How the words we use can predict whether we’ll pay back loans
Imagine you consider lending $2,000 to one of two borrowers on a crowdfunding website. The borrowers are identical in terms of their demographic and financial characteristics, the amount of money they wish to borrow, and their reason for borrowing the money. However, the text they provided when applying for a loan differs. (more…)
COLUMBUS, Ohio – Younger Americans not only take on relatively more credit card debt than their elders, but they are also paying it off at a slower rate, according to a first-of-its-kind study.
The findings suggest that younger generations may continue to add credit card debt into their 70s, and die still owing money on their cards.
“If what we found continues to hold true, we may have more elderly people with substantial financial problems in the future,” said Lucia Dunn, co-author of the study and professor of economics at Ohio State University. (more…)
