Financially Distressed Consumers: Their Financial Practices, Financial Well-Being, and Health
15 Pages Posted: 23 Apr 2013
This study examined relationships among the financial practices, financial well-being, and health of a sample of 3,121 financially distressed consumers who were new clients participating in the debt management program of a large national non-profit credit counseling organization. Respondents who reported having improved health since participating in credit counseling were more likely than others to engage in positive financial behaviors. For six out of ten financial behaviors, respondents who reported improved health were more likely to report that their finances improved. Implications are provided for financial counselors and educators.
Keywords: Debt repayment, debt problems, financial counseling , financial distress, personal financial behavior , health and personal finances, financial problems
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