Show Less
You do not have access to this content

Household Debt and Economic Crises

Causes, Consequences and Remedies

Heikki Hiilamo

The trajectories of increasing household debt are studied in the contexts of the US and the UK, Germany, the Netherlands, Finland and Norway. Household Debt and Economic Crises examines remedies to prevent and alleviate the over-indebtedness epidemic, creating a conceptual framework with which to analyse the causes and consequences of debt. Hiilamo argues that social policies are needed to tackle the current borrowing crisis that endangers and prevents the full participation in society of individuals with excessive debts.
Show Summary Details
This content is available to you

References

Heikki Hiilamo

Adelino, M., Schoar, A. and Severino, F. (2016) ‘Loan originations and defaults in the mortgage crisis: The role of the middle class’, The Review of Financial Studies, 29 (7), pp. 1635–1670.

Alley, D. E., Lloyd, J., Pagán, J. A., Pollack, C. E., Shardell, M. and Cannuscio, C. (2011) ‘Mortgage delinquency and changes in access to health resources and depressive symptoms in a nationally representative cohort of Americans older than 50 years’, American Journal of Public Health, 101 (12), pp. 2293–2298.

Anderloni, L. and Vandone, D. (2011) ‘Risk of over-indebtedness and behavioural factors’, in Lucarelli, C. and Brighetti, G. (eds) Risk Tolerance in Financial Decision Making. Basingstoke: Palgrave Macmillan, pp. 113–132.

Ando, A. and Modigliani, F. (1963) ‘The “life-cycle” hypothesis of savings: Aggregate implications and tests’, American Economic Review, 53 (1), pp. 55–84.

André, C. (2016) ‘Household Debt in OECD Countries: Stylised Facts and Policy Issues’, The Narodowy Bank Polski Workshop: Recent Trends in the Real Estate Market and Its Analysis. Available at: https://ssrn.com/abstract=2841634.

Angel, S. (2016) ‘The effect of over-indebtedness on health: Comparative analyses for Europe’, Kyklos, 69 (2), pp. 208–227.

Angel, S. and Heitzmann, K. (2015) ‘Over-indebtedness in Europe: The relevance of country-level variables for the over-indebtedness of private households’, Journal of European Social Policy, 25 (3), pp. 331–351.

Arghyrou, M. G., Gregoriou, A. and Kontonikas, A. (2009) ‘Do real interest rates converge? Evidence from the European Union’, Journal of International Financial Markets, Institutions and Money, 19 (3), pp. 447–460.

Armour, J. and Cumming, D. (2008) ‘Bankruptcy law and entrepreneurship’, American Law and Economics Review, 10 (2), pp. 303–350.

Atkinson, T., Cantillon, B., Marlier, E. and Nolan, B. (2002) Social Indicators: The EU and Social Inclusion. Oxford: Oxford University Press.

Averett, S. and Smith, J. (2014) ‘Financial hardship and obesity’, Economics and Human Biology, 15, pp. 201–212.

Baele, L., Farooq, M. and Ongena, S. (2014) ‘Of religion and redemption: Evidence from default on Islamic loans’, Journal of Banking & Finance, 44, pp. 141–159.

Barron, J. M., Staten, M. and Wilshusen S. (2002) ‘The impact of casino gambling on personal bankruptcy filing rates’, Contemporary Economic Policy, 20 (4), pp. 440–455.

Berger, L. M. and Houle, J. N. (2016) ‘Parental debt and children’s socio-emotional well-being’, Pediatrics, 137 (2). doi: 10.1542/peds.2015-3059.

Betti, G., Dourmashkin, N., Rossi, M. and Yin, Y. (2007) ‘Consumer over‐indebtedness in the EU: Measurement and characteristics’, Journal of Economic Studies, 34 (2), pp. 136–156.

Betti, G., Dourmashkin, N., Rossi, M., Verma, V. and Yin, Y. (2001) ‘Study of the problem of consumer indebtedness: Statistical aspects’. Final report, European Commission.

Blaszczynski, A. and Farrell, E. (1998) ‘A case series of 44 completed gambling-related suicides’, Journal of Gambling Studies, 14 (2), pp. 93–109.

Blomgren, J. K., Maunula, N. and Hiilamo, H. (2016) ‘Over-indebtedness and chronic disease: A linked register-based study of Finnish men and women in 1995–2010’, International Journal of Public Health, 61 (5), pp. 535–44. doi: 10.1007/s00038-015-0778-4.

Blomgren, J. K., Maunula, N. and Hiilamo, H. (2017) ‘Do debts lead to disability pension? Evidence from a 15-year follow-up of 54 000 Finnish men and women’, Journal of European Social Policy, 27 (2), pp. 109–122.

Bridges, S. and Disney, R. (2010) ‘Debt and depression’, Journal of Health Economics, 29 (3), pp. 388–403.

Britt, S., Grable, J. E., Nelson Goff, B. S. and White, M. (2008) ‘The influence of perceived spending behaviors on relationship satisfaction’, Journal of Financial Counseling and Planning, 19 (1), pp. 31–43.

Brzoska, P. and Razum, O. (2008) ‘Indebtedness and mortality: analysis at county and city levels in Germany’, Gesundheitswesen, 70 (7), pp. 387–392.

