Richard Disney|John Gathergood|Joerg Weber
Credit counseling: a substitute for consumer financial literacy?
Institute for Fiscal Studies|UCL Australia|University College London|University of Sussex|University of Nottingham|University College London|University of Sussex|University of Nottingham|Institute for Fiscal Studies|UCL Australia|University of Sussex|Institute for Fiscal Studies|UCL Australia|University College London|University of Nottingham
abstract financial literacy substitute complement financial advice analyze decision consumers seek financial advice form credit counseling credit counseling important component consumer credit sector consumers facing debt problems analysis accounts endogeneity individuals financial situation financial literacy endogeneity financial literacy exposure credit counseling results show counseling substitutes financial literacy individuals better literacy 60 less likely use credit counseling results suggest credit counseling provides safety net poor financial literacy