A new University of Sydney study has revealed the full extent of Australia’s love-hate relationship with credit cards and those who use them.
- Business - Nov 1 NAPLAN scores predict University entry
- Medicine - Oct 31 Is it sorcery or sugar that ails you after Halloween?
- Literature - Oct 31 Symposium to focus on posthumanities Nov. 5-6
- Agronomy - Oct 31 Salt levels in restaurant meals "alarmingly high" - legislation needed, says researcher
- Medicine - Oct 31 Study puts price tag on informal caregiving for elderly in the USA
- Life Sciences - Oct 31 Obituary: John Postgate
- Astronomy - Oct 31 Prof Michele Dougherty talks about space missions and her first telescope
- Chemistry - Oct 31 Nanotubes that Insert Themselves into Cell Membranes
- Life Sciences - Oct 31 Comment: Scared out of your mind: Halloween, fear and the brain
- Social Sciences - Oct 31 Consumer sentiment in October highest in seven years
- Life Sciences - Oct 31 Manchester graphene paper among top 100 citations of all time
- Medicine - Oct 31 The power of the moustache at Manchester Science Festival
- Pedagogy - Oct 31 Many popular teaching practices are ineffective, warns new report
- Life Sciences - Oct 31 The man with a thousand brains
- Chemistry - Oct 31 When thawing glaciers release pollutants
- Environmental Sciences - Oct 30 Does it help conservation to put a price on nature?
A necessity or a danger? Why we love and hate our credit cards
While 56 percent of us feel sorry for people who get into credit card debt, more than half of us also believe that people in credit card debt have only themselves to blame.
The survey of 584 credit card users conducted by Associate Professor Paul Henry , Professor Ellen Garbarino and Ranjit Voola at the University of Sydney Business School , which will be published in the Journal of Public Policy and Marketing, also found that while more than 80 percent of respondents agreed that credit card marketers should be much more tightly regulated, 52 percent thought that individual responsibility would work better than tighter regulations.
"Consumers like their credit cards, they are a necessity, but at the same time they are seen as something to be wary of," says Professor Paul Henry, who believes the ambivalent relationship has important implications for both public policymakers and credit card marketers.
"The results indicate that we should be adhering to protective regulations more tightly, but there is also a role for public policy interventions that aim to improve individual responsibility."
Improving people’s sense of financial control by, for example, making it easier for them to understand terms and conditions and information on their credit card statements, is an important step. By making individuals more financially responsible, people’s relationships with their credit cards would improve significantly.
"Financial responsibility is good for both credit card marketers and consumers. When people have negative experiences of credit card debt, they are more likely to distrust and blame the credit card provider.
"So if you improve consumers’ financial literacy, you also take away the excuse that debt is the fault of unscrupulous marketers," says Professor Henry.
"If customers make better decisions about choosing and using a credit card, they will have less negative experiences of credit cards and the level of blame attributed to card marketers will decrease," he says.
The study also found that while consumers are distrustful of credit card marketers, they are apathetic when it comes to tightening regulations.
The bulk of pressure for regulatory change doesn’t come from mainstream consumers, but is driven by advocacy groups and public policymakers.
However, according to Professor Henry, a more active and supportive public in this area would be in everybody’s best interest.
"If the public were more active in supporting and encouraging government policy for tighter regulations, there would be fewer negative experiences of credit card use, which would again be in the interest of credit card companies, public policy groups and consumers."
Last job offers
- Social Sciences - 31.10
Doktorand / Wissenschaftlicher Mitarbeiter Medienwissenschaft
- Microtechnics - 31.10
- Life Sciences - 31.10
- Social Sciences - 29.10
Professorship in Sociology or Anthropology of Tourism
- Mechanical Engineering - 29.10
Dozentin / Dozent Mechanik, Festigkeitslehre und Werkstofftechnik
- Mechanical Engineering - 29.10
Professorin / Professor Produktionstechnik und Automation
- Computer Science - 31.10
Full Professor of Distributed Systems
- Medicine - 31.10
Conjoint Associate Professor or Professor of Nursing & Midwifery
- Business - 19.9
UniversitätsprofessorIn für die Stiftungsprofessur "Industrielle Energiesysteme"
- Social Sciences - 4.9
Juniorprofessur für Ethnologie mit Schwerpunkt, Politische Anthropologie (mit tenure track)
- Business - 31.10
Full Professor (W3) in Supply Chain Management
- Earth Sciences - 30.10
- Medicine - 31.10
Professor / Senior Clinician / Clinician in Small Animal Surgery
- Philosophy - 31.10
Associate Professor (or Professorship) in Ancient Greek Philosophy
- Mathematics - 31.10
Applied Mathematics- Assistant or Associate Professor (AA8802)
- Chemistry - 31.10
Assistant / Associate/Full Professor-Chemical Engineering