Credit Card and Mortgage Debt: A Panel Study, 2004 and 2008

Relying on data from the National Longitudinal Survey of Youth, 1979 cohort, this article examines the pervasiveness and depth of credit card and mortgage debt in 2004 and 2008 (N = 3,966). Findings indicate that (a) significant majorities experienced either credit card debt, mortgage debt, or both; (b) debtors increased as a proportion of the population between 2004 and 2008; (c) mortgage-related debt, but not credit card debt, was disproportionately distributed along sociodemographic characteristics (married, more affluent, and more educated) and by attitudinal dispositions (locus of control and self-esteem); and (d) separated/widowed/divorced persons and never married persons were more economically vulnerable, having higher mortgage debt-to-income ratios of more than 1.5 to 2 times their income.