Poverty Levels and Debt Indicators among Low-Income Households before and after the Great Recession

Autor/inn/en	Kim, Kyoung Tae; Wilmarth, Melissa J.; Henager, Robin
Titel	Poverty Levels and Debt Indicators among Low-Income Households before and after the Great Recession
Quelle	In: Journal of Financial Counseling and Planning, 28 (2017) 2, S.196-212 (17 Seiten) PDF als Volltext kostenfreie Datei Verfügbarkeit
Sprache	englisch
Dokumenttyp	gedruckt; online; Zeitschriftenaufsatz
ISSN	1052-3073
Schlagwörter	Poverty; Debt (Financial); Low Income Groups; Economic Climate; Loan Default; Probability; Statistical Analysis; Statistical Surveys + Suchen Sie Ihr Suchwort? Armut; Wirtschaftslage; Schuldnerverzug; Wahrscheinlichkeitsrechnung; Wahrscheinlichkeitstheorie; Statistische Analyse; Statistische Erhebung
Abstract	This study analyzed the debt profile of low-income households before and after the Great Recession using the 2007, 2010, and 2013 Survey of Consumer Finances (SCF). We used Heckman selection models to investigate three debt characteristics: (a) the amount of debt, (b) debt-to-income ratio, and (c) debt delinquency. Before and after the Great Recession, results from the selection stage showed the probability of holding debt for households increased as their income level increased (moving into less severe poverty categories); results from the outcome stage indicated households in the most severe poverty category (below 100% of poverty threshold) were less likely to meet debt-to-income ratio guidelines. Following the Great Recession, these lowest income households were more likely to have higher debt and debt delinquency problems. (As Provided).
Anmerkungen	Association for Financial Counseling and Planning Education. 1500 West Third Avenue Suite 223, Columbus, OH 43212. Tel: 614-485-9650; Fax: 614-485-9621; Web site: http://afcpe.org
Erfasst von	ERIC (Education Resources Information Center), Washington, DC
Update	2020/1/01