The overall objective of this study was to examine factors influencing total debt, total debt payment, and patterns of debt payments. The study examined the impacts of both psychological (credit attitudes and perception of future income) and socioeconomic variables on total debt, total debt payment and patterns of debt payments;A conceptual model for this study was developed by incorporating the theory of borrower risk, the economic and psychological economic theory of borrowing, and the results of previous studies. This model identifies socioeconomic and psychological variables that influence total debt, total debt payment, and patterns of debt payments. Socioeconomic variables included in the model are gender, race, marital status, employment status, household size, age, education, and household assets. Psychological variables are credit attitudes toward the use of credit, and perception of future income;This study used data from the 1989 Survey of Consumer Finances. The survey was sponsored by the Federal Reserve in cooperation with some other federal agencies. Data for the survey were collected by the Survey Research Center at the University of Michigan between August 1989 and March 1990;The results of the study showed that all independent variables except race of the respondents were significantly related to the total debt. The results also showed that all independent variables had significant influences on the total debt payment. Patterns of debt payments was significantly influenced by gender, race, marital status, employment status, age, education, household assets, and perception of future income.