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Title: Credit Card Blues: The Middle Class and the Hidden Costs of Easy Credit
Resulting in 1 citation.
1. Hodson, Randy
Dwyer, Rachel E.
Neilson, Lisa A.
Credit Card Blues: The Middle Class and the Hidden Costs of Easy Credit
The Sociology Quarterly 55,2 (Spring 2014): 315-340.
Also: http://onlinelibrary.wiley.com/doi/10.1111/tsq.12059/abstract
Cohort(s): NLSY97
Publisher: Wiley Online
Keyword(s): Credit/Credit Constraint; Debt/Borrowing; Depression (see also CESD); Financial Behaviors/Decisions; Health, Mental; Stress

Permission to reprint the abstract has not been received from the publisher.

In an era of increased access to credit, it becomes increasingly important to understand the consequences of taking on unsecured consumer debt. We argue that credit can have both positive and negative consequences resulting from its ability to smooth life transitions and difficulties but that this occurs simultaneously with increased financial risks and stress resulting from carrying unsecured debt. We find that those in the middle of the income distribution suffer the greatest disruptions to mental health from carrying debt. Affluent borrowers are relatively unmoved by debt, suggesting the use of short-term debt as a convenience strategy for the financially well heeled. The least advantaged borrowers also suffer emotionally less from debt, possibly because securing spendable funds for necessities remains their most pressing concern. The onset of the Great Recession, however, produced increased emotional distress for all classes.
Bibliography Citation
Hodson, Randy, Rachel E. Dwyer and Lisa A. Neilson. "Credit Card Blues: The Middle Class and the Hidden Costs of Easy Credit." The Sociology Quarterly 55,2 (Spring 2014): 315-340.