Household debt over the life cycle

Tansel Yilmazer · Sharon A. DeVaney

85 citations0/0 files storedFinancial Services Review

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Financial Literacy, Pension, Retirement Analysis Banking stability, regulation, efficiency Housing Market and Economics

Abstract

Using data from the 2001 Survey of Consumer Finances, this study examines how the holding of types and amounts of household debt changes over the life cycle. The results show that the likelihood of holding each type of debt and the amount of each type of debt compared to total assets decrease with age. Although the popular press has speculated that older households accumulate excessive amounts of mortgage debt and credit card balances, our results do not support this claim. However, there is evidence that it may be more difficult for poorer older households to pay off their credit card balances.

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References

2003Recent Changes in U.S. Family Finances: Evidence from the 1998 and 2001 Survey of Consumer Finances 1992Predicting personal debt and debt repayment: Psychological, social and economic determinants 2001The demand for household debt in the USA: evidence from the 1995 Survey of Consumer Finance 1993The Effect Of Borrowing Constraints On Consumer Liabilities 1999Credit card debts of the poor: High and rising

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