• Journal of Agricultural Extension & Community Development
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• v.24 no.1
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• pp.63-81
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• 2017

The purpose of this study is to analyze the changes of time series, the use by farm type and the causes of farm household debt. First, the mid and long term changes in farm household debt over the past 50 years have increased. Since 2010, the share of non-agricultural debt has exceeded the share of agricultural debt. Second, as a result of the analysis of the farm household debt use by farm type - full time&part time, farming type, land size, age, family members - there was a difference between the agricultural and the non-agricultural debt according to the type of farm household in a significant level of 1%. Finally, as a result of the cause analysis of the farm household debt, the related non-agricultural expenditure variables and the dummy variable of the manager's age, family member and land size has a common influence on the farm household debt increase.

• Journal of the Korean Home Economics Association
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• v.38 no.2
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• pp.65-77
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• 2000

This study investigated the effect of socio-demographic variables and the ownership of asset and the other types of debts on the use of a specific type of household debt. Household debts were categorized into six types according to borrowing sources: debts from banks, other financial institutes, employers, private sources, Gye, and retailers. The 1996 Korean Household Panel Study were analyzed using logistic model. It was found that socio-demographic factors influenced differently on the probabilities of debt holdings according to the types of debt. There were interrelationships among the ownerships of a specific type of debt and other types of debt and asset.

• International Journal of Human Ecology
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• v.9 no.1
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• pp.81-95
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• 2008

This paper examined the impact of psychological characteristics of consumers on household debt decisions. With the use of the Heckit models (the traditional approach to the selection problem) this study undertook an empirical study of the influence of a wide range of factors on financial decisions. This study used U.S. household-level data that offers detailed information on household debt, expectations about future income, expectations about future economic conditions, the amount of financial risk the respondent was willing to take, and the amount of time allotted for planning family savings and spending. This study showed that respondents with both substantial financial risk tolerance and positive expectations about future income were likely to have larger household debt showing that researchers and policy-makers need to consider consumer sentiment and preference measures in modeling behavior in credit markets. Additional results showed that household debt is significantly related to two key economic variables: income and net worth.

• Journal of Families and Better Life
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• v.19 no.1
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• pp.235-251
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• 2001

The purposes of this study was to develop household debt management education and counseling programs. The issues related with the consumer use of credit were identified and the selected programs of the United States were analyzed to develop the education and counseling programs for Korean households. Curriculums for the debt management education in three subjects and the process for debt counseling were suggested. Debt management education program included the issues related to general credit management strategy, credit card usage, and debt burden. For debt counseling, worksheets of problem identification, budget analysis, and action planning were developed.

• The Korean Journal of Applied Statistics
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• v.22 no.2
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• pp.297-307
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• 2009

Korean household debt is one of the main sources of the current financial crisis. This paper studies the impact of household members' attributes such as a type of housing(self-own or rent), education, age, average monthly income of the head of household, and the area of residence, on the stress level of the household members due to household debt. We analyze a real data set collected by KB Kookmin Bank in 2004. We consider low and high stress level as a binary response variable and use a logistic regression model with the attributes of household members as explanatory variables. A simple but well-fitting model is selected by backward elimination method based on the likelihood statistic for goodness-of-fit test, and the impact of the attributes on the stress level is studied from parameter estimates of the selected model. We also perform the similar analysis on a binary response variable which distinguishes households with no debt from the rest. From the analysis, the stress level tends to be low for households with self-own houses, high average monthly income, low education level, and young members.

• Korean Journal of Rural Living Science
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• v.6 no.2
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• pp.137-149
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• 1995

The first objective of this study is to examine the finanacial management practices of rural housewives. The second objective is to determine the effects of sociodemographic characteristics on financial management practices. The Deacon & Firebaugh's model of family resource management framework and previous studies were used to determine the effects, regarding a9e, income, number of family, education level, and farming/nonfarming as independent/input variables, and monthly saving and managerial behavior index as dependent/throughput variables. A sample of 179 rural housewives aged less than 60 was selected from Shihung-Si Gyonggi-Do Province. Results showed that rural housewives more frequently did keeping bills, making purchase-list and verifying purchase need than recording where money spent making financial plan, and evaluating spending. With regard to household debt use, 60% of the sample had debt the most borrower used debt for farming, 73% of borrowers paid for their debt behind the schedule, and the main source of borrowing was NACF (NongHyup). Using installment credit, the rural housewives mainly bought cosmetics. 25% of the sample had credit cards. Average debt was 6, 070, 000 won, and 81% of annual income. In terms of saving, 85% of the sample saved, and 23% of the sample lived with the money after save. The main reasons of saving were for education and marriage of children and emergency. The main saving institutions were NACF and NLCF (ChukHyup). The regression showed that income was negatively associated with monthly saving, and age was identified as the positive determinants of managerial behavior index.

