全球智库信息集成服务系统(G2TT): Minimum Payments and Debt Paydown in Consumer Credit Cards

G2TT

来源类型	Working Paper
规范类型	报告
DOI	10.3386/w22742
来源ID	Working Paper 22742
	Minimum Payments and Debt Paydown in Consumer Credit Cards
	Benjamin J. Keys; Jialan Wang
发表日期	2016-10-17
出版年	2016
语种	英语
摘要	Using a dataset covering one quarter of the U.S. general-purpose credit card market, we document that 29% of accounts regularly make payments at or near the minimum payment. We exploit changes in issuers' minimum payment formulas to distinguish between liquidity constraints and anchoring as explanations for the prevalence of near-minimum payments. Nine to twenty percent of all accounts respond more to the formula changes than expected based on liquidity constraints alone, representing a lower bound on the role of anchoring. Disclosures implemented by the CARD Act, an example of one potential policy solution to anchoring, resulted in fewer than 1% of accounts adopting an alternative suggested payment. Based on back-of-envelope calculations, the disclosures led to $62 million in interest savings per year, but would have saved over $2 billion per year if all anchoring consumers had adopted the new suggested payment. Our results show that anchoring to a salient contractual term has a significant impact on household debt.
主题	Microeconomics ; Households and Firms ; Financial Economics ; Financial Institutions
URL	https://www.nber.org/papers/w22742
来源智库	National Bureau of Economic Research (United States)
引用统计
资源类型	智库出版物
条目标识符	http://119.78.100.153/handle/2XGU8XDN/580416
推荐引用方式 GB/T 7714	Benjamin J. Keys,Jialan Wang. Minimum Payments and Debt Paydown in Consumer Credit Cards. 2016.

条目包含的文件
文件名称/大小	资源类型	版本类型	开放类型	使用许可
w22742.pdf（984KB）	智库出版物		限制开放	CC BY-NC-SA	浏览