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KMID : 1124020170330040083
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Korean Social Security Studies
2017 Volume.33 No. 4 p.83 ~ p.105
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A Typology of Debt Relief Program Users
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Park Jung-Min
Roh Beop-Rae
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Abstract
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This study tested a typology of debt relief program users based on debt and sociodemographic characteristics and examined whether the typology is associated with the use of debt relief programs. The sample was recruited in 2016 from major agencies that provide debt relief programs, including the courts and government-funded credit counseling and recovery service centers. The final sample included a total of 209 people. Analyses were done using multiple correspondence analysis and cluster analysis. The results show that individual debtors can be classified according to their profile type: ‘elderly poor’, ‘middle-aged self-employed’, ‘middle-aged wage earners’, ‘young-adult poor’, and ‘middle-aged financial victims.’ The ‘elderly poor’ and ‘middle-aged financial victims’ groups were heavy users of personal bankruptcy (Chapter 7 in the U.S.). On the other hand, the majority of the ‘middle-aged self-employed’, ‘middle-aged wage earners’, and ‘young-adult poor’ groups relied on debt restructuring programs, such as Chapter 13 bankruptcy in the U. S. (consumer proposal in Canada). The results suggest that profiles of debt relief program users tend to correspond to the goals of each program.
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KEYWORD
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debt, personal debtors, personal bankruptcy, debt restructuring, debt relief programs, typology
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