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Predictors of Holding Consumer and Mortgage Debt among Older Americans

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  • Yoon Lee
  • Jean Lown
  • Deanna Sharpe

Abstract

Using data from the 2000 Health and Retirement Study (HRS), this study examined the probability of older Americans holding consumer and mortgage debt. The specific objectives of this study were to identify to what extent individuals aged 65 and over hold consumer or mortgage debt and to investigate factors that influence the probability of holding consumer or mortgage debt in old age. The results of logistic regression analysis indicated that older individuals who had larger households, had higher levels of education, were aged 65–74, were married, were Black, and were employed, were more likely to hold consumer or mortgage debt. This study concluded that holding one kind of debt is associated with probability of holding another kind of debt. Copyright Springer Science+Business Media, LLC 2007

Suggested Citation

  • Yoon Lee & Jean Lown & Deanna Sharpe, 2007. "Predictors of Holding Consumer and Mortgage Debt among Older Americans," Journal of Family and Economic Issues, Springer, vol. 28(2), pages 305-320, June.
    • Handle: RePEc:kap:jfamec:v:28:y:2007:i:2:p:305-320
    DOI: 10.1007/s10834-007-9055-x
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    References listed on IDEAS

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    1. repec:crr:crrwps:2003-21 is not listed on IDEAS
    2. James P. Smith, 2004. "Wealth Inequality Among Older Americans," Labor and Demography 0403003, University Library of Munich, Germany.
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    Cited by:

    1. Rui Yao & Deanna Sharpe & Elizabeth Gorham, 2011. "An Exploratory Study of Chinese Americans’ Debt Ownership," Journal of Family and Economic Issues, Springer, vol. 32(4), pages 600-611, December.
    2. Aydogan Ulker, 2009. "Wealth Holdings and Portfolio Allocation of the Elderly: The Role of Marital History," Journal of Family and Economic Issues, Springer, vol. 30(1), pages 90-108, March.
    3. Lim, Sung Soo & Bone, Matthew, 2022. "Optimism, debt accumulation, and business growth," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 97(C).
    4. Diann Moorman & Steven Garasky, 2008. "Consumer Debt Repayment Behavior as a Precursor to Bankruptcy," Journal of Family and Economic Issues, Springer, vol. 29(2), pages 219-233, June.
    5. Hyrum Smith & Michael Finke & Sandra Huston, 2012. "Financial Sophistication and Housing Leverage Among Older Households," Journal of Family and Economic Issues, Springer, vol. 33(3), pages 315-327, September.
    6. Kathleen Malone & Susan Stewart & Jan Wilson & Peter Korsching, 2010. "Perceptions of Financial Well-Being among American Women in Diverse Families," Journal of Family and Economic Issues, Springer, vol. 31(1), pages 63-81, March.
    7. Carolina Rezende Pereira & Suzane Strehlau, 2016. "Social Bond Development Through Continuous Indebtedness," Journal of Consumer Policy, Springer, vol. 39(2), pages 241-259, June.
    8. Shuying Shen & Abdoul G. Sam & Eugene Jones, 2014. "Credit Card Indebtedness and Psychological Well-Being Over Time: Empirical Evidence from a Household Survey," Journal of Consumer Affairs, Wiley Blackwell, vol. 48(3), pages 431-456, October.
    9. Yunchao Cai & Selamah Abdullah Yusof & Ruzita Bt Mohd Amin & Mohd Nahar Mohd Arshad, 2021. "The Multi-dimensional Effect of Household Debt on Urban Individual Well-Being in Klang Valley Malaysia," Social Indicators Research: An International and Interdisciplinary Journal for Quality-of-Life Measurement, Springer, vol. 158(1), pages 23-44, November.
    10. J. Michael Collins & John Karl Scholz & Ananth Seshadri, 2013. "The Assets and Liabilities of Cohorts: The Antecedents of Retirement Security," Working Papers wp296, University of Michigan, Michigan Retirement Research Center.
    11. Zibei Chen & Karen A. Zurlo, 2022. "The Role of Secured and Unsecured Debt in Retirement Planning," Journal of Family and Economic Issues, Springer, vol. 43(4), pages 667-677, December.
    12. Andrew Carswell, 2009. "Does Housing Counseling Change Consumer Financial Behaviors? Evidence from Philadelphia," Journal of Family and Economic Issues, Springer, vol. 30(4), pages 339-356, December.
    13. Agnieszka Strzelecka & Danuta Zawadzka, 2020. "Why Households Borrow Money? Socio-Economic Factors Affecting Households Debts: A Model Approach," European Research Studies Journal, European Research Studies Journal, vol. 0(Special 2), pages 820-839.
    14. Rendall, Stella & Brooks, Chris & Hillenbrand, Carola, 2021. "The impacts of emotions and personality on borrowers’ abilities to manage their debts," International Review of Financial Analysis, Elsevier, vol. 74(C).
    15. Olga Sorokina, 2013. "Parental Credit Constraints and Children’s College Education," Journal of Family and Economic Issues, Springer, vol. 34(2), pages 157-171, June.
    16. Christine Lai, 2008. "How Retired Households and Households Approaching Retirement Handle Their Equity Investments in the United States," Journal of Family and Economic Issues, Springer, vol. 29(4), pages 601-622, December.
    17. J. Collins, 2011. "Mortgage Mistakes? Demographic Factors Associated with Problematic Loan Application Behaviors," Journal of Family and Economic Issues, Springer, vol. 32(4), pages 586-599, December.
    18. Haejeong Kim & Jinhee Kim, 2010. "Information Search for Retirement Plans Among Financially Distressed Consumers," Journal of Family and Economic Issues, Springer, vol. 31(1), pages 51-62, March.

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