Consumers' credit card repayment decisions: The role of higher anchors and future repayment concern
S McHugh, R Ranyard - Journal of Economic Psychology, 2016 - Elsevier
We investigated two aspects of credit card repayment decisions: the extent to which the
anchoring effect of minimum repayment information may be mitigated by information on
alternative anchors, specifically repayments that would repay the balance in two years
(Study 1) or nine months (Study 2); and the role of future repayment concern. In two
experiments, three realistic credit card statements were presented with different outstanding
balances. Participants, who were randomly allocated to one of four information conditions …
anchoring effect of minimum repayment information may be mitigated by information on
alternative anchors, specifically repayments that would repay the balance in two years
(Study 1) or nine months (Study 2); and the role of future repayment concern. In two
experiments, three realistic credit card statements were presented with different outstanding
balances. Participants, who were randomly allocated to one of four information conditions …
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