"With the help of a commercial bank in China, we studied consumer credit card debt behavior ... in correlation with demographics, attitude, personality, and credit card features factors. The study was conducted by using mail-in questionnaires, which were sent to credit card holders who was using or had used either revolving credit or petty installment plans. According to regression functions, we found that demographic variables and credit card features had limited explanatory power compared to attitude variables and personality variables. Specifically, we found that revolving credit use and petty installment use were closely related to attitudes about credit cards, money and debt. Risk attitude efficiently predicted petty installment use; however, it did not correlate with revolving credit use. Personality factors of self-control, self-esteem, self-efficacy, deferring gratification, internal locus of control and impulsiveness were significantly correlated with revolving credit use; on the other hand, sensation seeking, impulsiveness, and deferring gratification were correlated with petty installment use. We also found that some credit card features easily led to an “illusion of income” that facilitated consumer credit card debt behavior."

"Credit card defaults have become an increasingly conspicuous feature on the bankruptcy landscape. In 1996, bank credit card delinquencies exceeded 3.5 percent—the highest delinquency rate since 1973, when statistics were first collected. ... Bank credit card chargeoffs also veered upward to 4.5 percent per year, exceeding all but the levels recorded during the years 1991-1992. ... At the same time, personal bankruptcy filings reached a record high 290,111 in the quarter ending September 30, 1996—up thirty-one percent from the corresponding period one year earlier—and surpassed one million for the first year ever in 1996. ... Both credit card defaults and bankruptcies soared amid a generally healthy economy with relatively low unemployment4 and reasonable growth in gross domestic product."

"Credit card frauds are committed in the following ways: • An act of criminal deception (mislead with intent) by use of unauthorized account and/or personal information • Illegal or unauthorized use of account for personal gain • Misrepresentation of account information to obtain goods and/or services. Contrary to popular belief, merchants are far more at risk from credit card fraud than the cardholders. While consumers may face trouble trying to get a fraudulent charge reversed, merchants lose the cost of the product sold, pay chargeback fees, and fear from the risk of having their merchant account closed."

"... More than a decade ago Churaman (1988) reported on college students' use of consumer credit. It was during this period that the banking industry began permeating the student credit card market in the late 1980's (Manning, 2000). Churaman reported that in 1985-86 over half of all college students had bank credit cards. This figure has been on the rise as some 70% of all undergraduates at four-year colleges have at least one credit card today. The increased number and type of credit cards on university campuses has seen an explosive level of growth in the past decade, with most credit card companies targeting college students. What remains still unanswered is what effect credit card circulation among college students has had on the financial attitudes, behaviors, and outcomes of young Americans."

"Some individuals borrow extensively on their credit cards. This paper tests whether present-biased time preferences correlate with credit card borrowing. In a field study, we elicit individual time preferences with incentivized choice experiments, and match resulting time preference measures to individual credit reports and annual tax returns. The results indicate that present-biased individuals are more likely to have credit card debt, and to have significantly higher amounts of credit card debt, controlling for disposable income, other socio-demographics, and credit constraints."

"Analysis of survey data collected from 6,520 students at a large Midwestern University affirmed that financial knowledge is a significant factor in the credit card decisions of college students but not entirely in expected ways. Results of a double hurdle analysis indicated that students with relatively higher levels of financial knowledge were not significantly different from students with relatively lower levels in terms of the probability of having a credit card balance. Contrary to expectations, those with higher levels of financial knowledge had significantly higher credit card balances. Overall, the present findings highlight the complex nature of the relationship between personal financial knowledge and credit card behavior."

"The COVID-19 pandemic is an unprecedented global health, social and economic crisis. Historical comparisons are few, particularly in recent decades. This tragedy constitutes nothing less than a trial for all humanity. [...] What has since become abundantly apparent is the destructive influence of behavioral economics and the so-called "nudge theory" of political decision-making, which relies on and stimuli to steer individual behavior, rather than coercion or restraint. We now know that the "nudge unit," or the "," that advises the successfully convinced the state of their theory that individuals who are too quickly constrained by severe measures will tire and relax their discipline when the epidemic reaches its peak, which is precisely when discipline is needed most. Since 2010, 's economic theory — which he outlines in the book Nudge (2009) — is widely thought to be the best means for producing "efficient state governance." This approach tells us to encourage people, without coercing them, to make the best decisions through the use of "nudges": by using gentle, indirect, comfortable and optional influences upon individuals who are still ultimately free to make their own choices. The application of this "" in the fight against the epidemic has been two-fold: (a) the rejection of any coercive measures to regulate individual behavior and (b) a preference for "barrier gestures": keep your distance, wash your hands, cough into your elbow, self-isolate if you have a fever and all for your own benefit. This wager to rely on soft, voluntary measures was risky: there is no scientific or empirical evidence demonstrating the effectiveness of this approach in the context of an epidemic. And it is now all too clear that this approach entirely failed."

"It is also worth recalling that French officials adopted this very same approach until March 14. Macron initially refused to adopt strict containment measures because, as he stated on March 6, "restrictive measures are not sustainable over time." As he exited the theater he had attended that very same day with his wife, he declared "Life goes on. There is no reason, save for vulnerable populations, to change our social behaviors." Lurking beneath these words, which seem utterly irresponsible today, one cannot help but detect a tactic in which this libertarian paternalism allowed governments to defer the measures they knew would necessarily disrupt their economies. Nonetheless, the eventual failure of libertarian paternalism to contain the virus compelled the political authorities to radically change course. In France, our first glimpse of this shift was Macron's Presidential Speech on March 12, in which he appealed to national unity, to our sacred union, and to the French people's "strength of character." Macron’s next speech on March 16 was even more explicit in its martial posture and rhetoric: it is time for general mobilization, for "patriotic self-restraint," because "we are now at war." The figure of the sovereign state now manifests itself in its most extreme but also its most classic form: that of the sword that strikes the enemy, "who is there, invisible, elusive and advancing.""

"The essay discusses the rise of (modern) behavioral economics during the last few decades. In contrast to ’s assertion, in his Feb. 11, 2001, NY Times essay, that behavioral economics began in 1994, I would try to argue that it began during the 1950s and early 1960s, although some aspects of it had even emerged in the works of Marshall, Wesley Mitchell, J.M. Clark and others, before WWII."

"In sum, we need to augment and amend the existing body of classical and neoclassical economic theory to achieve a more realistic picture of economic processes as well as a more accurate understanding of the equilibrium toward which these processes move."

"Since its inception nearly three decades ago, behavioural economics has upset the pristine premise of classical economic theory—the view that individuals will always behave rationally to achieve the best possible outcome. Today it’s clear that the vagaries of individual and group psychology can cause irrational decision making by both individuals and organizations, resulting in less than ideal outcomes."