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Sequential loss of self-control: Exploring the antecedents and consequences of student credit card debt

James W. Peltier (), Andrew J. Dahl () and John E. Schibrowsky ()
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James W. Peltier: University of Wisconsin-Whitewater
Andrew J. Dahl: University of Wisconsin-Whitewater
John E. Schibrowsky: University of Nevada-Las Vegas

Journal of Financial Services Marketing, 2016, vol. 21, issue 3, 167-181

Abstract: Abstract Self-control lapses not only impact credit card debt, but combined with this debt lead to further self-control lapses and life stressors for consumers. A causal model is developed and tested exploring college students’ pre-/post-debt decisions as a series of sequential losses in self-control, and how initial and post-failure decisions impact financial anxiety. Pre-debt loss of control takes on two forms: materialism and impulsivity. Locus of control theory is used to test how post-failure self-control lapses negatively impact the psychological well-being of consumers. A better understanding of these time-ordered self-control mechanisms offers insights for developing educational and policy interventions useful for staving off self-control lapses early in the decision-making process.

Keywords: credit card debt; self-control; materialism; impulsivity; anxiety; locus of control; financial services (search for similar items in EconPapers)
Date: 2016
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DOI: 10.1057/s41264-016-0002-5

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