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This study aims to examine the impact of financial literacy on consumer debt as measured by debt–to-income ratio, number of lenders, and net worth among low-income households in overindebted condition. The key components of financial literacy used are numeracy and money management skills. This study is conducted through a survey on 103 low-income households in Depok, West Java. The main finding from the analysis is that neither numeracy nor money management skills significantly affect debt-to-income ratio and net worth. However, money management skills are found to have a significant influence on the number of lenders. As money management skills improve, the number of lenders increases. Numeracy skills, however, has no significant effect on the number of lenders. This finding differs from that of previous studies, which suggest that money management skills would decrease the number of lenders. This study has an implication on educational programs intended to enhance financial literacy among lowincome households. Type of Paper: Empirical

Financial Literacy and Consumer Debt: A Survey of Low Income Households in Depok, West Java, Indonesia