Bull, J. (2007) Cohabitation: The Financial Consequences of Relationship Breakdown. Norwich: HMSO. Available at: www.gov.uk/government/uploads/system/uploads/attachment_data/file/228881/7182.pdf (Accessed: 28 March 2015).

Bunn, P. and Rostom, M. (2015) ‘Household debt and spending in theUK’. Bank of England Working Paper No. 554.

Caju, P., Rycx, F. and Tojerow, I. (2016) Unemployment Risk and Over-Indebtedness: A Micro-Econometric Perspective. Discussion Paper No. 9572. Frankfurt: European Central Bank.

Campbell, J., Giglio, S. and Pathak, P. (2011) ‘Forced sales and house prices’, American Economic Review, 101 (5), pp. 2108–2131.

Caplovitz, D. (1963) The Poor Pay More. New York: Free Press.

Caplovitz, D. (1974) Consumers in Trouble: A Study of Debtors in Default. New York: Free Press.

Caplovitz, D. (1979) Making Ends Meet: How Families Cope with Inflation and Recession. Beverley Hills: Sage.

Chang, Y. and Lee, K. Y. (2006) ‘Household debt and marital instability: Evidence from the Korean labor and income panel study’, Journal of Family and Economic Issues, 27 (4), pp. 675–691.

Chapman, H. P. (2006) ‘A review of “Rembrandt’s Bankruptcy: The Artist, His Patrons, and the Art Market in Seventeenth-Century Netherlands” by Paul Crenshaw’. Available at: http://hdl.handle.net/1969.1/95268.

Claessens, S., Kose, A. and Terrones, M., (2011) ‘Financial cycles: What? How? When?’ IMF Working Papers, No. 11/76.

Conference of European Churches (2017) Beyond Prosperity: Churches Bring Dialogue on European Economic Governance to the EU. Brussels: Conference of European Churches.

CPEC (2013) The Overindebtedness of European Households: Updated Mapping of the Situation, Nature and Causes, Effects and Initiatives for Alleviating Its Impact. Final Report, Part 1. Berlin: Civic Consulting of the Consumer Policy Evaluation Consortium. Available at: http://ec.europa.eu/consumers/financial_services/reference_studies_documents/docs/part_1_synthesis_of_findings_en.pdf (Accessed: 28 March 2015).

Crenshaw, P. (2006) Rembrandt’s Bankruptcy: The Artist, His Patrons, and the Art Market in Seventeenth-Century Netherlands. Cambridge: Cambridge University Press.

Crosnoe, R., Mistry, R. S. and Elder, G. H. Jr. (2002) ‘Economic disadvantage, family dynamics, and adolescent enrollment in higher education’, Journal of Marriage and Family, 64 (3), pp. 690–702.

Crouch, C. (2009) ‘Privatised Keynesianism: An unacknowledged policy regime’, British Journal of Politics & International Relations, 11, pp. 382–399.

Cuesta, M. B. and Budría, S. (2015) ‘The effects of over-indebtedness on individual health’. IZA Discussion Paper No. 8912.

D’Alessio, G. and Iezzi, S. (2013) ‘Household over-indebtedness: Definition and measurement with Italian data’. Bank of Italy Occasional Paper No. 149. Available at: http://dx.doi.org/10.2139/ssrn.2243578.

Desmond, M. (2016) Evicted: Poverty and Profit in the American City. New York: Broadway.

Dew, J. (2007) ‘Two sides of the same coin? The differing roles of assets and consumer debt in marriage’, Journal of Family and Economic Issues, 28 (1), pp. 89–104.

Dew, J. (2008) ‘Debt change and marital satisfaction change in recently married couples’, Family Relations, 57 (1), pp. 60–71.

Dew, J. (2011) ‘The association between consumer debt and the likelihood of divorce’, Journal of Family and Economic Issues, 32 (4), pp. 554–565.

Dewatripont, M. and Tirole, J. (2012) ‘Macroeconomic shocks and banking regulation’, Journal of Money, Credit and Banking, 44 (s2), pp. 237–254.

Dobbie, W. and Song, J. (2015) ‘Debt relief and debtor outcomes: Measuring the effect of consumer bankruptcy protection’, American Economic Review, 105 (3), pp. 1272–1311.

Dominy, N. and Kempson, E. (2003) Can’t Pay or Won’t Pay? A Review of Creditor and Debtor Approaches to the Non-Payment of Bills. London: Lord Chancellor’s Dept.

Drentea, P. and Lavrakas, P. J. (2000) ‘Over the limit: The association among health, race and debt’, Social Science and Medicine, 50 (4), pp. 517–529.

Drentea, P. and Reynolds, J. R. (2012) ‘Neither a borrower nor a lender be: The relative importance of debt and SES for mental health among older adults’, Journal of Aging and Health, 24 (4), pp. 673–695.

Edwards, S. (2003) In Too Deep: CAB Clients’ Experience of Debt. London: Citizens Advice.

Efrat, R. (2006) ‘The evolution of bankruptcy stigma’, Theoretical Inquiries in Law, 7 (2), pp. 365–392.

Elliehausen, E. G., Lundquist, E. C. and Staten, M. E. (2007) ‘The impact of credit counselling on subsequent borrower behaviour’, Journal of Consumer Affairs, 11 (1), pp. 1–28.

