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A STUDY ON LITERACY AND USAGE BEHAVIOUR OF CREDIT CARDS USERS IN INDIA
Corresponding Author(s) : Mohammad Ahmar Uddin
Humanities & Social Sciences Reviews,
Vol. 8 No. 1 (2020): January
Abstract
Purpose of the study: This study aims to find credit card literacy (henceforward CCL) and credit card usage behavior (henceforward CCUB) in India.
Methodology: A survey was conducted on 400 respondents who were using a credit card in India. The questionnaire used for collecting data consisted of three sections; demographic information, CCL, and CCUB. To check the CCL, the customers were asked to rate their awareness of the terms and conditions of the credit card providers, while CCUB was measured using five questions.
Main findings: CCL is found to be 34% and the results of logistic regression show that CCL and demographic factors influence the CCUB.
Implications of this study: An understanding of the CCUB will be helpful in controlling excessive debt and high-interest payments.
Novelty/Originality of this study: This paper gives a unique insight into CCL and CCUB in India.
Keywords
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- Agarwal, S., Chomsisengphet, S., Liu, C., & Souleles, N. S. (2015). Do Consumers Choose the Right Credit Contracts? The Review of Corporate Finance Studies, 4 (2), 239-257. https://doi.org/10.1093/rcfs/cfv003 DOI: https://doi.org/10.1093/rcfs/cfv003
- Agarwal, S., Driscoll, J.C., Gabaix, X., & Laibson, D.I. (2009). The age of reason: financial decisions over the life-cycle with implications for regulation. Brookings Papers on Economic Activity 2:51-117. ttps://doi.org/10.1353/eca.0.0067 DOI: https://doi.org/10.2139/ssrn.973790
- Allgood, S., & W. B. Walstad. (2011). The effects of perceived and actual financial knowledge on credit card behavior. Working Paper 2011-WP-15, Networks Financial Institute at Indiana State University, Terre Haute, Indiana. https://doi.org/10.2139/ssrn.1896365 DOI: https://doi.org/10.2139/ssrn.1896365
- Avard, S., Manton E., English, D., & Walker, J. (2005). The financial knowledge of college freshmen. College Student Journal, 39(2), 321-339.
- Bannier, C.E., Gartner, F.R., & Semmler, D. (2019). Does credit card repayment behavior depend on the presentation of interest payments? The cuckoo fallacy. Semantic Scholar
- Barboza, Gustavo A. (2018). I Will Pay Tomorrow, or Maybe the Day after. Credit Card Repayment, Present Biased and Procrastination. Economic Notes, Vol. 47, Issue 2-3, pp. 455-494, 2018. https://doi.org/10.1111/ecno.12106 DOI: https://doi.org/10.1111/ecno.12106
- Braunsberger, K., Lucas, L., & Roach, D. (2004). The effectiveness of credit-card regulation for vulnerable consumers. Journal of Services Marketing, 18(5), 358–370. https://doi.org/10.1108/08876040410548285 DOI: https://doi.org/10.1108/08876040410548285
- Canner, G. B., & Lucket, C.A. (1992). Development in the Pricing of Credit Card Services, Federal Reserve Bulletin, 78: 652-666.
