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How Do Americans Repay Their Debt? The Balance-Matching Heuristic
John Gathergood
Neale Mahoney
Neil Stewart
Jörg Weber
出版
National Bureau of Economic Research
, 2019
URL
http://books.google.com.hk/books?id=8Y_HwgEACAAJ&hl=&source=gbs_api
註釋
In Gathergood et al. (forthcoming), we studied credit card repayments using linked data on multiple cards from the United Kingdom. We showed that individuals did not allocate payments to the higher interest rate card, which would minimize the cost of borrowing, but instead made repayments according to a balance-matching heuristic under which the share of repayments on each card is matched to the share of balances on each card. In this paper, we examine whether these results extend to the United States using a large sample of TransUnion credit bureau data. These data do not provide information on interest rates, so we cannot examine the optimality of payments. However, we observe balances and repayments, so we can examine balance-matching behavior. We replicate our analysis and find that Americans also repay their debt in accordance with a balance-matching heuristic.
