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  • 2020
  • Working Paper

'Repayment-by-Purchase' Helps Consumers to Reduce Credit Card Debt
By: Grant E. Donnelly, Cait Lamberton, Stephen Bush, Zoe Chance and Michael I. Norton
Many consumers struggle to repay their credit card debt, in part because paying small portions of large bills often feels fruitless. We introduce a novel credit card payment option—repayment-by-purchase—and examine its influence on both the amount consumers’ repay and...  View Details
Keywords: Consumer Debt; Goal Pursuit; Goal Progress; Financial Decison-making; Personal Finance; Credit Cards; Borrowing and Debt; Goals and Objectives; Motivation and Incentives; Decision Making
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