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Family liabilities can smooth income, promote consumption and improve residents' subjective well-being, but it may also bring corresponding economic pressure to reduce the level of welfare. Based on the tracking survey data of Peking University from 2010 to 2016, this paper uses Ordered Logistic model to investigate the influence of family housing loans and other loans on residents' subjective well-being from an empirical point of view. The results of the study found that there is a significant positive and negative correlation between the housing loan from 2010 to 2016 and the subjective well-being of the residents, and the housing loans in the family's liabilities by 2014 have the "wealth effect" of realizing the residents' consumption, improving the utility of consumption and the housing itself, the subjective well-being of the residents is significantly improved, and the increase of the house prices after 2014, the increase of the repayment pressure of the residents, the crowding-out effect on other aspects of consumption, which leads to the decline of the subjective well-being of the residents; and, The daily family and friends of the residents and the folk lending have a certain inhibition effect on the subjective well-being of the residents. Keywords—housing loan; credit consumption; residents' subjective well-being; consumption utility

Family Liabilities and Residents' Subjective Well-being An Analysis Based on Microcosmic Data of Chinese Family Tracking Survey