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ralph lauren polo

 
Swarnankur Chatterjee
 
''Borrowing Decisions of Credit Constrained Consumers and The Role of Financial Literacy''
( 2013, Vol. 33 No.1 )
 
 
This study uses a new nationally representative dataset (National Financial Capability Study, 2009) to examine the association between individuals' financial literacy and their high-cost borrowing decisions. The results indicate that financial literacy is indeed negatively associated with high-cost borrowing behaviors. Other factors such as lower levels of income, gender, educational attainment, and the recent downturn in economic fortune of a household were also associated with high-cost borrowing behaviors. This study's findings have important policy implications for improving individual financial decision-making of credit constrained consumers.
 
 
Keywords: Financial Literacy, Credit, Household Economics
JEL: D0 - Microeconomics: General
D1 - Household Behavior: General
 
Manuscript Received : Jan 16 2013 Manuscript Accepted : Jan 21 2013

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