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Relationships Among Credit Counseling, Financial Well-being and Health
The study examines how financial well-being was associated with health and determined if credit counseling was related to the variables of financial well being and health. Data (n=175) were collected from clients of a large credit counseling organization on two occasions, once in June 2000 and again in January 2002. People who received credit counseling and remained in a debt management plan were compared with those who did not within the period of 18 months. The results indicate that financial well-being was associated with health. Additionally, financial well-being was a partial function of financial behavior and financial stressor events. Results also indicate that credit counseling had impacts in changing financial behaviors in a positive way and reducing financial stressor events, controlling for individual characteristics.