- Cargill, T. F., & Wendel, J. (1996). Bank Credit Cards: Consumer Irrationality versus Market Forces, The Journal of Consumer Affairs, 30 (2): 373-389. https://doi.org/10.1111/j.1745-6606.1996.tb00063.x DOI: https://doi.org/10.1111/j.1745-6606.1996.tb00063.x
- Chang, Y. R., & Hanna, S. (1992). Consumer Credit Search Behavior, Journal of Consumer Studies and Home Economics, 16: 207-227. https://doi.org/10.1111/j.1470-6431.1992.tb00513.x DOI: https://doi.org/10.1111/j.1470-6431.1992.tb00513.x
- Chen, H., & Volpe, RP. (1998). An analysis of personal financial literacy among college students. Financial Services Review, 7(2), 107–128. https://doi.org/10.1016/S1057-0810(99)80006-7 DOI: https://doi.org/10.1016/S1057-0810(99)80006-7
- Chien, Y., & DeVaney, SA. (2001). The effects of credit attitude and socioeconomic factors on credit card and installment debt. Journal of Consumer Affairs, 35(1), 162-179. https://doi.org/10.1111/j.1745-6606.2001.tb00107.x DOI: https://doi.org/10.1111/j.1745-6606.2001.tb00107.x
- Choi, J.J., Laibson, D., & Madrian, B.C. (2011). $100 Bills on the sidewalk: suboptimal investment in 401(K) plans. Review of Economics and Statistics, 93(3):748-763. https://doi.org/10.1162/REST_a_00100. DOI: https://doi.org/10.1162/REST_a_00100
- Connolly, S. & Stavins, J. (2015). “Payment Instrument Adoption and Use in the United States, 2009-2013, by Consumers’ Demographic Characteristics.†Federal Reserve Bank of Boston Research Data Report 15-6.
- Fonseca, R., Mullen, K. J., Zamarro, G., & Zissimopoulos, J (2012). What explains the gender gap in financial literacy? Journal of Consumer Affairs 46(1): 90–106. https://doi.org/10.1111/j.1745-6606.2011.01221.x DOI: https://doi.org/10.1111/j.1745-6606.2011.01221.x
- Gartner, K., & Todd, R. M. (2005). Effectiveness of online early intervention financial education for credit cardholders, Federal Reserve Bank of Chicago.
- Gathergood, J., N. Mahoney, Stewart, N., & Weber, J. (2019). “How Do Individuals Repay Their Debt? The Balance-Matching Heuristic.†American Economic Review 109.3, pp. 844–75. https://doi.org/10.1257/aer.20180288 DOI: https://doi.org/10.1257/aer.20180288
- Gorbachev, O. & Luengo-Prado, M. J., (2017). ‘The credit card debt puzzle: The role of preferences, credit access risk, and financial literacy’, Review of Economics and Statistics
- Hilgert, M. A., Hogarth, J. M., & Beverly, S. G. (2003). Household financial management: The connection between knowledge and behavior. Federal Reserve Bulletin, 309-322.
- Humphrey, D. (2004). Replacement of Cash by Cards in U.S. Consumer Payments, Journal of Economics and Business, 56, May/June, pp.211-25. https://doi.org/10.1016/j.jeconbus.2003.09.001 DOI: https://doi.org/10.1016/j.jeconbus.2003.09.001
- Jones, J. E. (2005). College students’ knowledge and use of credit. Financial Counseling and Planning, 16(2), 9–16.
- Khare, A., Khare, A., & Sigh, S. (2012). Factors Affecting Credit Card Use in India. Asia Pacific Journal of Marketing and Logistics. Vol. 24, Issue. 2, pp. 236-256. https://doi.org/10.1108/13555851211218048 DOI: https://doi.org/10.1108/13555851211218048
- Klapper, L., Lusardi, A., & Panos, G.A. (2013). Financial literacy and its consequences: evidence from Russia during the financial crisis. Journal of Bank and Finance. 37, 3904-3923. https://doi.org/10.1016/j.jbankfin.2013.07.014 DOI: https://doi.org/10.1016/j.jbankfin.2013.07.014
- Kuchler, T., & Pagel, M. (2018). Sticking to Your Plan: The Role of Present Bias for Credit Card Paydown. National Bureau of Economic Research, Working Paper No. 24881. https://doi.org/10.3386/w24881 DOI: https://doi.org/10.3386/w24881
- Lee, J. & Kwon, K. N. (2002). Consumers’ Use of Credit Card: Store Credit Card Usage as an Alternative Payment and Financing Medium. Journal of Consumer Affairs. Vol. 36, No. 2, Pp. 239-262. https://doi.org/10.1111/j.1745-6606.2002.tb00432.x DOI: https://doi.org/10.1111/j.1745-6606.2002.tb00432.x
- Limbu, Y., & Sato, S. (2019). "Credit card literacy and financial well-being of college students", International Journal of Bank Marketing, Vol. 37 No. 4, pp. 991-1003. https://doi.org/10.1108/IJBM-04-2018-0082 DOI: https://doi.org/10.1108/IJBM-04-2018-0082
- Lusardi, A, Mitchell, O S, & Curto, V. (2010). Financial literacy among the young. The Journal of Consumer Affairs, 44(2), 358-380. https://doi.org/10.1111/j.1745-6606.2010.01173.x DOI: https://doi.org/10.1111/j.1745-6606.2010.01173.x
- Mandell, L. (2004). Financial literacy: Are we improving? Washington, D. C.: JumpStart Coalition for Personal Financial Literacy.
