Purpose The purpose of this is to propose a model in which materialism is a mediator of the effects of self-esteem, impulsiveness, attitude toward debt, attitude toward credit card and economic vulnerability on consumer indebtedness. The effects of financial knowledge, financial ability, credit card use and demographic variables are also taken into account. Design/methodology/approach Survey data from a sample of 1,245 low-income consumers from Brazil were used to test the hypotheses using structural equation modeling. Findings First, materialism has a significant effect on consumer indebtedness; at the same time, it is influenced by self-esteem, impulsiveness and attitude toward debt. Second, materialism acts as a mediator, e.g. higher impulsiveness triggers materialism, which influences debt level. Third, indebtedness is higher for women and those who use a higher number of credit cards and are more educated. Social implications Financial education programs should work to increase individual’s perceived ability to manage money, as the individuals who feel less able to manage their personal finances alone (i.e. lower financial ability) presented higher indebtedness. Originality/value This study investigates consumer indebtedness by addressing factors that have been analyzed independently in the literature. The research combines psychological, financial and economic factors with credit card use and demographic variables to explain consumer indebtedness. Moreover, the study supports the mediating role of materialism for the antecedents of consumer indebtedness, e.g. impulsiveness and attitude toward debt.

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O presente estudo teve como objetivo geral analisar os fatores associados ao superendividamento de consumidores de baixa renda. Foi realizado um estudo exploratório, de cunho qualitativo, por meio de entrevistas individuais com consumidores das classes D e E. Dentre os principais fatores associados ao acúmulo de dívidas pelos entrevistados, destacam-se as compras por impulso, o pagamento do valor mínimo das faturas do cartão de crédito, o uso de financiamentos e empréstimos para aquisição de bens ou até mesmo para pagar outra dívida e fatores imprevistos. O estudo termina com uma discussão teórica destes resultados e sugestões de pesquisa para estudos futuros.