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The English Patient: Evaluating Local Lockdowns Using Real-Time COVID-19 & Consumption Data
In: Covid Economics 64: 73-100 (2021)
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Preventing Financial Distress by Predicting Unaffordable Consumer Credit Agreements: An Applied Framework
In: FCA Occasional Paper No. 28
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Buy Now, Pay Later (BNPL)...On Your Credit Card
In: Journal of Behavioral & Experimental Finance, 2023.
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Tracking and Stress-Testing U.S. Household Leverage
In: FRB of NY Staff Report No. 787
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Working paper
Levelling Down and the COVID-19 Lockdowns: Uneven Regional Recovery in UK Consumer Spending
In: Covid Economics 67: 24-52 (2021)
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The Semblance of Success in Nudging Consumers to Pay Down Credit Card Debt
In: NBER Working Paper No. w31926
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Do Nudges Reduce Borrowing and Consumer Confusion in the Credit Card Market?
In: Economica, Band 89, Heft S1
ISSN: 1468-0335
We study nudges that turn out to have precise null effects in reducing long‐run credit card debt. We test nudges across two field experiments covering 183,441 UK cardholders. Our first experiment studies nudges added to monthly credit card statements. Our second experiment studies letters and email nudges (separate from monthly statements) sent to cardholders who signed up to automatically pay the minimum required payment. In a follow‐up survey to our second experiment, we find that 96% of respondents underestimate the time it would take to fully repay a debt if the cardholder made only the minimum required payment. The nudges reduce this confusion, but underestimation remains overwhelmingly common.