Abstract
Debt plays an essential role in people’s everyday life. Household consumption theoretically stimulates the economic growth of a nation by generating revenue for the financial industry, employment and business outcomes. However, having much debt will lead to some adverse effects which include slow GDP, the impact on financial institutions, and individuals’ difficulties. A recent study by (Idris et al., 2016), the researcher revealed that Malaysians currently are facing a high debt problem; over-indebtedness problem. Furthermore, with the advancement of digital technology among Malaysians users, had a trigger to the situations of fear of missing out (FAMO), where the individual will spend to not missing out and be the same level as his/her social norms, such as peers and friends. This factor will contribute to over-indebtedness. Although previous studies have stated that the digital technology effects on individual spending pattern, however, there is no study has considered the impact of digital technology towards over-indebtedness. With regards to this limitation, thus this study tries to formulate the digital technology and over-indebtedness model in filling a research gap in the related field.
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