Credit Cards: What Do Psychologists Have to Say about It?
The number one rule when you are choosing a credit card deal is to consider your spending habits. You should always keep in mind where you like to shop, how much balance you usually carry on your plastic and whether you spend enough to qualify for those rewards and cash backs. So it is obvious, that your credit card choice depends on your spending habits. However, your spending habits are greatly influenced by credit cards.
Psychological studies have shown that consumer behavior of those using credit is different from those paying with cash. The following experiment was conducted at one of the American universities. Two groups of people were bidding on the same items. Members of one group could only bid with cash, the others were allowed to bid only with credit cards. The result of the experiment was quite interesting. Those who could bid with credit cards ended up making bets twice as high as those made by participants paying with cash.
That means that every dollar spent with a credit card equals 50 cents spent in cash. In other words, people shopping with credit cards spend twice as much as those...
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