Financial Literacy and Credit Card Payoff Behaviors: Using Generalized Ordered Logit and Partial Proportional Odds Models to Measure American Credit Card Holders’ Likelihood of Repaying Their Credit Cards

Financial Literacy and Credit Card Payoff Behaviors: Using Generalized Ordered Logit and Partial Proportional Odds Models to Measure American Credit Card Holders’ Likelihood of Repaying Their Credit Cards

According to the Federal Reserve of the United States, in the second quarter of 2024, American credit card debt reached USD 1.14 trillion, the highest balance ever recorded. In an age of high-interest, complex credit cards, how does financial literacy affect credit card debt repayment? Also, how cou...

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Bibliographic Details
Main Authors: Christos I. Giannikos, Efstathia D. Korkou
Format: Article
Language:English
Published: MDPI AG 2025-02-01
Series:International Journal of Financial Studies
Subjects:
financial literacy
financial decision-making
credit card repayment
household finances
ordinal data
generalized ordered logit model
Online Access:https://www.mdpi.com/2227-7072/13/1/22
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