- Mayer, M. (1997). The Bankers, The Next Generation, The New Worlds of Money, Credit and Banking in an Electronic Age, Truman Talley Books, Penguin Group Publishing, New York.
- McCall, M., & Belmont, H. J. (2002). Credit Card Insignia and Restaurant Tipping: Evidence for an Associative, Journal of Applied Psychology, Vol. 81, Issue 5, pp. 609-613. https://doi.org/10.1037/0021-9010.81.5.609 DOI: https://doi.org/10.1037/0021-9010.81.5.609
- Medina, J. F., & Chau, CT. (1998). Credit Card Usage Behavior between Anglos and Hispanics, Hispanic Journal of Behavioral Science, 20 (4): 429-448. https://doi.org/10.1177/07399863980204002 DOI: https://doi.org/10.1177/07399863980204002
- Mottola, G. R. (2012). In Our Best Interest: Women, Financial Literacy and Credit Card Behavior. Insights: American Financial Capability-April 2012. Pp. 1-6. https://doi.org/10.5038/1936-4660.6.2.4 DOI: https://doi.org/10.5038/1936-4660.6.2.4
- Nai W., Liu L., Wang S., & Dong, D. (2018). Modeling the Trend of Credit Card Usage Behavior for Different Age Groups Based on Singular Spectrum Analysis, Algorithms 2018, 11, 15. https://doi.org/10.3390/a11020015 DOI: https://doi.org/10.3390/a11020015
- Norvilitis, J. M., Merwin, M. M., Osberg, T. M, Roehling, P. V, Young, P., & Kamas, M. M. (2006). Personality Factors, Money Attitudes, Financial Knowledge, and Credit-Card Debt in College Students, Journal of Applied Social Psychology, 36(6), 1395-1413. https://doi.org/10.1111/j.0021-9029.2006.00065.x DOI: https://doi.org/10.1111/j.0021-9029.2006.00065.x
- OECD-INFE (2012). Measuring Financial Literacy: Questionnaire and Guidance Notes for Conducting and Internationally Comparable Survey of Financial Literacy, http://www.oecd.org/dataoecd/44/53/49319977.pdf
- Peng, T. M., Bartholomae, S., Fox J., & Cravener, G. (2007). The impact of personal finance education delivered in high school and college courses. Journal of Family and Economic Issues, 28, 265-284. https://doi.org/10.1007/s10834-007-9058-7 DOI: https://doi.org/10.1007/s10834-007-9058-7
- Ponce, A., Seira, E., & Zamarripa, G. (2017). ‘Borrowing on the wrong credit card? Evidence from Mexico’, The American Economic Review 107(4), 1335–1361. https://doi.org/10.1257/aer.20120273 DOI: https://doi.org/10.1257/aer.20120273
- Reasie, A. H., Janice, G.W., & David, Y.D. (2001). Money management practices of college students. College Student Journal, 35(2), 244-249.
- Reserve Bank of India, RBI/2015-16/31 DBR.No.FSD.BC.18/24.01.009/2015-16.