Esping-Andersen, G. (1990) The Three Worlds of Welfare Capitalism. Cambridge: Polity.

Euler Hermes (2017) Collection Practices by Country. Database of debt collection systems in 44 countries. Available at: www.eulerhermes.com/products-solutions/debt-collection/Land-of-payment/Pages/collections-practices-per-country.aspx.

Eurofound (2012) Household Debt Advisory Services in the European Union. European Foundation for the Improvement of Living and Working Conditions. Available at: http://eurofound.europa.eu/sites/default/files/ef_publication/field_ef_document/ef1189en.pdf (Accessed: 28 March 2015).

European Commission (2008a) Towards a Common Operational European Definition of Overindebtedness. Brussels: European Commission.

European Commission (2008b) Financial Services Provision and Prevention of Financial Exclusion. Brussels: European Commission.

European Consumer Debt Network (2013) ‘Tackling household over-indebtedness: Materials from the 6th European conference in Athens’, Money matters, 10, Available at: http://ecdn.eu/wp-content/uploads/2016/05/MM-10-Y13.pdf.

Fedaseyeu, V. and Hunt, R. M. (2014) ‘The economics of debt collection: Enforcement of consumer credit contracts’. FRB of Philadelphia Working Paper No. 15-43.

FDIC (2016) FDIC National Survey of Unbanked and Underbanked Households. Washington, DC: Federal Deposit Insurance Corporation.

Federal Trade Commission (2017) ‘Debt collection’. Available at: www.ftc.gov/news-events/media-resources/consumer-finance/debt-collection (Accessed: 25 October 2017).

Financial Services Authority (2012) Mortgage Market Review PS12/16. London: FSA.

Findikaattori (2017) ‘Debtors in enforcement’. Statistics Finland. Available at www.findikaattori.fi/en/35.

Fisher, J. D. and Lyons, A. C. (2006) ‘Till debt do us part: A model of divorce and personal bankruptcy’, Review of Economics of the Household, 4 (1), pp. 35–52.

Fligstein, N. and Goldstein, A. (2012) ‘A long strange trip: The state and mortgage securitization, 1968–2010’, in Knorr Cetina, K. and Preda, A. (eds) The Oxford Handbook of the Sociology of Finance. Oxford: Oxford University Press, pp. 339–356.

Fondeville, N., Özdemir, E. and Ward, T. (2010) ‘Over-indebtedness: New evidence from the EU-SILC special module’, European Commission, Social Europe Research Note 4.

Fontinelle, A. (2017) ‘How the debt collection agency business works’. Available at: www.investopedia.com/articles/personal-finance/121514/how-debt-collection-agency-business-works.asp (Accessed: 3 September 2017).

Foote, C., Gerardi, K. and Willen, P. (2012) Why Did So Many People Make So Many Ex Post Bad Decisions? The Causes of the Foreclosure Crisis. Cambridge, MA: National Bureau of Economic Research (NBER).

Ford, J. (2008) The Indebted Society: Credit and Default in the 1980s. London: Routledge.

Fridberg, T. and Kangas, O. (2008) ‘Social capital’, in Ervasti, H., Fridberg, T., Hjerm, M. and Ringdal, K. (eds), Nordic Social Attitudes in a European Perspective. Cheltenham, UK and Northampton, MA, USA: Edward Elgar Publishing, pp. 65–85.

Fukuyama, F. (1995) Trust: The Social Virtues and the Creation of Prosperity. London: Penguin.

Garcia, J. and Draut, T. (2009) The Plastic Safety Net: How Households Are Coping in a Fragile Economy. New York: Demos.

Gathergood, J. (2012a) ‘Self-control, financial literacy and consumer over-indebtedness’, Journal of Economic Psychology, 33 (3), pp. 590–602.

Gathergood, J. (2012b) ‘Debt and depression: Causal links and social norm effects’, Economic Journal, 122 (563), pp. 1094–114.

Georgarakos, D., Lojschova, A. and Ward-Warmedinger, M. E. (2010) Mortgage Indebtedness and Household Financial Distress. Frankfurt: European Central Bank.

Gerardi, K., Herkenhoff, K., Ohanian, L. and Willen, P. (2015) ‘Can’t Pay or Won’t Pay? Unemployment, Negative Equity and Strategic Default’, The Review of Financial Studies, 31 (3), pp. 1098–1131.

Giesselmann, M. (2015) ‘Differences in the patterns of in-work poverty in Germany and the UK’, European Societies, 17 (1), pp. 27–46.

Goode, J. (2009) ‘For love or money? Couples’ negotiations of credit and debt in low-income families in the UK’, Benefits, 17 (3), pp. 213–224.

Goode, J. (2012a) ‘Brothers are doing it for themselves? Men’s experiences of getting into and getting out of debt’, Journal of Socio-Economics, 41 (3), pp. 327–335.

Goode, J. (2012b) ‘Feeding the family when the wolf’s at the door: The impact of overindebtedness on contemporary foodways in low-income families in the UK’, Food and Foodways, 20 (1), pp. 8–30.

Grand, J. L. (2008) ‘The giants of excess: A challenge to the nation's health’, Journal of the Royal Statistical Society: Series A (Statistics in Society), 171 (4), pp. 843–856.

