dc.contributor.author | LI, Tsung-Hsien | |
dc.date.accessioned | 2023-07-12T11:01:25Z | |
dc.date.issued | 2022 | |
dc.identifier.citation | Economics letters, 2022, Vol. 221, Art. 110872, OnlineOnly | en |
dc.identifier.issn | 0165-1765 | |
dc.identifier.issn | 1873-7374 | |
dc.identifier.uri | https://hdl.handle.net/1814/75775 | |
dc.description | Published online: 29 September 2022 | en |
dc.description.abstract | Unsecured borrowing plays an important role for consumers in smoothing consumption. Each year, almost 40% of U.S. house holds have credit card debts and 4% borrow using a high-cost payday loan. This paper aims to explore the similarities and differences between both types of borrowers. Using the Survey of Consumer Finances(SCF)from 2010 to 2019, I document that: (1) credit card borrowers are middle-aged, upper-middle-class, with some college exposure, and financially literate; (2) payday loan borrowers are young, low-incomeand low-wealth, less educated,and less financially literate; and (3) payday loan borrowers lack the financial knowledge of inflation and risk diversification, but not of compound interest. | en |
dc.language.iso | en | en |
dc.publisher | Elsevier | en |
dc.relation.ispartof | Economics letters | en |
dc.rights | info:eu-repo/semantics/embargoedAccess | en |
dc.title | Credit card and payday loan borrowing : evidence in the SCF 2010–2019 | en |
dc.type | Article | en |
dc.identifier.doi | 10.1016/j.econlet.2022.110872 | |
dc.identifier.volume | 221 | |
eui.subscribe.skip | true | |
dc.embargo.terms | 2024-09-29 | |
dc.date.embargo | 2024-09-29 | |