<![CDATA[Online lending and buy-now-pay-later services expand access to financing but also increase debt-entrapment risk among Generation Z. This study examines the effects of mental accounting and financial management behavior on debt spiral risk and tests the moderating role of financial management behavior. Using an explanatory quantitative design, data from 200 Generation Z users of digital credit in Indonesia were analyzed with partial least squares structural equation modeling. Mental accounting had a positive significant effect on debt spiral risk (coefficient 0.568; probability below 0.001), while financial management behavior had a negative significant effect (coefficient -0.183; probability 0.008). The interaction effect was not significant (coefficient -0.016; probability 0.751). The model explained 36.9 percent of debt spiral risk variance. Financial management behavior therefore functions as a direct protective factor rather than a significant moderator. Mental accounting increases debt spiral risk, while financial management behavior reduces it. Prevention should focus on reducing mental accounting bias and strengthening financial management.]]>
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