Self-Control, Financial Literacy and Consumer Over-Indebtedness

摘要: This paper examines the relationship between self-control, financial literacy and over-indebtedness on consumer credit debt among a sample of U.K. consumers using data from household survey. Both lack self-control illiteracy are positively associated with non-payment self-reported excessive burdens debt. Consumers who exhibit problems shown to make greater use quick-access but high cost items such as store cards payday loans. We also find more likely suffer income shocks, withdrawals unforeseen expenses durables, suggesting that increases exposure variety risks. In most specifications we stronger role for than in explaining over-indebtedness.