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Consumer rationality/irrationality and financial literacy in the credit card market: Implications from an integrative review
Author(s)
Date Issued
2014
ISBN
9783319308852
ISSN
1363-0539
1479-1846
Citation
Journal of Financial Services Marketing, Mar 2014, vol. 19(1), pp. 29-42.
Type
Peer Reviewed Journal Article
Abstract
This study analyzes consumer rationality/irrationality and financial literacy in the credit card market. Through literature review, it reveals that consumers, as a whole, make a rational decision when they borrow using a credit card and bear the high interest rate. However, consumers make various mistakes in their individual financial decisions and credit card behavior. Financial literacy, affected by cognitive ability, financial knowledge and financial education can improve consumers' behavior. This article presents new insights on the implications for consumers, credit card issuers, policymakers and researchers. It has both practical and academic contribution to the credit card market.
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