- https://www.rbi.org.in/Scripts/BS_ViewMasCirculardetails.aspx?id=9838
- Robb, C.A. (2011). Financial knowledge and credit card behavior of college students, Journal of Family and Economic Issues, Online First. https://doi.org/10.1007/s10834-011-9259-y DOI: https://doi.org/10.1007/s10834-011-9259-y
- Robb, C.A., & Sharpe, DL. (2009). Effect of personal financial knowledge on college students’ credit card behavior. Journal of Financial Counseling and Planning, 20(1), 25–40.
- Safakli, O. (2007), A research on the basic motivational factors in consumer bank selection : evidence from Northern Cyprus, Banks And Bank Systems : International Research Journal, Vol. 2 Issue 4, pp. 93-100.
- Scholnick, B., Massoud, N., & Saunders, A. (2013). The impact of wealth on financial mistakes: evidence from credit card non-payment. Journal of Financial Stability, 9, 26-37.https://doi.org/10.1016/j.jfs.2012.11.005. DOI: https://doi.org/10.1016/j.jfs.2012.11.005
- Shim, S., Barber, B., Card, N., Xiao, J., & Serido, J. (2010). Financial socialization of first-year college students: The roles of parents, work, and education. Journal of Youth and Adolescence, 39(12), 1457–1470. https://doi.org/10.1007/s10964-009-9432-x DOI: https://doi.org/10.1007/s10964-009-9432-x
- Stavins, J. (2016). The Effect of Demographics on Payment Behavior: Panel Data with Sample. Selection FRB of Boston Working Paper No. 16-5. https://ssrn.com/abstract=2801488.
- Themba, G., & Tumedi, C.B. (2012). Credit Card Ownership and Usage Behaviour in Botswana. International Journal of Business Administration, 3(6), 60-71. https://doi.org/10.5430/ijba.v3n6p60 DOI: https://doi.org/10.5430/ijba.v3n6p60
- Tidwell, M., Bexley, J., & Maniam, B. (2010). The Swipe and Spend Economy, Journal of Finance and Accountancy, Vol. 4, p.2.
- Woodyard, A.S., Robb, C., Babiarz, P., & Jung, J.Y. (2017). Knowledge and practice: Implications for cash and credit management behaviors, Family and Consumer Sciences Research Journal, 45(3), 300-314. https://doi.org/10.1111/fcsr.12202 DOI: https://doi.org/10.1111/fcsr.12202
- Zinman, J. (2015). Household debt: Facts, puzzles, theories, and policies, Annual Review of Economics, 7, 251–276. https://doi.org/10.1146/annurev-economics-080614-115640 DOI: https://doi.org/10.1146/annurev-economics-080614-115640
References
Agarwal, S., Chomsisengphet, S., Liu, C., & Souleles, N. S. (2015). Do Consumers Choose the Right Credit Contracts? The Review of Corporate Finance Studies, 4 (2), 239-257. https://doi.org/10.1093/rcfs/cfv003 DOI: https://doi.org/10.1093/rcfs/cfv003
Agarwal, S., Driscoll, J.C., Gabaix, X., & Laibson, D.I. (2009). The age of reason: financial decisions over the life-cycle with implications for regulation. Brookings Papers on Economic Activity 2:51-117. ttps://doi.org/10.1353/eca.0.0067 DOI: https://doi.org/10.2139/ssrn.973790
Allgood, S., & W. B. Walstad. (2011). The effects of perceived and actual financial knowledge on credit card behavior. Working Paper 2011-WP-15, Networks Financial Institute at Indiana State University, Terre Haute, Indiana. https://doi.org/10.2139/ssrn.1896365 DOI: https://doi.org/10.2139/ssrn.1896365
Avard, S., Manton E., English, D., & Walker, J. (2005). The financial knowledge of college freshmen. College Student Journal, 39(2), 321-339.
