We document the cyclical properties of unsecured consumer credit (procyclical and volatile) and of consumer … access to unsecured credit (because of bankruptcy costs) and aggregate shocks, we show that the cyclical behavior of … household earnings growth accounts for these properties, albeit not for the large volatility of credit. We find that tilting …

We use information from the last wave of the Spanish Survey of Households Finance to study the influence of debt on the … smaller MPC than non-indebted households. This negative association increases along with the amount of debt. We also find a …

ways: A debt effect increases credit card spending, while a credit effect leads to higher credit limits. In the short run … crisis, the credit effect exceeded the debt effect in the long run, pushing down long-term utilization. In our sample period … after the financial crisis, the debt effect dominated in the long run, and credit card utilization rates rose upon the …