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Fear of judgment is keeping consumers indebted – study shows peer groups can help turn that around
Consumers who are honest about their level of debt and join peer-supported debt counselling groups are more likely to get their finances in order than those who keep it a secret, according to a new study in the Journal of Marketing Research co-authored by Ivey Business School professor Miranda Goode.
Yet while social stigma was a key factor in keeping consumers stuck in a debt cycle, social support was an important part of the solution.
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May 11, 2023
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