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KMID : 1124020200360040109
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Korean Social Security Studies
2020 Volume.36 No. 4 p.109 ~ p.130
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The Effect of Debt Burden on Self-esteem, Depression and Happiness of Debtors: A Panel Study of Debt Relief Program Users
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Shin Jin-Wook
Park Jung-Min
Choi Syng-Joo
Hong Sok-Chul
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Abstract
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The purpose of this study is to examine the effect of the debt repayment burden on the self-esteem, depression and happiness of debtors using the two-year panel data. Using the fact that debt relief program users feel debt repayment burden differently before and after they receive debt relief, we divided users into two groups according to their stages in the program: ongoing, completed. As a result, the completed group in which the burden of the repayment of debt was relaxed showed the improvement of self-esteem, depression and happiness compared with the ongoing group. This study is meaningful in that it attempts to clarify the causal relationship between debt repayment burden and self-esteem, depression and happiness. The panel data we constructed is also our contribution. The results also imply that supports for debtors who are under the burden of the repayment are needed.
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KEYWORD
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debt repayment burden, self-esteem, depression, happiness, difference in differences model
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