Bannier, C.E., Gartner, F.R., & Semmler, D. (2019). Does credit card repayment behavior depend on the presentation of interest payments? The cuckoo fallacy. Semantic Scholar
Barboza, Gustavo A. (2018). I Will Pay Tomorrow, or Maybe the Day after. Credit Card Repayment, Present Biased and Procrastination. Economic Notes, Vol. 47, Issue 2-3, pp. 455-494, 2018. https://doi.org/10.1111/ecno.12106 DOI: https://doi.org/10.1111/ecno.12106
Braunsberger, K., Lucas, L., & Roach, D. (2004). The effectiveness of credit-card regulation for vulnerable consumers. Journal of Services Marketing, 18(5), 358–370. https://doi.org/10.1108/08876040410548285 DOI: https://doi.org/10.1108/08876040410548285
Canner, G. B., & Lucket, C.A. (1992). Development in the Pricing of Credit Card Services, Federal Reserve Bulletin, 78: 652-666.
Cargill, T. F., & Wendel, J. (1996). Bank Credit Cards: Consumer Irrationality versus Market Forces, The Journal of Consumer Affairs, 30 (2): 373-389. https://doi.org/10.1111/j.1745-6606.1996.tb00063.x DOI: https://doi.org/10.1111/j.1745-6606.1996.tb00063.x
Chang, Y. R., & Hanna, S. (1992). Consumer Credit Search Behavior, Journal of Consumer Studies and Home Economics, 16: 207-227. https://doi.org/10.1111/j.1470-6431.1992.tb00513.x DOI: https://doi.org/10.1111/j.1470-6431.1992.tb00513.x
Chen, H., & Volpe, RP. (1998). An analysis of personal financial literacy among college students. Financial Services Review, 7(2), 107–128. https://doi.org/10.1016/S1057-0810(99)80006-7 DOI: https://doi.org/10.1016/S1057-0810(99)80006-7
Chien, Y., & DeVaney, SA. (2001). The effects of credit attitude and socioeconomic factors on credit card and installment debt. Journal of Consumer Affairs, 35(1), 162-179. https://doi.org/10.1111/j.1745-6606.2001.tb00107.x DOI: https://doi.org/10.1111/j.1745-6606.2001.tb00107.x
Choi, J.J., Laibson, D., & Madrian, B.C. (2011). $100 Bills on the sidewalk: suboptimal investment in 401(K) plans. Review of Economics and Statistics, 93(3):748-763. https://doi.org/10.1162/REST_a_00100. DOI: https://doi.org/10.1162/REST_a_00100
Connolly, S. & Stavins, J. (2015). “Payment Instrument Adoption and Use in the United States, 2009-2013, by Consumers’ Demographic Characteristics.†Federal Reserve Bank of Boston Research Data Report 15-6.
Fonseca, R., Mullen, K. J., Zamarro, G., & Zissimopoulos, J (2012). What explains the gender gap in financial literacy? Journal of Consumer Affairs 46(1): 90–106. https://doi.org/10.1111/j.1745-6606.2011.01221.x DOI: https://doi.org/10.1111/j.1745-6606.2011.01221.x
Gartner, K., & Todd, R. M. (2005). Effectiveness of online early intervention financial education for credit cardholders, Federal Reserve Bank of Chicago.
Gathergood, J., N. Mahoney, Stewart, N., & Weber, J. (2019). “How Do Individuals Repay Their Debt? The Balance-Matching Heuristic.†American Economic Review 109.3, pp. 844–75. https://doi.org/10.1257/aer.20180288 DOI: https://doi.org/10.1257/aer.20180288
Gorbachev, O. & Luengo-Prado, M. J., (2017). ‘The credit card debt puzzle: The role of preferences, credit access risk, and financial literacy’, Review of Economics and Statistics
Hilgert, M. A., Hogarth, J. M., & Beverly, S. G. (2003). Household financial management: The connection between knowledge and behavior. Federal Reserve Bulletin, 309-322.
Humphrey, D. (2004). Replacement of Cash by Cards in U.S. Consumer Payments, Journal of Economics and Business, 56, May/June, pp.211-25. https://doi.org/10.1016/j.jeconbus.2003.09.001 DOI: https://doi.org/10.1016/j.jeconbus.2003.09.001
Jones, J. E. (2005). College students’ knowledge and use of credit. Financial Counseling and Planning, 16(2), 9–16.
