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Credit Card Debt: Younger People Borrow More Heavily and Repay More Slowly, Study Finds

By Guest PostJanuary 18, 2013Economyamericans, borrow, cardholders, credit card, credit card behavior, credit card companies, credit card debt, data, debt level, factor, financial problems, grandparents, life cycle hypothesis, lucia dunn, marital status, minimum payments, minimum payoff rate, monthly payment, ohio economic survey, parents, psychological jolt, repay, sarah jiang, statistical model, younger americans

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…)

Most Americans Save Only About Half of Their Inheritances, Study Finds

COLUMBUS, Ohio – A new national study suggests that adults who receive an inheritance save only about half of what they receive, while spending, donating or losing the rest.

The results are good news for retailers, restaurant owners and people in the service industry who will receive that windfall.

But it is bad news for those who are concerned about the low U.S. savings rate, said Jay Zagorsky, author of the study and research scientist at Ohio State University’s Center for Human Resource Research. (more…)

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Credit Card Debt: Younger People Borrow More Heavily and Repay More Slowly, Study Finds

Most Americans Save Only About Half of Their Inheritances, Study Finds