How To Pay Off Credit Card Debt

January 13th, 2010 | Posted in Credit Card Debt

Stages of the lifespan were linked to anxiety over credit card debt and the confidence participants felt in their ability to get out of debt.

Identification of factors associated with credit card debts. Few studies have focused on psychological, social, or economic barriers to getting out of debt or on how to help consumers actually change their behaviors to eliminate credit card debt.

The first stage of the study for which these data were collected was conducted in order to develop a measure of people’s intention to reduce their credit card debt, and to create a manual for professionals to use in helping debt-troubled consumers change their behavior.

The purpose of this second stage is to examine the link between theory-based stages of the lifespan, factors associated with troubling debt, and behavioral change.

In recent research of college students, the consensus of multiple studies was that at least one credit card is held by at least 70% of college students.

To aid folks in reducing troubling Mastercard debt, we want to take a more differentiated approach which considers the person’s life stage, their level or worry about reducing their debt, and their confidence that they can take steps to rein in their debt.

In each analysis, age groups are compared with respect to two variables: How much they worry about their debt and how confident they are that they can successfully resist temptations in order to reduce their debt.

Confidence in one’s capabilities in a situation, aka self-efficacy, plays a big role in whether someone will start taking action to get out of worrying debt, and whether or not they will endure when they start.

Based on the expert interviews and consumer telephone interviews, the following three behaviors were defined as evidence for getting rid of credit card debt: 1) Paying more than the minimum required each month, 2) Stopping unnecessary purchasing, and 3) Stopping credit card use.

The partakers were split into groups based mostly on stages of the lifespan. For confidence, participators rated the confidence they felt they’d have in disposing of card debt when faced with 10 circumstances ,eg Your auto breaks down.

When participants were divided into age-related quartiles, a significant difference was found between age and confidence in ability to get out of debt. The group made up of those in Later Adulthood and Very Old Age showed significantly more confidence in their ability to get out of debt than the other three groups.

Those in Later Adolescence are less confident in their abilities to resist temptations and thereby to reduce their credit card debt. Many young adults see credit cards as a necessity for obtaining an education or supporting themselves while they are in school.

Paying for a wedding, supporting children, and buying things for the home are some ways in which people increase their credit card debt at this stage of life.

In discussion of worry and confidence, those in Later Adolescence may have more concern and less confidence about getting out of debt because they have less experience with money management.

The most effective way to diminish worry and increase confidence over credit card debt is to begin taking steps to get out of debt. A third is to pay attention to every step a person takes in the right direction towards getting out of troubling debt.

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