Khare, A., Khare, A., & Sigh, S. (2012). Factors Affecting Credit Card Use in India. Asia Pacific Journal of Marketing and Logistics. Vol. 24, Issue. 2, pp. 236-256. https://doi.org/10.1108/13555851211218048 DOI: https://doi.org/10.1108/13555851211218048
Klapper, L., Lusardi, A., & Panos, G.A. (2013). Financial literacy and its consequences: evidence from Russia during the financial crisis. Journal of Bank and Finance. 37, 3904-3923. https://doi.org/10.1016/j.jbankfin.2013.07.014 DOI: https://doi.org/10.1016/j.jbankfin.2013.07.014
Kuchler, T., & Pagel, M. (2018). Sticking to Your Plan: The Role of Present Bias for Credit Card Paydown. National Bureau of Economic Research, Working Paper No. 24881. https://doi.org/10.3386/w24881 DOI: https://doi.org/10.3386/w24881
Lee, J. & Kwon, K. N. (2002). Consumers’ Use of Credit Card: Store Credit Card Usage as an Alternative Payment and Financing Medium. Journal of Consumer Affairs. Vol. 36, No. 2, Pp. 239-262. https://doi.org/10.1111/j.1745-6606.2002.tb00432.x DOI: https://doi.org/10.1111/j.1745-6606.2002.tb00432.x
Limbu, Y., & Sato, S. (2019). "Credit card literacy and financial well-being of college students", International Journal of Bank Marketing, Vol. 37 No. 4, pp. 991-1003. https://doi.org/10.1108/IJBM-04-2018-0082 DOI: https://doi.org/10.1108/IJBM-04-2018-0082
Lusardi, A, Mitchell, O S, & Curto, V. (2010). Financial literacy among the young. The Journal of Consumer Affairs, 44(2), 358-380. https://doi.org/10.1111/j.1745-6606.2010.01173.x DOI: https://doi.org/10.1111/j.1745-6606.2010.01173.x
Mandell, L. (2004). Financial literacy: Are we improving? Washington, D. C.: JumpStart Coalition for Personal Financial Literacy.
Mayer, M. (1997). The Bankers, The Next Generation, The New Worlds of Money, Credit and Banking in an Electronic Age, Truman Talley Books, Penguin Group Publishing, New York.
McCall, M., & Belmont, H. J. (2002). Credit Card Insignia and Restaurant Tipping: Evidence for an Associative, Journal of Applied Psychology, Vol. 81, Issue 5, pp. 609-613. https://doi.org/10.1037/0021-9010.81.5.609 DOI: https://doi.org/10.1037/0021-9010.81.5.609
Medina, J. F., & Chau, CT. (1998). Credit Card Usage Behavior between Anglos and Hispanics, Hispanic Journal of Behavioral Science, 20 (4): 429-448. https://doi.org/10.1177/07399863980204002 DOI: https://doi.org/10.1177/07399863980204002
Mottola, G. R. (2012). In Our Best Interest: Women, Financial Literacy and Credit Card Behavior. Insights: American Financial Capability-April 2012. Pp. 1-6. https://doi.org/10.5038/1936-4660.6.2.4 DOI: https://doi.org/10.5038/1936-4660.6.2.4
Nai W., Liu L., Wang S., & Dong, D. (2018). Modeling the Trend of Credit Card Usage Behavior for Different Age Groups Based on Singular Spectrum Analysis, Algorithms 2018, 11, 15. https://doi.org/10.3390/a11020015 DOI: https://doi.org/10.3390/a11020015
Norvilitis, J. M., Merwin, M. M., Osberg, T. M, Roehling, P. V, Young, P., & Kamas, M. M. (2006). Personality Factors, Money Attitudes, Financial Knowledge, and Credit-Card Debt in College Students, Journal of Applied Social Psychology, 36(6), 1395-1413. https://doi.org/10.1111/j.0021-9029.2006.00065.x DOI: https://doi.org/10.1111/j.0021-9029.2006.00065.x
OECD-INFE (2012). Measuring Financial Literacy: Questionnaire and Guidance Notes for Conducting and Internationally Comparable Survey of Financial Literacy, http://www.oecd.org/dataoecd/44/53/49319977.pdf
Peng, T. M., Bartholomae, S., Fox J., & Cravener, G. (2007). The impact of personal finance education delivered in high school and college courses. Journal of Family and Economic Issues, 28, 265-284. https://doi.org/10.1007/s10834-007-9058-7 DOI: https://doi.org/10.1007/s10834-007-9058-7
Ponce, A., Seira, E., & Zamarripa, G. (2017). ‘Borrowing on the wrong credit card? Evidence from Mexico’, The American Economic Review 107(4), 1335–1361. https://doi.org/10.1257/aer.20120273 DOI: https://doi.org/10.1257/aer.20120273
Reasie, A. H., Janice, G.W., & David, Y.D. (2001). Money management practices of college students. College Student Journal, 35(2), 244-249.
