Sequential loss of self-control: Exploring the antecedents and consequences of student credit card debt

Authors

J W. Peltier, University of Wisconsin
A J. Dahl, University of WisconsinFollow
John Schibrowsky, University of Nevada, Las VegasFollow

Document Type

Article

Publication Date

1-1-2016

Publication Title

Journal of Financial Services Marketing

Volume

21

Issue

3

First page number:

167

Last page number:

181

Abstract

Self-control lapses not only impact credit card debt, but combined with this debt lead to further self-control lapses and life stressors for consumers. A causal model is developed and tested exploring college students' pre-/post-debt decisions as a series of sequential losses in self-control, and how initial and post-failure decisions impact financial anxiety. Pre-debt loss of control takes on two forms: materialism and impulsivity. Locus of control theory is used to test how post-failure self-control lapses negatively impact the psychological well-being of consumers. A better understanding of these time-ordered selfcontrol mechanisms offers insights for developing educational and policy interventions useful for staving off self-control lapses early in the decision-making process. © 2016 Macmillan Publishers Ltd.

Keywords

Anxiety; Credit card debt; Financial services; Impulsivity; Locus of control; Materialism; Self-control

Language

English

Repository Citation

Peltier, J. W., Dahl, A. J., Schibrowsky, J. (2016). Sequential loss of self-control: Exploring the antecedents and consequences of student credit card debt. Journal of Financial Services Marketing, 21(3), 167-181.
http://dx.doi.org/10.1057/s41264-016-0002-5