English, Article, Journal or magazine article edition: Credit Card Debt Puzzles Michael Halisassos; Michael Reiter

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Bookmark: http://trove.nla.gov.au/version/154956
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Credit Card Debt Puzzles
Author
  • Michael Halisassos
  • Michael Reiter
Physical Description
  • preprint
Notes
  • RePEc:upf:upfgen:901
  • Most US credit card holders revolve high-interest debt, often combined with substantial (i) asset accumulation by retirement, and (ii) low-rate liquid assets. Hyperbolic discounting can resolve only the former puzzle (Laibson et al., 2003). Bertaut and Haliassos (2002) proposed an ‘accountant-shopper’ framework for the latter. The current paper builds, solves, and simulates a fully-specified accountant-shopper model, to show that this framework can actually generate both types of co-existence, as well as target credit card utilization rates consistent with Gross and Souleles (2002). The benchmark model is compared to setups without self-control problems, with alternative mechanisms, and with impatient but fully rational shoppers.
  • Credit Cards, Debt, Self Control, Household Portfolios
  • RePEc:cfs:cfswop:wp200526
Language
  • English
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