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Jialan Wang
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Discover financial empowerment resources
Search this library to find research and resources from across the financial empowerment field.
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Minimum Payments and Debt 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 exploit changes in issuers' minimum payment formulas to distinguish between liquidity constraints and anchoring as...
Topic: Credit & Debt
Author: Benjamin Keys, Jialan Wang
Publisher: The Wharton School
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