We find evidence of a substantial credit shock around the time of counseling. Post‐treatment, counseling is associated with a persistent reduction in debt even after accounting for bankruptcies, foreclosures, debt charge﹐ffs, or participation in debt consolidation programs. (JEL D12)...
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This chapter first introduces several theories on consumption such as the life cycle hypothesis, precautionary saving model, behavioral life cycle hypothesis, hyperbolic consumption model consumption benefits and costs, and decision making styles. Then t