Table 6 Coefficients for the utility of each type of debt (Mixed Multinomial Logit Model)

Age

− 0.107*** (0.0161)

− 0.109*** (0.0161)

− 0.102*** (0.0160)

− 0.0766*** (0.0159)

− 0.123*** (0.0163)

− 0.00340* (0.00183)

OECD equivalent household size

2.253*** (0.346)

2.508***

(0.347)

2.608***

(0.348)

2.643***

(0.350)

2.534***

(0.349)

0.340***

(0.0460)

Income: \(\ln (\bar{P}_{i,t-4})\)

1.094*** (0.183)

0.806*** (0.182)

− 0.0273 (0.178)

− 0.0636 (0.184)

0.958*** (0.186)

− 0.757*** (0.0591)

Unemployment \(\bar{u}_{i,t-4}\)

15.93*** (2.214)

16.29*** (2.186)

18.13*** (2.144)

17.25*** (2.286)

20.33*** (2.264)

1.873*** (0.694)

Wage volatility \(\bar{\sigma }_{i,t-4}\)

− 3.636*** (0.577)

− 3.788*** (0.577)

− 3.484*** (0.573)

− 3.796*** (0.581)

− 3.523*** (0.576)

0.252*** (0.0810)

Education (years)

0.123*** (0.0389)

0.0935** (0.0387)

− 0.00713 (0.0386)

0.0591 (0.0402)

0.110*** (0.0400)

− 0.0763*** (0.0118)

Santiago capital region

0.206 (0.217)

0.214 (0.215)

0.174 (0.213)

0.205 (0.221)

0.279 (0.221)

0.0467 (0.0601)

2008/2009

− 0.662* (0.384)

− 1.039*** (0.380)

− 0.830** (0.377)

− 0.805** (0.401)

− 1.121*** (0.397)

0.191* (0.106)

2010/2011

− 0.656** (0.302)

− 1.092*** (0.299)

− 0.475 (0.296)

0.246 (0.312)

− 0.636** (0.306)

0.530*** (0.0908)

2014

0.433 (0.353)

0.453 (0.351)

1.221*** (0.353)

1.796*** (0.371)

0.551 (0.359)

0.810*** (0.112)

2017

1.011*** (0.324)

0.281 (0.321)

− 0.122 (0.322)

1.029*** (0.338)

1.334*** (0.331)

− 0.505*** (0.100)

Constant

− 8.319*** (0.515)

− 3.676 (0)

7.217*** (1.899)

3.556* (1.981)

− 8.251*** (1.989)

9.179*** (0.655)

Observations: 21,319 households. McFadden’s Pseudo R-squared: 0.071