Researchers found community-based courses can lend to breaking a cycle of debt
People who are open about their debt level and seek peer-supported counselling are more likely to get their finances in order, according to new research out of Western University in London, Ont.
Social stigmas were found to be a key factor when it comes to being stuck in a debt cycle.
The study, “Helping Those That Hide: Anticipated Stigmatization Drives Concealment and a Destructive Cycle of Debt,” was published in the Journal of Public Policy and Marketing.
The research found social support can help people overcome stigma and break the debt cycle.