Credit Card Debt and the Provision of Financial Support to Kin in the US
| Autor: | Céline Le Bourdais, Maude Pugliese, Shelley Clark |
|---|---|
| Rok vydání: | 2020 |
| Předmět: |
Finance
Economics and Econometrics Social Psychology business.industry Safety net media_common.quotation_subject 05 social sciences 1. No poverty 050301 education Context (language use) Credit card Scholarship Panel Study of Income Dynamics Debt 0501 psychology and cognitive sciences 10. No inequality business 0503 education 050104 developmental & child psychology Social policy Social capital media_common |
| Zdroj: | Journal of Family and Economic Issues. 42:616-632 |
| ISSN: | 1573-3475 1058-0476 |
| DOI: | 10.1007/s10834-020-09731-7 |
| Popis: | Credit card debt stands at over $1 trillion in the US and grows continuously. Scholars have argued that high (and growing) levels of credit card debt are attributable in part to rising economic vulnerabilities, combined with a thinning public safety net, credit cards being increasingly employed to make ends meet in this context. This paper extends this line of work by stressing that individuals and households do not rely on their credit cards only to mitigate their own financial hardships, but also those experienced by their non-coresidential kin members. More specifically, building on the notion that kin networks can constitute a source of negative social capital, we argue that individuals often accumulate credit card debt as they attempt to provide monetary assistance to their relatives in need. We also show that this effect is particularly strong in lower-income groups and in African American communities, in which need levels are especially high. Based on random and fixed effects analyses of data from the Panel Study of Income Dynamics, these insights extend scholarship on both kin networks of support and the sources of credit card debt. |
| Databáze: | OpenAIRE |
| Externí odkaz: |
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