The evolving moral economy of indebtedness in Chile

Resignifying credit and debt in the oldest neoliberal society

Datos Bibliográficos

ID12698646
AutoresAlejandro Marambio-Tapia (0000-0002-8598-8817, Catholic University of the Maule, autor de correspondencia)
Año2022
Volumen23
Número2
Páginas409-427
Fecha de publicación2022-06-08
Open AccessSí
TipoARTICLE
RevistaJournal of Consumer Culture (JOURNAL)
Identificadores de la revistaISSN: 1469-5405 • E-ISSN: 1741-2900
EditorialSAGE Publishing (PUBLISHER • US)
DOI10.1177/14695405221100383
OpenAlexW4293077405
IdiomaEN
Citas recibidas3
Referencias citadas24

Credit is ubiquitous in the life of Chilean households, the oldest neoliberal society. It is a key feature in the budgeting, shopping, and consuming practices of families. Consequently, to be indebted is a normal expectation in Chile. Families engage with the ‘necessary evil’ of credit in different ways, representing a massive, regular use of credit as short, medium and long-term leverage tools, with store cards being the main source of credit for lower and moderate income families in general. Moral obligations together with conventional and unconventional financial knowledge accompany the everyday situated economic practices of families. Addressing both the normalisation and the moralisation of credit, I attempt to make the case for the ongoing resignification of credit and debt and the evolving moral assessments of indebtedness, focusing on moderate and low-income households, namely those who embrace credit during recent decades. This article contributes to the discussion about the meaning of debt, to understand the financialisation of everyday life by looking at situated economic practices, and to recognise the social, moral and relational foundations of the economic practices. From the coming of the expansion of credit, households have learnt to deal with economic rationalities and internal and external moral judgements in order to justify their use of credit. Together with structural factors, this develops indebtedness assessments from detachment to naturalisation, placing credit and debt in the centre of ‘decent life’ expectations

Credit card · Debt · Economics · Everyday life · Financial literacy · Leverage (statistics · Moral economy · Payment · Political economy · Political science · Situated · Sociology · Financial Literacy, Pension, Retirement Analysis · Housing, Finance, and Neoliberalism · Law · Political Economy and Marxism · Finance

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