• Journal of the Korean Home Economics Association
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• v.36 no.11
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• pp.219-230
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• 1998

The purpose of this study was to understand credit card uses and debt burden of the multiple credit card holders. Data were obtained from 428 housewives living in Seoul. OLS regression analysis was used for examining factors affecting credit card uses and debt burden for the multiple credit card holders. The findings could be summarized as follows. First, among the three types of credit cards-bank card, retail card, and professional card, the multiple credit card holders tended to have more bank cards than retail and professional cards. Second, holding of the professional card was positively associated with both the frequency and the amount of credit card use per month. Third, the household income, age, employment status, and motive were important factors in predicting their attitudes toward credit card. Forth, the level of education, employment status, holding of the professional card, motive, amount of credit card use, and attitude toward credit card had singificant effects on their perceived debt burden.

• Human Ecology Research
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• v.55 no.3
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• pp.275-287
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• 2017

The recent Great Recession of 2008 was a period of sharp economic decline throughout the late 2000s. All socio-demographic groups were impacted by the economic downturn, however, Hispanic households were particularly hard hit. It is not a recent phenomenon that minority groups often have greater problems related to credit and debt repayments. A better understanding of these racial/ethnic differences in credit and debt has been hindered by the propensity of many studies to pool all racial/ethnic minorities together and compare them to white households. Using a Heckman-type selection model with a combination of the 2010 and 2013 Survey of Consumer Finances datasets to study household debt repayment problems, we found that racial/ethnic groups have been differently impacted by the recent Great Recession in terms of debt repayment problems. Hispanic households were less likely to hold debt; however, those with debt were just as likely as white households and African American households to be delinquent in repayments. This finding is contrary to prior research that indicated Hispanics with debt were less likely than white and African American households to be delinquent on repayments prior to the Great Recession of 2008. We propose possible explanations for the increase in debt repayment problems, that includes increased assimilation into the U.S. culture of credit use, the circumstance of being more recent home buyers prior to the decline, and living in states that suffered the greatest decline in housing value.

• The Korean Journal of Community Living Science
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• v.21 no.1
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• pp.91-103
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• 2010

The purpose of this study was to find the differences of household characteristics between homeowners and renters. The data was drawn from the 2002 Korean Labor and Income Panel Study and conducted by the Korea Labor Institute. 3,743 households were selected. The householder's mean age of homeowners was found to be 8 years older than those of renters, and the households in Seoul showed a higher rent ratio than those in other areas. The levels of household financial elements for homeowners were found to be higher than those of renters. Moreover, the levels of total real estate assets for homeowners were higher than those for renters, and the levels of total debt, and the debt from financial institutes were also higher than those for renters, reflecting that most Korean households may use loans from financial institutes for holding real estate assets. The results of the Chow-test showed that the group of homeowners and renters were significantly different in terms of socio-demographic and financial factors affecting the ratio of real estate assets to total asset.

• Journal of Distribution Science
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• v.15 no.6
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• pp.25-36
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• 2017

Purpose - The purpose of the study was to investigate the financial difficulty of the elderly in each income group and to examine the factors having related influence. The study adopted models with Korean welfare panel material and examined factors that having influence upon low income elderly's selection on retail business. Research design, data, and methodology - The study investigated the effects having influence upon the financial difficulty of elderly household as well as common household. It also examined independence variables having influence upon household's financial stress and found out the direction of financial control in elderly household. The study investigated the effect of financial stress upon economy to support consumption of the elderly. Results - In cases of financial difficulties, independent variables of the debt increased the financial difficulties of elderly households relying upon traditional markets. The elderly households had financial difficulties because of independent variables of the debt except for loan from financial institution. Conclusions - In this study, the elderly's financial stress had influence upon the use of retail business and the characteristics of residing and family. Further study shall give support policies for the elderly to alleviate financial burden.