December 20, 2005

Complex Post Christmas Credit Card Debts Simplified by Psychology Researchers

Writing about web page http://www2.warwick.ac.uk/newsandevents/pressreleases/NE1000000137677/

Christmas is a time which sees many people spend their way into a mire of credit card debt, personal loans and the complexity of compound interest. Psychologists have long feared that many people simply cannot visualize how debt accumulates through compound interest and thus fail to take simple measures to deal with their debts. Now researchers at the University of Warwick have devised a simple visual means to help people understand the relationship between their repayments and the total cost of their debt. Empowered with this knowledge, people should be able to make the best decisions for their own circumstances.

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