Reserve Bank of India, RBI/2015-16/31 DBR.No.FSD.BC.18/24.01.009/2015-16.
https://www.rbi.org.in/Scripts/BS_ViewMasCirculardetails.aspx?id=9838
Robb, C.A. (2011). Financial knowledge and credit card behavior of college students, Journal of Family and Economic Issues, Online First. https://doi.org/10.1007/s10834-011-9259-y DOI: https://doi.org/10.1007/s10834-011-9259-y
Robb, C.A., & Sharpe, DL. (2009). Effect of personal financial knowledge on college students’ credit card behavior. Journal of Financial Counseling and Planning, 20(1), 25–40.
Safakli, O. (2007), A research on the basic motivational factors in consumer bank selection : evidence from Northern Cyprus, Banks And Bank Systems : International Research Journal, Vol. 2 Issue 4, pp. 93-100.
Scholnick, B., Massoud, N., & Saunders, A. (2013). The impact of wealth on financial mistakes: evidence from credit card non-payment. Journal of Financial Stability, 9, 26-37.https://doi.org/10.1016/j.jfs.2012.11.005. DOI: https://doi.org/10.1016/j.jfs.2012.11.005
Shim, S., Barber, B., Card, N., Xiao, J., & Serido, J. (2010). Financial socialization of first-year college students: The roles of parents, work, and education. Journal of Youth and Adolescence, 39(12), 1457–1470. https://doi.org/10.1007/s10964-009-9432-x DOI: https://doi.org/10.1007/s10964-009-9432-x
Stavins, J. (2016). The Effect of Demographics on Payment Behavior: Panel Data with Sample. Selection FRB of Boston Working Paper No. 16-5. https://ssrn.com/abstract=2801488.
Themba, G., & Tumedi, C.B. (2012). Credit Card Ownership and Usage Behaviour in Botswana. International Journal of Business Administration, 3(6), 60-71. https://doi.org/10.5430/ijba.v3n6p60 DOI: https://doi.org/10.5430/ijba.v3n6p60
Tidwell, M., Bexley, J., & Maniam, B. (2010). The Swipe and Spend Economy, Journal of Finance and Accountancy, Vol. 4, p.2.
Woodyard, A.S., Robb, C., Babiarz, P., & Jung, J.Y. (2017). Knowledge and practice: Implications for cash and credit management behaviors, Family and Consumer Sciences Research Journal, 45(3), 300-314. https://doi.org/10.1111/fcsr.12202 DOI: https://doi.org/10.1111/fcsr.12202
Zinman, J. (2015). Household debt: Facts, puzzles, theories, and policies, Annual Review of Economics, 7, 251–276. https://doi.org/10.1146/annurev-economics-080614-115640 DOI: https://doi.org/10.1146/annurev-economics-080614-115640