{"id":8068,"date":"2019-07-03T14:40:31","date_gmt":"2019-07-03T18:40:31","guid":{"rendered":"https:\/\/www.afcpe.org\/?p=8068"},"modified":"2019-07-03T14:40:47","modified_gmt":"2019-07-03T18:40:47","slug":"researchwednesday-risk-tolerance-and-the-financial-satisfaction-of-credit-card-users","status":"publish","type":"post","link":"https:\/\/www.afcpe.org\/news-and-publications\/blog\/researchwednesday-risk-tolerance-and-the-financial-satisfaction-of-credit-card-users\/","title":{"rendered":"#ResearchWednesday: Risk Tolerance and the Financial Satisfaction of Credit Card Users"},"content":{"rendered":"\t\t
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\u00a0<\/p>

What makes people unhappy with their credit cards?\u00a0 Surprisingly, it\u2019s not the interest charges.\u00a0 This paper finds that what causes people stress and dissatisfaction with their credit cards has to do with how they use the cards more than how much the cards actually wind up costing.\u00a0 Being late on payments, carrying a balance (regardless of the size of that balance), going over their borrowing limit, getting cash advances, and using the card even when there is no need to do so are the factors that cause some people to be unhappy with their cards.\u00a0 Another key finding of this paper is that these factors bring dissatisfaction only to those who are risk averse.<\/p>

This is useful to financial counselors and planners because it suggests that showing a client the financial costs of credit card overuse and mismanagement is unlikely to be effective at motivating change in behaviors for clients.\u00a0 Rather, this study suggests that planners and counselors should point out to their clients how improving their credit card usage can relieve the stress of late notices and other unpleasant notifications from the credit card company.<\/p>

Continue the Conversation:<\/strong><\/p>

Tell us what you think in the comments below or on Twitter.<\/p>

Download the research<\/a> (available to AFCPE members or by request from the authors):<\/strong> Patrick Payne, Charlene M. Kalenkoski, and Christopher Browning, \u201cRisk Tolerance and the Financial Satisfaction of Credit Card Users,\u201d JFCP, Vol 30(1)<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t

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\u00a0 What makes people unhappy with their credit cards?\u00a0 Surprisingly, it\u2019s not the interest charges.\u00a0 This paper finds that what causes people stress and dissatisfaction with their credit cards has to do with how they use the cards more than how much the cards actually wind up costing.\u00a0 Being late on payments, carrying a balance (regardless of the size of […]<\/p>\n","protected":false},"author":4,"featured_media":8070,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_cbd_carousel_blocks":"[]","_relevanssi_hide_post":"","_relevanssi_hide_content":"","_relevanssi_pin_for_all":"","_relevanssi_pin_keywords":"","_relevanssi_unpin_keywords":"","_relevanssi_related_keywords":"","_relevanssi_related_include_ids":"","_relevanssi_related_exclude_ids":"","_relevanssi_related_no_append":"","_relevanssi_related_not_related":"","_relevanssi_related_posts":"","_relevanssi_noindex_reason":"","footnotes":""},"categories":[16],"tags":[121],"class_list":["post-8068","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-researchwednesday","tag-researchwednesday"],"acf":[],"yoast_head":"\n#ResearchWednesday: Risk Tolerance and the Financial Satisfaction of Credit Card Users - 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