Debt and distress: Evaluating the psychological cost of credit

by: Sarah Brown, Karl Taylor, Wheatley

Journal of Economic Psychology, Vol. 26, No. 5. (October 2005), pp. 642-663.

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Abstract

In this paper we explore the association between debt and psychological well-being amongst heads of households using the British Household Panel Survey. Our principle finding is that those household heads who have outstanding (non-mortgage) credit, and who have higher amounts of such debt, are significantly less likely to report complete psychological well-being. The average increase in the psychological distress is greater when outstanding credit is measured at the individual, as opposed to household, level. No such significant association is found in the case of mortgage debt. Our results highlight the psychological cost associated with the consumer credit culture in Britain.

@article{citeulike:313688, abstract = {In this paper we explore the association between debt and psychological well-being amongst heads of households using the British Household Panel Survey. Our principle finding is that those household heads who have outstanding (non-mortgage) credit, and who have higher amounts of such debt, are significantly less likely to report complete psychological well-being. The average increase in the psychological distress is greater when outstanding credit is measured at the individual, as opposed to household, level. No such significant association is found in the case of mortgage debt. Our results highlight the psychological cost associated with the consumer credit culture in Britain.}, author = {Brown, Sarah and Taylor, Karl and Wheatley}, citeulike-article-id = {313688}, doi = {10.1016/j.joep.2005.01.002}, journal = {Journal of Economic Psychology}, keywords = {credit, debt, well-being}, month = {October}, number = {5}, pages = {642--663}, posted-at = {2005-09-08 10:01:37}, priority = {3}, title = {Debt and distress: Evaluating the psychological cost of credit}, url = {http://dx.doi.org/10.1016/j.joep.2005.01.002}, volume = {26}, year = {2005} }

RIS record

TY - JOUR ID - citeulike:313688 L3 - citeulike-article-id:313688 TI - Debt and distress: Evaluating the psychological cost of credit JF - Journal of Economic Psychology VL - 26 IS - 5 SP - 642 EP - 663 N2 - In this paper we explore the association between debt and psychological well-being amongst heads of households using the British Household Panel Survey. Our principle finding is that those household heads who have outstanding (non-mortgage) credit, and who have higher amounts of such debt, are significantly less likely to report complete psychological well-being. The average increase in the psychological distress is greater when outstanding credit is measured at the individual, as opposed to household, level. No such significant association is found in the case of mortgage debt. Our results highlight the psychological cost associated with the consumer credit culture in Britain. KW - credit KW - debt KW - well-being AU - Brown, Sarah AU - Taylor, Karl AU - Wheatley PY - 2005/10// UR - http://dx.doi.org/10.1016/j.joep.2005.01.002 ER -

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