TY - JOUR
T1 - Risk tolerance and the financial satisfaction of credit card users
AU - Payne, Patrick
AU - Kalenkoski, Charlene M.
AU - Browning, Christopher
N1 - Publisher Copyright:
© 2019 Association for Financial Counseling and Planning Education®.
PY - 2019
Y1 - 2019
N2 - This study tests whether risk tolerance mitigates the effects of credit card mismanagement on users’ financial satisfaction. We used data from the Health and Retirement Study and found results showing that credit card mismanagement reduces the financial satisfaction of lower-risk-tolerance users only. The results also suggest that the psychic costs of credit card mismanagement (i.e., stress and anxiety), not the monetary costs (fees and higher interest rates), may be the biggest contributors to the dissatisfaction associated with credit card use.
AB - This study tests whether risk tolerance mitigates the effects of credit card mismanagement on users’ financial satisfaction. We used data from the Health and Retirement Study and found results showing that credit card mismanagement reduces the financial satisfaction of lower-risk-tolerance users only. The results also suggest that the psychic costs of credit card mismanagement (i.e., stress and anxiety), not the monetary costs (fees and higher interest rates), may be the biggest contributors to the dissatisfaction associated with credit card use.
KW - Credit
KW - Credit cards
KW - Financial satisfaction
KW - Health and Retirement Study
KW - Risk tolerance
UR - http://www.scopus.com/inward/record.url?scp=85076840930&partnerID=8YFLogxK
U2 - 10.1891/1052-3073.30.1.110
DO - 10.1891/1052-3073.30.1.110
M3 - Article
AN - SCOPUS:85076840930
VL - 30
SP - 110
EP - 120
JO - Journal of Financial Counseling and Planning
JF - Journal of Financial Counseling and Planning
SN - 1052-3073
IS - 1
ER -