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HOUSEHOLD DEBT - Coggle Diagram
HOUSEHOLD DEBT
Political Contexts
Neoliberal policy shift
Market-driven economy
Tax policies
Regressive impact to low-income households
Austerity policies
Cuts to public services
Increased borrowing for essential spending
Reduced welfare provision
Limited regulation on high-interest lending
Policies encouraging homeownership
Social Contexts
Consumer culture shift
Normalised use of credit cards
Higher education costs
Student debt
Pressure on younger households
Less opportunity due to discrimination
Insecure jobs
Forced to rent
Conspicuous consumption
Overspending to give the appearance of wealth
Economic Contexts
Wage stagnation
Weaker union representation
Rise in insecure work conditions
Neoliberalism
Market liberalisation
Privatisation
Financial deregulation
Low interest rates
Inflation targeting
Encourage borrowing
Price increases
Increased inflation
Decrease in real income of consumers