During the Great Recession, the collapse of consumption across the U.S. varied greatly but systematically with house-price declines. We find that financial distress among U.S. households amplified the sensitivity of consumption to house-price shocks. We uncover two essential facts: (1) the...

The use of credit cards is closely connected to how well someone is doing financially. It has been associated with behaviors like excessive shopping and materialism. In India, there has been a recent increase in the number of credit cards issued. This research aims to study how Indian consumers...