We explore how households insure themselves against consumption volatility. We asked households how they would fund an unexpected emergency consumption expense equivalent to one month's income. Answers reveal a range of consumption insurance mechanisms, including borrowing from credit markets...

Is financial literacy a substitute or complement for financial advice? In this paper we analyze the decision by consumers to seek financial advice in the form of credit counseling concerning their credit and debt. Credit counseling is an important component of the consumer credit sector for...