TAILIEUCHUNG - Bankruptcy Reform and Credit Cards - 2011

In 1909, John Moody published the fifi rst publicly available bond ratings, focused entirely on railroad bonds. Moody’s fifi rm was followed by Poor’s Publishing Company in 1916, the Standard Statistics Company in 1922, and the Fitch Publishing Company in 1924. These fifi rms’ bond ratings were sold to bond investors in thick manuals. These fifi rms evolved over time. Dun & Bradstreet bought Moody’s in 1962, but then subsequently spun it off in 2000 as a free-standing corporation. Poor’s and Standard merged in 1941; Standard & Poor’s was then absorbed by McGraw- Hill in 1966. Fitch merged with IBCA (a British fifi rm, which was a. | KEITH WILCOX LAUREN G. BLOCK and ERIC M. EISENSTEIN This research examines how credit card debt affects consumer spending. In five experimental and field studies the authors demonstrate that outstanding credit card debt increases spending for consumers with high self-control. They also show that this effect can be eliminated by increasing the available credit on the credit card. Thus when the available credit is low consumers with greater self-control increase spending but when the available credit is high they reduce spending. The results extend the literature on goal violation and self-control and offer insights into consumer decision making and consumption patterns under conditions of debt. Keywords credit cards debt self-control spending goals Leave Home Without It The Effects of Credit Card Debt and Available Credit on Spending Credit card transactions in the United States have been steadily rising over the past few years and with increased transactions comes increased debt. Recent industry statistics report that billion credit card transactions took place in 2008 Nilson Report 2009a with a corresponding 973 billion in credit card debt Nilson Report 2009b . The individual-level household numbers are sobering. The average outstanding credit card debt for households that have a credit card was 10 679 Nilson Report 2009b and the average balance per open credit card was 1 157 in 2008 Experian 2009 . Perhaps more dire in the fourth quarter of 2008 approximately of consumers disposable income went to service credit card debt . Congress Joint Economic Committee 2009 . Despite these staggering numbers there is virtually no consumer research on how credit card debt affects spending. Previous studies have primarily focused on how spending differs across different forms of payment . credit cards versus cash or more recently how minimum payment information influences the likelihood of paying off the debt Navarro-Martinez et al. 2011 . In this research we .

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