Outstanding AFCPE^sup ®^ Conference Paper: Debt Burden of Young Adults in the United States

Kim, Jinhee, Chatterjee, Swarn, Kim, Jung Eun, Journal of Financial Counseling and Planning

Factors associated with the borrowing behavior of young adults who are transitioning from financial dependence to financial independence were identified. Data used were from the 2009 Transition to Adulthood and its parental companion data set, Panel Studies of Income Dynamics. Results indicate that age, gender, race, and work status are associated with the debt burden of young adults. Conversely, closeness to mother and communication, parental resources, and human capital attainment are negatively associated with borrowing behavior. Financial independence was positively associated with both credit card borrowing and student loan debt of college students.

Key Words: college students, …

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Publication information: Article title: Outstanding AFCPE^sup ®^ Conference Paper: Debt Burden of Young Adults in the United States. Contributors: Kim, Jinhee - Author, Chatterjee, Swarn - Author, Kim, Jung Eun - Author. Journal title: Journal of Financial Counseling and Planning. Volume: 23. Issue: 2 Publication date: July 1, 2012. Page number: 55+. © Association for Financial Counseling and Planning Education 2007. Provided by ProQuest LLC. All Rights Reserved.

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