All entries for Monday 06 October 2008

October 06, 2008

Research finds customers’ fixation on minimum payments drives up credit card bills

Writing about web page http://www2.warwick.ac.uk/newsandevents/pressreleases/research_finds_customers146/

New research by the University of Warwick reveals that many credit card customers become fixated on the level of minimum payments given on credit card bills. The mere presence of a minimum payment is enough to reduce the actual amount many people choose to pay on their bills, leading to further interest payments.

You can also listen to a podcast interview with Dr Neil Stewart explaining ‘anchoring’ and shedding light on how we can be more ‘credit savvy’ when making credit card repayments.


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