Gross, D. and Souleles, N. (2001) ‘An empirical analysis of personal bankruptcy and delinquency’, NBER Working Paper No. 8409.

Grundy, E. and Holt, G. (2001) ‘The socioeconomic status of older adults: How should we measure it in studies of health inequalities?’ Journal of Epidemiology and Community Health, 55 (12), pp. 895–904.

Gulbrandsen, L. (2005) ‘Kort vei – til lykke eller ruin? Kredittvekst, betalingsvilje og betalingsevne’, Rapport 14/05. Oslo: Norsk institutt for forskning om oppvekst, velferd og aldring (NOVA).

Gutiérrez-Nieto, B., Serrano-Cinca, C. and de la Cuesta González, M. (2017) ‘A multivariate study of over-indebtedness’ causes and consequences’, International Journal of Consumer Studies’, 41 (2), pp. 188–198.

Haas, O. (2006) ‘Overindebtedness in Germany’, ILO Social Finance Working Paper No. 44.

Hager, E. (2015). Debtors’ Prisons, Then and Now: FAQ. The Marshall Project. Available at: www.themarshallproject.org/2015/02/24/debtors-prisons-then-and-now-faq (Accessed: 17 November 2017).

Han, S. and Li, G. (2011) ‘Household borrowing after personal bankruptcy’, Journal of Money Credit and Banking, 43 (2–3), pp. 491–517.

Harvey, D. (1978) ‘Labour, capital and class struggle around built environment in advanced capitalist societies’, in Cox, K. (ed.) Urbanization and Conflict in Market Societies. Chicago: Maaroufa Press.

Havlik, R. J., Vukasin, A. P. and Ariyan, S. (1992) ‘The impact of stress on the clinical presentation of melanoma’, Plastic and Reconstructive Surgery, 90 (1), pp. 57–61.

Hay, C. (2011) ‘Pathology without crisis? The strange demise of the Anglo-liberal growth model’, Government and Opposition, 46 (1), pp. 1–31.

Hay, C. (2013) The Failure of Anglo-Liberal Capitalism. Basingstoke: Palgrave Macmillan.

Hendrick, S. (1988) ‘A generic measure of relationship satisfaction’, Journal of Marriage and the Family, 50 (1), pp. 93–98.

Henretta, J. C. and Campbell, R. T. (1978) ‘Net worth as an aspect of status’, American Journal of Sociology, 83 (5), pp. 1204–1223.

Heuer, J.-O. (2013) ‘Social inclusion and exclusion in European consumer bankruptcy systems’. Paper for the International conference Shifting to Post-Crisis Welfare States in Europe? Long Term and Short Term Perspectives, Berlin, 4–5 June 2013, organized by NordForsk and the Nordic Centres of Excellence NordWel and REASSESS.

Hiilamo, H. (2011) Uusi hyvinvointivaltio. Helsinki: Into.

Hiilamo, H., Kangas, O., Fritzell, J., Kvist, J. and Palme, J. (2013), A Recipe for a Better Life: Experiences from the Nordic Countries, Helsinki: CMI.

Houle, J. N., Collins, M. J. and Schmeiser, M. D. (2015) ‘Flu and finances: Influenza outbreaks and loan defaults in US cities, 2004–2012’, American Journal of Public Health, 105 (9), pp. e75–e80.

Huls, N., Ackermann, H., Bourgoignie, T., Domont-Naert, F., Haane, B., Van Huffel, M., Reich, N., Reifner, U. and Roseval, L. (1994) Overindebtedness of Consumers in the EC Member States: Facts and Search for Solutions. Louvain-la-Neuve: Centre de Droit de la Consommation.

Igan, D., Leigh, D., Simon, J. and Topalova, P. (2012) ‘Dealing with household debt’, in World Economic Outlook, April. Washington, DC: International Monetary Fund, Chapter 3.

Immergluck, D. and Smith, G. (2006) ‘The eternal costs of foreclosure: the impact of single-family mortgage foreclosures on property values’, Housing Policy Debate, 17 (1), pp. 57–79.

International Monetary Fund (2012) World Economic Outlook. Chapter 2. Washington, DC: International Monetary Fund.

Isaksen, J., Kramp, P., Sørenson, L. and Sørensen, S. (2011) ‘Household balance sheets and debt: An international country study’. Monetary Review, Denmarks Nationalbank.

Jameton, A. (1984) Nursing Practice: The Ethical Issues. Upper Saddle River, NJ: Prentice Hall.

Jansen, D.-J., Mosch, R. and van der Cruijsen, C. (2015) ‘When does the general public lose trust in banks?’, Journal of Financial Services Research, 48 (2), pp. 127–141.

Kalela, J., Kiander, J., Kivikuru, U., Loikkanen, H. and Simpura, J. (eds) (2001) Down from the Heavens, Up from the Ashes: The Finnish Economic Crisis of the 1990s in the Light of Economic and Social Research. Helsinki: Government Institute for Economic Research.

Karanikolos, M. Mladovsky, P., Cylus, J., Thomson, S., Basu, S., Stuckler, D., Mackenbach, J. and McKee, M. (2013) ‘Financial crisis, austerity, and health in Europe’, Lancet, 381 (9874), pp. 1323–1331. doi: 10.1016/S0140-6736(13)60102-6.

