Abstract With the third technological revolution based on the Internet, the rapid development of digital inclusive finance has had a great impact on household economic behavior. Based on the matching data of China Digital Inclusive Financial Development Index and China Family Panel Studies (CFPS), this paper discusses the changes of household debt debt at different income levels under the digital inclusive finance. The empirical results show that the development of digital inclusive finance has significantly increased the level of household debt and household debt leverage. Digital inclusive finance promotes the increase of household debt scale and debt leverage through the three mechanisms of liquidity constraints, irrational spending, and convenient transactions. The increase of debt leverage of digital inclusive finance is different among households with different income levels, and the increase of debt leverage of low-income households is more obvious than that of high-income households. Therefore, in the face of endless financial innovation, it is of great significance for the government and relevant departments to prevent financial risks and guide the healthy and orderly development of digital inclusive finance.
2022, Vol. 39 
