Managing consumer debt: Culture, compliance, and completion
We examine the cultural dimensions of participation in a debt management program (DMP). Archival data from Consumer Credit Counseling Service provide insights into the behavior of consumers in a DMP. Latino clients differ from Anglo clients, and are ultimately less successful in resolving debt probl...
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| Veröffentlicht in: | Journal of business research 2016-07, Vol.69 (7), p.2594-2602 |
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| container_title | Journal of business research |
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| creator | Dellande, Stephanie Gilly, Mary C. Graham, John L. |
| description | We examine the cultural dimensions of participation in a debt management program (DMP). Archival data from Consumer Credit Counseling Service provide insights into the behavior of consumers in a DMP. Latino clients differ from Anglo clients, and are ultimately less successful in resolving debt problems. A key difference appears to be the expected monthly payment established for clients. While only debt level determines Latinos' expected payment, Anglos appear to better negotiate an expected payment from creditors, increasing their success. Importantly, homophily increases compliance for Latino debtor–counselor dyads. Overall, this study contributes to the transformative service research (TSR) literature by suggesting ways culture influences adherence to and completion of a DMP, leading to financial freedom for consumers in distress. |
| doi_str_mv | 10.1016/j.jbusres.2015.10.140 |
| format | Article |
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| ispartof | Journal of business research, 2016-07, Vol.69 (7), p.2594-2602 |
| issn | 0148-2963 1873-7978 |
| language | eng |
| recordid | cdi_proquest_journals_1789075662 |
| source | Access via ScienceDirect (Elsevier) |
| subjects | Compliance Consumer behavior Consumer credit Consumers Culture Debt Debt management Ethnicity Financial counseling Latino Payments Studies |
| title | Managing consumer debt: Culture, compliance, and completion |
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