Keese, M. (2009) ‘Triggers and determinants of severe household indebtedness in Germany’, SOEP Paper No. 239. doi: 10.2139/ssrn.1518373.

Keese, M. (2012) ‘Who feels constrained by high debt burdens? Subjective vs. objective measures of household debt’, Journal of Economic Psychology, 33 (1), pp. 125–141. doi: 10.1016/j.joep.2011.08.002.

Keese, M. and Schmitz, H. (2014) ‘Broke, ill, and obese: Is there an effect of household debt on health?’, Review of Income and Wealth, 60 (3), pp. 525–541.

Kempson, E. (2008) Over-Indebtedness in Britain. A report to the Department of Trade and Industry. Personal Finance Research Centre.

Kempson, E., McKay, S. and Willitts, M. (2004) Characteristics of Families in Debt and the Nature of Indebtedness. Research Report No 211. Norwich: Department of Work and Pensions.

Kersbergen, K. (1995) Social Capitalism: A Study of Christian Democracy and the Welfare State. London: Routledge.

Kiander, J. and Vartia, O. (2011) ‘Lessons from the crisis in Finland and Sweden in the 1990s’, Empirica, 38 (1), pp. 53–69.

Kidger, J., Gunnell, D., Jarvik, J. G., Overstreet, K. A. and Hollingworth, W. (2011) ‘The association between bankruptcy and hospital-presenting attempted suicide: A record linkage study’, Suicide Life-Threatening Behavior, 41 (6), pp. 676–684.

Kiesel, K. and Noth, F (2016) ‘When debt spells sin: Does religiosity guard against over-indebtedness?’ Paper for Annual Conference (Augsburg): Demographic Change from Verein für Socialpolitik/German Economic Association. Available at https://EconPapers.repec.org/RePEc:zbw:vfsc16:145774.

Kilborn, J. J. (2005) ‘Behavioral economics, overindebtedness and comparative consumer bankruptcy: Searching for causes and evaluating solutions’, Bankruptcy Developments Journal, 22, pp. 13–47. doi: 10.2139/ssrn.690826.

Kim, Y., Cancian, M. and Meyer, D. (2015) ‘Patterns of child support debt accumulation’, Children and Youth Services Review, 51, pp. 87–91.

Kim J., Garman, E.T. and Sorhaindo, B. (2003) ‘Relationships among credit counseling clients’ financial well-being, financial behaviors, financial stressor events, and health’, Journal of Financial Counseling and Planning, 14 (2), pp. 75–87.

Kjellman A. (1996) What Can We Learn from the Finnish Banking Crisis? The Case of the Failures in the Savings Bank Sector. Turku: Meddelanden från Ekonomisk-Statsvetenskapliga Fakulteten vid Åbo Akademi A.

Klein, M. (2016) ‘Why is the Netherlands doing so badly?’, Financial Times, 16 June.

Korpi, W. and Palme, J. (1998) ‘The paradox of redistribution and strategies of equality: Welfare state institutions, inequality, and poverty in the Western countries’, American Sociological Review, 63 (5), pp. 661–687.

Lazzarato, M. (2012) The Making of the Indebted Man: An Essay on the New-Liberal Conditions. Cambridge, MA: MIT Press.

Lehtonen, I. (2016) Periytyvätkö velan vaikutukset? Vanhempien ylivelkaantumisen yhteys lasten toimeentulotuen saamiseen. Department of Social Research. University of Helsinki. Available at: https://helda.helsinki.fi/handle/10138/167194 (Accessed: 17 June 2018).

Lenton, P. and Mosley, P. (2008) ‘Debt and health’, Sheffield Economic Research Paper Series, University of Sheffield.

Logemann, J. (2012) ‘From cradle to bankruptcy? Credit access and the American welfare state’, in Logemann, J. (ed.) The Development of Consumer Credit in Global Perspective: Business, Regulation, and Culture. New York: Palgrave Macmillan, pp. 201–219.

Lusardi, A. and Mitchell, O. (2014) ‘The economic importance of financial literacy: Theory and evidence’, Journal of Economic Literature, 52 (1), pp. 5–44.

Lynch, J. and Kaplan, G. (2000) Socioeconomic Position: Social Epidemiology. New York: Oxford University Press.

Majamaa, K., Sarasoja, L. and Rantala, K. (2017) ‘Viime vuosien muutokset vakavissa velkaongelmissa: Analyysi velkomustuomioista’, Yhteiskuntapolitiikka, 62 (6), pp. 676–686.

Mak, V. (2015) ‘What is responsible lending? The EU consumer mortgage credit directive in the UK and the Netherlands’, Journal of Consumer Policy, 38 (4), pp. 411–430.

Mason, J. W. and Jayadev, A. (2014) ‘“Fisher Dynamics” in US household debt, 1929–2011’, American Economic Journal: Macroeconomics, 6 (3), pp. 214–234.

McLaughlin, K. A., Nandi, A., Keyes, K. M., Uddin, M., Aiello, A. E., Galea, S. and Koenen, K. C. (2012) ‘Home foreclosure and risk of psychiatric morbidity during the recent financial crisis’, Psychological Medicine, 42 (7), pp. 1441–1448.

