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KMID : 1001320120390010227
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Social Welfare Policy
2012 Volume.39 No. 1 p.227 ~ p.255
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The Determinants of Household Credit Card Debt: Focusing on Socio-economic and Demographic Factors
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Jang Dong-Ho
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Abstract
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Using data collected in the 2010 Survey of Household Finance, this study conducted tobit regression analyses of the determinants of household credit card debt, focusing on socio-economic and demographic factors. The major findings are as follows: First, around 6.6% of the total households have credit card debts. Secondly, having any amount of credit
card debts, the equivalenced credit card debt accedes 789 million won in the lowest, 458 million won in the second, 227 million won in the middle, 252 million in the fourth and 364 million won in the highest income quintile; moreover, if the credit card debts are taken into consideration, households around 34.% from the second, 28.3% from the middle, 34.5% from the fourth and 22.0% from the highest income quintile fall down into lower income groups respectively. Thirdly, the level of credit card debt is influenced by the age(-), education level of the household head(-), the number of households(+), divorce(+), temporary or daily employee(+), self-employee(+), employees as an insurance agent, designated driver for hire or home delivery man(+), monthly rent(+), financial saving levels(-), and the level of credit card interest; however, many of these effect on credit card debts varies across income levels of household. Based on these findings, this study suggests that the credit card debt is not only the determinant of poverty among the poor or low income household but also the determinant of class collapse among middle class or above.
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KEYWORD
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credit card debt, survey of household finance, equivalence scale of household, tobit regression analysis
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