Networks Financial Institute in its series NFI Working Papers with number 2011-WP-18.

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    Length: 32 pages
    Date of creation: Aug 2011
    Date of revision:
    Handle: RePEc:nfi:nfiwps:2011-wp-18

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    Related research

    Keywords: Consumer debt; debt delinquency; life cycle behavior; Survey of Consumer Finance;

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    1. Martin Browning & Thomas F. Crossley, 2001. "The lifecycle model of consumption and saving," IFS Working Papers, Institute for Fiscal Studies W01/15, Institute for Fiscal Studies.
    2. Wilkes, Robert E, 1995. " Household Life-Cycle Stages, Transitions, and Product Expenditures," Journal of Consumer Research, University of Chicago Press, University of Chicago Press, vol. 22(1), pages 27-42, June.
    3. Orazio P. Attanasio & Guglielmo Weber, 2010. "Consumption and Saving: Models of Intertemporal Allocation and Their Implications for Public Policy," NBER Working Papers 15756, National Bureau of Economic Research, Inc.
    4. Schaninger, Charles M & Danko, William D, 1993. " A Conceptual and Empirical Comparison of Alternative Household Life Cycle Models," Journal of Consumer Research, University of Chicago Press, University of Chicago Press, vol. 19(4), pages 580-94, March.
    5. Karen E. Dynan, 2009. "Changing Household Financial Opportunities and Economic Security," Journal of Economic Perspectives, American Economic Association, American Economic Association, vol. 23(4), pages 49-68, Fall.
    6. Diann Moorman & Steven Garasky, 2008. "Consumer Debt Repayment Behavior as a Precursor to Bankruptcy," Journal of Family and Economic Issues, Springer, Springer, vol. 29(2), pages 219-233, June.
    7. Wagner, Janet & Hanna, Sherman, 1983. " The Effectiveness of Family Life Cycle Variables in Consumer Expenditure Research," Journal of Consumer Research, University of Chicago Press, University of Chicago Press, vol. 10(3), pages 281-91, December.
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