Meltzer, H., Bebbington, P., Brugha, T., Farrell, M. and Jenkins, R. (2013) ‘The relationship between personal debt and specific common mental disorders’, European Journal of Public Health, 23 (1), pp. 108–113.

Melzer, B. (2017) ‘Mortgage debt overhang: Reduced investment by homeowners at risk of default’, The Journal of Finance, 72 (2), pp. 575–612.

Mertens, D. (2017) ‘Borrowing for social security? Credit, asset-based welfare and the decline of the German savings regime’, Journal of European Social Policy, 27 (5), pp. 474–490. doi: 10.1177/0958928717717658.

McEwen, B. S. (1998) ‘Protective and damaging effects of stress mediators’, New England Journal of Medicine, 338, pp. 171–179.

McEwen, B. S. (2004) ‘Protection and damage from acute and chronic stress: Allostasis and allostatic overload and relevance to the pathophysiology of psychiatric disorders’, Annals of the New York Academy of Sciences, 1032, pp. 1–7.

McLoyd, V. C. (1990) ‘The impact of economic hardship on black families and children: Psychological distress, parenting, and socioemotional development’, Child Development, 61 (2), pp. 311–346.

Mian, A. and Sufi, A. (2011) ‘Consumers and the economy, Part II: Household debt and the weak U.S. recovery’, FRBSF Economic Letter, 18 January.

Mian, A. and Sufi, A. (2015a) House of Debt: How They (and You) Caused the Great Recession, and How We Can Prevent It from Happening Again. Chicago: University of Chicago Press.

Mian, A. and Sufi, A. (2015b) ‘Household debt and defaults from 2000 to 2010: Facts from Credit Bureau data’. NBER Working Paper No. 21203. doi: 10.2139/ssrn.2606683.

Mian, A., Sufi, A. and Trebbi, F. (2013) ‘Resolving debt overhang: Political constraints in the aftermath of financial crises’, American Economic Journal: Macroeconomics, 6 (2), pp. 1–28. doi: 10.1257/mac.6.2.1.

Montgomerie, J. (2013) ‘America’s debt safety-net’, Public Administration, 91 (4), pp. 871–888.

Mullainathan, S. and Shafir, E. (2013) Scarcity: Why Having Too Little Means So Much. New York: Time Books.

Münster, E., Rüger, H., Ochsmann, E., Letzel, S. and Toschke, A. M. (2009) ‘Over-indebtedness as a marker of socioeconomic status and its association with obesity: a cross-sectional study’, BMC Public Health, 9 (286), pp. 1–6.

Murray, C. (1984) Losing Ground: American Social Policy 1950–1980. New York: Basic Books.

Muttilainen, V. (2002) Luottoyhteiskunta: Kotitalouksien velkaongelmat ja niiden hallinnan muodonmuutos luottojen säännöstelystä velkojen järjestelyyn 1980- ja 1990-luvun Suomessa. Oikeuspoliittisen tutkimuslaitoksen julkaisuja 189. Helsinki: Oikeuspolittiinen tutkimuslaitos.

Mykyta, L. (2014) ‘Housing crisis and child well-being: the effects of foreclosure on children and youth’. Presented at the Annual Meetings of the American Sociological Association, San Francisco, CA.

Mykyta, L. (2015) ‘Housing crisis and family well-being: Examining the effects of foreclosure on families’. Working Paper No. SEHSD-WP2015-07, US Census Bureau.

Nelson, M. C., Lust, K., Story, M. and Ehlinger, E. (2008) ‘Credit card debt, stress and key health risk behaviors among college students’, American Journal of Health Promotion, 22 (6), pp. 400–407.

Neppl, T. K., Senia, J. M. and Donnellan, M. B. (2016) ‘Effects of economic hardship: Testing the family stress model over time’, Journal of Family Psychology, 30 (1), pp. 12–21.

Niemi, J. (2012) ‘Consumer insolvency in the European legal context’, Journal of Consumer Policy, 35 (4), pp. 443–459.

Niemi-Kiesiläinen, J. (1999) ‘Consumer bankruptcy in comparison: Do we cure a market failure or a social problem?’ Osgoode Hall Law Journal, 37 (1–2), pp. 473–503.

Niemi-Kiesiläinen, J. (2003) ‘Collective or individual? Constructions of debtors and creditors in consumer bankruptcy’, in Niemi-Kiesiläinen, J., Ramsay, I. and Whitford, W. C. (eds) Consumer Bankruptcy in Global Perspective. Oxford: Hart, pp. 41–60.

Niemi-Kiesiläinen, J., Ramsay, I. and Whitford, W. C. (eds) (2003) Consumer Bankruptcy in Global Perspective. Oxford: Hart.

Ochsmann, E., Rueger, H., Letzel, S., Drexler, H. and Münster, E. (2009) ‘Over-indebtedness and its association with the prevalence of back pain’, BMC Public Health, 9 (451), pp. 1–8.

OECD (2013) ‘Household debt’, in OECD Factbook 2013: Economic, Environmental and Social Statistics, Paris: OECD.

OECD (2017a) ‘Household debt (indicator)’. doi: 10.1787/f03b6469-en (Accessed: 20 December 2017).

OECD (2017b) ‘Wealth statistics’. OECD.Stat. https://stats.oecd.org/Index.aspx?DataSetCode=WEALTH# (Accessed 20 December 2017).

