subject: How To Pay Off Credit Card Debt [print this page] 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 aim of this 2nd stage is to look at the connection between theory-based stages of the lifespan, factors related to worrying debt, and behavior 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 research, age groups are compared with regard to 2 variables : How much they fret about their debt and how assured they're that they can successfully resist enticements to cut back 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.
Primarily based on the expert interviews and buyer phone interviews, the following 3 behaviors were outlined as proof for shedding card debt : one ) Paying more than the minimum needed every month, two ) Stopping needless buying, and three ) Stopping Mastercard use.
The participants were divided into groups based on stages of the lifespan. For confidence, participants rated the confidence they felt they would have in getting rid of credit card debt when faced with ten situations, such as "Your car 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 puberty are less assured in their abilities to fight enticements and thus to cut back their Mastercard debt. Many teens see cards as a requirement for getting an education or supporting themselves while they're at school.
Paying for a wedding, supporting kids, and purchasing things for the home are some ways folk increase their card debt at this time of life.
In discourse of worry and confidence, those in Later puberty could have more concern and less confidence about getting out of debt because they have less experience with cash 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.
