Most of our specifications reflect the influence of other kinds of debt by both including indicators for presence of noneducation
installment debt as well as variable for total household debt in 2007.
bar]/SD) Automobile Loan Debt Less than $1,000 Less than $1,000 (Average Response)
Installment Debt None None (Average Response) Monthly Housing Costs $300 to $599 $300 to $599 (Average Response) Characteristic Total Sample Gender (1 = Female) .
Higher net worth households are less likely to have an installment loan, and
installment debt is a dramatically smaller percentage of income and net worth.
While a comfortable assumption with regard to mortgage and consumer
installment debt, in the case of credit cards it amounts to assuming that consumer payments of interest and principal combined are equal to the minium monthly payment required by the card issuer.
12 Hendricks and others (1973) report that the ratio of
installment debt to income decreases sharply between the 30-34 age group and the 35-40 age group.
A self-canceling
installment debt stock succession (SCIDSS) is a debt obligation created on the transfer of stock from the transferor-creditor to a successor-debtor.
A self-cancelling installment note (SCIN) is an
installment debt obligation that by its terms is extinguished at the death of the seller-creditor.
Households have used it as a source of funds, refinancing at higher loan amounts and using the extra cash to purchase other goods or pay off
installment debt.
This study addresses those problems and includes
installment debt as well as credit card debt in the analysis.
This has been partially offset by a higher level of consumer
installment debt.
At the same time, consumer
installment debt outstanding rose from 14 percent of income to new highs.