Oksanen, A., Aaltonen, M. and Rantala, K. (2015) ‘Social determinants of debt problems in a Nordic welfare state: A Finnish register-based study’, Journal of Consumer Policy, 38 (3), pp. 229–246.

Patel, A., Balmer, N. J. and Pleasence, P. (2012) ‘Debt and disadvantage: The experience of unmanageable debt and financial difficulty in England and Wales’, International Journal of Consumer Studies, 36, pp. 556–565.

Piketty, T. (2014) Capital in the Twenty-First Century. Cambridge, MA: Belknap Press of Harvard University Press.

Pleasence, P., Balmer, N. J., Buck, A. and Patel, A. (2007) ‘Mounting problems: Further evidence of the social, economic and health consequences of civil justice problems’, in Pleasence, P., Buck, A. and Balmer, N. J. (eds) Transforming Lives: Law and Social Process. Norwich: The Stationery Office.

Polanyi, K. (1944) The Great Transformation. New York: Farrar and Rinehart.

Poppe, C. (2008) Into the Debt Quagmire: How Defaulters Cope with Severe Debt Problems. Oslo: University of Oslo.

Poppe, C., Lavik, R. and Borgeraas, E. (2016) ‘The dangers of borrowing in the age of financialization’, Acta Sociologica, 56 (1), pp. 19–33.

Poppe, C. and Tufte, P.A. (2005) Gjeldsordninger i velstands-Norge: En undersøkelse av åpnede gjeldsordningssaker ved Oslo byfogdembete i 1999 og 2004. SIFO oppdragsrapport nr. 7.

Porter, K. and Thorne, D. (2006) ‘The failure of bankruptcy’s fresh start’, Cornell Law Review, 92, pp. 67–128.

Prasad, M. (2012) The Land of Too Much: American Abundance and the Paradox of Poverty. Cambridge, MA: Harvard University Press.

Quinterno, J. (2012) The Great Cost Shift: How Higher Education Cuts Undermine the Future Middle Class. New York: Demos.

Raijas, A., Lehtinen, A.-R. and Leskinen, J. (2010) ‘Over-indebtedness in Finnish consumer society’, Journal of Consumer Policy, 33 (3), pp. 209–223.

Ramsay, I. (2017) Personal Insolvency in the 21st Century: A Comparative Analysis of the US and Europe. Oxford: Far Publishing.

Rantala, K. and Tarkkala, H. (2009) Kotitalouksien velkaongelmien nykytila ja kehitys. Oikeuspoliittisen tutkimuslaitoksen tutkimustiedonantoja 90. Helsinki: Oikeuspoliittinen tutkimuslaitos.

Ratcliffe, C., McKernan, S.-M., Theodos, B., Kalish, E., Chalekian, J., Guo, P. and Trepel, C. (2014) ‘Delinquent debt in America’. Urban Institute. An Opportunity and Ownership Initiative Brief. Urban Institute, 30 July.

Reifner, U. (2000) Inclusive Contract Law: A Common Law/ Civil Law Joint Venture to Confront Poverty. Hamburg/New York: IFF.

Reifner, U. (2003) ‘“Thou shalt pay thy debts”: Personal bankruptcy law and inclusive contract law’ in Niemi-Kiesiläinen, J., Ramsay, I. and Whitford, W. (eds) Consumer Bankruptcy in Global Perspective. Oxford: Hart.

Reiter, M. (2017) How Creditors Enforce Judgments. Available at: www.nolo.com/legal-encyclopedia/how-creditors-enforce-judgments.html (Accessed: 27 October 2017).

Richardson, T., Elliott, P. and Roberts, R. (2013) ‘The relationship between personal unsecured debt and mental and physical health: A systematic review and meta-analysis’, Clinical Psychology Review, 33 (8), pp. 1148–1162.

Rogers, J. et al. (2015) ‘President’s Advisory Council on Financial Capability for Young Americans’. Available at: www.treasury.gov/resource-center/financial-education/Documents/PACFCYA%20Final%20Report%20June%202015.pdf.

Rowntree, S. (1901) Poverty: A Study of Town Life. London: Macmillan.

Rueger, H., Weishaar, H., Ochsmann, E., Letzel, S. and Muenster, E. (2013) ‘Factors associated with self-assessed increase in tobacco consumption among over-indebted individuals in Germany: A cross-sectional study’, Substance Abuse Treatment, Prevention, and Policy, 8 (12). doi: 10.1186/1747-597X-8-12.

Schwartz, H. (2012) ‘Housing, the welfare state, and the global financial crisis: What is the connection?’, Politics & Society, 40 (1), pp. 35–58.

Selenko, E. and Batinic, B. (2011) ‘Beyond debt: A moderator analysis of the relationship between perceived financial strain and mental health’, Social Science and Medicine, 73 (12), pp. 1725–1732.

Sen, A. (1992) Inequality Reexamined. Oxford: Oxford University Press.

Skinner, C., Meyer, D., Cook, K. and Fletcher, M. (2017) ‘Child maintenance and social security interactions: The poverty reduction effects in model lone parent families across four countries’, Journal of Social Policy, 46 (3), pp. 495–516.

