Xiao Jing Jian, Kim Kyoung Tae
Department of Human Development and Family Science, University of Rhode Island, Transition Center, 2 Lower College Road, Kingston, RI 02881 USA.
Department of Consumer Sciences, University of Alabama, 316-C Adams Hall, Box 870158, Tuscaloosa, AL 35487 USA.
J Fam Econ Issues. 2022;43(1):138-152. doi: 10.1007/s10834-021-09767-3. Epub 2021 May 6.
Research on the link between debt and financial stress is emerging. This study was one of the first attempts to examine the association between debt delinquency and financial stress and the moderating role of financial capability in the association. Delinquencies in three types of debts were examined: (a) mortgage, (b) credit card, and (c) student loan. With data from the 2018 U.S. National Financial Capability Study, multivariate regression results showed that payment delinquencies of mortgage, credit card and student loans were positively, while financial capability was negatively associated with financial stress. Further, surprisingly, the results implied that among consumers with debt delinquencies, financial capability may increase financial stress. If both financial capability's direct and interactive effect were considered, financial capability may decrease financial stress at much smaller rates than those without debt delinquencies. The situation was the worst among consumers with multiple delinquencies, in which the potential net effect of financial capability on financial stress was positive. The results of this study have implications for consumer financial service practices.
关于债务与财务压力之间联系的研究正在兴起。本研究是最早尝试考察债务拖欠与财务压力之间的关联以及财务能力在该关联中所起调节作用的研究之一。研究考察了三种债务的拖欠情况：（a）抵押贷款，（b）信用卡，以及（c）学生贷款。根据2018年美国国家财务能力研究的数据，多元回归结果显示，抵押贷款、信用卡和学生贷款的还款拖欠与财务压力呈正相关，而财务能力与财务压力呈负相关。此外，令人惊讶的是，结果表明在有债务拖欠的消费者中，财务能力可能会增加财务压力。如果同时考虑财务能力的直接效应和交互效应，与没有债务拖欠的人相比，财务能力减轻财务压力的幅度可能要小得多。在有多重拖欠的消费者中情况最为糟糕，在这种情况下，财务能力对财务压力的潜在净效应是正向的。本研究结果对消费者金融服务实践具有启示意义。
