Financially Distressed Consumers: Their Financial Practices, Financial Well-Being, and Health

15 Pages Posted: 23 Apr 2013

See all articles by Barbara O'Neill

Barbara O'Neill

Rutgers University - Rutgers Cooperative Extension

Benoit Sorhaindo

InCharge Education Foundation

Jing Jian Xiao

University of Rhode Island

E. Thomas Garman

Virginia Polytechnic Institute & State University

Abstract

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

Suggested Citation

O'Neill, Barbara and Sorhaindo, Benoit and Xiao, Jing Jian and Garman, E. Thomas, Financially Distressed Consumers: Their Financial Practices, Financial Well-Being, and Health. Journal of Financial Counseling and Planning, Vol. 16, No. 1, 2005, Available at SSRN: https://ssrn.com/abstract=2255121

Barbara O'Neill (Contact Author)

Rutgers University - Rutgers Cooperative Extension ( email )

55 Dudley Road
New Brunswick, NJ 0801-8520
United States

Benoit Sorhaindo

InCharge Education Foundation ( email )

2101 Park Center Drive
Suite 310
Orlando, FL 32835
United States

Jing Jian Xiao

University of Rhode Island ( email )

Transition Center
Kingston, RI 02881
United States
401-874-2547 (Phone)
401-874-4020 (Fax)

HOME PAGE: http://www.uri.edu/hss/hdf/faculty/JingJXiao.htm

E. Thomas Garman

Virginia Polytechnic Institute & State University ( email )

250 Drillfield Drive
Blacksburg, VA 24061
United States

Here is the Coronavirus
related research on SSRN

Paper statistics

Downloads
606
Abstract Views
2,238
rank
48,475
PlumX Metrics