Smelser, N. J. and Swedberg, R. (eds) (2005) The Handbook of Economic Sociology. Princeton: Princeton University Press.

SNA (2008) System of National Accounts. United Nations. Available at: https://unstats.un.org/unsd/nationalaccount/docs/SNA2008.pdf.

Soederberg, S. (2014) Debtfare States, and the Poverty Industry: Money, Discipline and the Surplus Population. Abingdon: Routledge.

SOU (2014) F-skuldsanering – en möjlighet till nystart för seriösa företagare: Statens Offentliga Utredningar SOU 2014:44. National Public Inquiry on “An Opportunity for a Fresh Start for Serious Entrepreneurs”.

Statistisches Bundesamt (2017) Statistik zur Überschuldung privater Personen 2016. Statistisches Bundesamt, Destatis.

Storm, S. and Naastepad, C. (2014) ‘Crisis and recovery in the German economy: The real lessons’, Structural Change and Economic Dynamics, 32, pp. 11–24.

Stringhini, S., Carmelli, C. Jokela, M … and Kivimäki, M. (2017) ‘Socioeconomic status and the 25 × 25 risk factors as determinants of premature mortality: A multicohort study and meta-analysis of 1·7 million men and women’, Lancet, 389 (10075), pp. 1229–1237.

Sullivan, T., Warren, E. and Westbrook, J. L. (2000) The Fragile Middle Class: Americans in Debt. New Haven: Yale University Press.

Suomen Asiakastieto (2017) Persons with Payment Defaults 30.6.2017.

Sweet, E., Nandi, A., Adam, E. and McDaded, T. (2013) ‘The high price of debt: Household financial debt and its impact on mental and physical health’, Social Science and Medicine, 91, pp. 94–100.

Tanskanen, J. (2015) ‘Parental long term over-indebtedness as a predictor for children’s psychiatric morbidity: A 13 year follow-up of the 1987 birth cohort’. Master’s thesis. University of Helsinki. Available at: https://helda.helsinki.fi/bitstream/handle/10138/155266/Tanskanen_Sosiologia.pdf?sequence=2 (Accessed: 16 November 2017).

Townsend, P. (1979) Poverty in the United Kingdom. London: Allen Lane/Penguin.

Trumbull, G. (2012) ‘Credit access and social welfare: The rise of consumer lending in the United States and France’, Politics & Society, 40 (1), pp. 9–34.

Turunen, E. and Hiilamo, H. (2014) Health effects of indebtedness: A systematic review. BMC Public Health, 14, pp. 489ff.

Valkama, E. and Muttilainen, V. (2008) ‘Payment difficulties associated with SMS loans’. National Research Institute of Legal Policy, Research Communications, 86, pp. 79–84.

van der Cruijsen, C., de Haan, J. and Jansen, D.-J. (2016) ‘Trust and financial crisis experiences’, Social Indicators Research, 127 (2), pp. 577-600. doi: 10.1007/s11205-015-0984-8.

van Oorschot, W. (2000) ‘Who should get what, and why? On deservingness criteria and the conditionality of solidarity among the public’, Policy & Politics, 28 (1), pp. 33–48.

van Oorschot, W. and Halman, L. (2000) ‘Blame or fate, individual or social? An international comparison of popular explanations of poverty’, European Societies, 2 (1), pp. 1–28.

Vinokur, A. D., Price, R. H. and Caplan, R. D. (1996) ‘Hard times and hurtful partners: How financial strain affects depression and relationship satisfaction of unemployed persons and their spouses’, Journal of Personality and Social Psychology, 71 (1), p. 166–179.

Webley, P. and Nyhus, E. K. (2001) ‘Life cycle and dispositional routes into problem debt’, British Journal of Psychology, 92 (3), pp. 423–446.

Weyerer, S. and Wiedenmann, A. (1995) ‘Economic factors and the rates of suicide in Germany between 1881 and 1989’, Psychological Reports, 76 (3), pp. 1331–1341.

White, J. M. and Klein, D. M. (2002) Family Theories: Understanding Families (2nd edn). Thousand Oaks, CA: Sage.

Wilhelmsson, T. (1990) ‘Social force majeure: A new concept in Nordic consumer law’, Journal of Consumer Policy, 13 (1), pp. 1–14.

Williams J. (2006) ‘Debt education: Bad for the young, bad for America’, Dissent, 53 (3), pp. 53–59.

Wong, P. W., Chan, W. S., Conwell, Y., Conner, K. R. and Yip, P. S. (2010) ‘A psychological autopsy study of pathological gamblers who died by suicide’, Journal of Affective Disorders, 120 (1–3), pp. 213–216. doi: 10.1016/j.jad.2009.04.001.

World Bank (2013a) Report on the Treatment of the Insolvency of Natural Persons. Washington, DC: World Bank.

World Bank (2013b) Responsible Lending: Overview of Regulatory Tools. Washington, DC: World Bank. Available at: http://documents.worldbank.org/curated/en/596151468336064796/Responsible-lending-overview-of-regulatory-tools.

Worthington A. C. (2006) ‘Debt as a source of financial stress in Australian households’, International Journal of Consumer Studies, 30 (1), pp. 2–15.

Zinman, J. (2015) ‘Household debt: Facts, puzzles, theories, and policies’, Annual Review of Economics, 7, pp. 251–276.