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BEGIN:VEVENT
DTSTAMP:20260616T072256Z
DTSTART;VALUE=DATE-TIME:20161125T140000
DTEND;VALUE=DATE-TIME:20161125T151500
SUMMARY:Special Friday DR@W Forum - Jialan Wang (Illinois)
TZID:Europe/London
UID:20161125-8a1785d77b065d9b017b5dc5cb4f204d@warwick.ac.uk
CREATED:20161005T102524Z
DESCRIPTION:Jialan Wang (University of Illinois) Minimum Payments and Deb
 t Paydown in Consumer Credit Cards Using a dataset covering one quarter 
 of the U.S. general-purpose credit card market\, we document that 29% of
  accounts regularly make payments at or near the minimum payment. We exp
 loit changes in issuers’ minimum payment formulas to distinguish between
  liquidity constraints and anchoring as explanations for the prevalence 
 of near-minimum payments. Nine to twenty percent of all accounts respond
  more to the formula changes than expected based on liquidity constraint
 s alone\, representing a lower bound on the role of anchoring. Disclosur
 es implemented by the CARD Act\, an example of one potential policy solu
 tion to anchoring\, resulted in fewer than 1% of accounts adopting an al
 ternative suggested payment. Based on back-of-envelope calculations\, th
 e disclosures led to $62 million in interest savings per year\, but woul
 d have saved over $2 billion per year if all anchoring consumers had ado
 pted the new suggested payment. Our results show that anchoring to a sal
 ient contractual term has a significant impact on household debt.
LOCATION:Library (Wolfson Exchange Area Room 1)
CATEGORIES:Draw Forum
LAST-MODIFIED:20210819T093725Z
ORGANIZER;CN=Gill Gudger:
END:VEVENT
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