Who are the Debt Poor?

Steven Pressman and Robert Scott

Journal of Economic Issues, 2009, vol. 43, issue 2, 423-432

Abstract: Our previous research argued that interest payments on consumer debt should be subtracted from household income to measure poverty. We estimated 4 million additional poor Americans in 2007, calling them "debt poor." This paper finds that the debt poor are somewhat like the poor (they are unlikely to own a home or have private health insurance), somewhat like middle-class households (race), and in-between in other ways (education levels). Debt poor households were likely middle class once, having access to considerable consumer credit; but following a loss of income, their large debt burden put their living standard below their poverty threshold.

Date: 2009
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Persistent link: https://EconPapers.repec.org/RePEc:mes:jeciss:v:43:y:2009:i:2:p:423-432

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DOI: 10.2753/JEI0021-3624430215

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