Research finds customers' fixation on minimum payments drives up credit card bills

New research by the University of Warwick reveals that many credit card customers become fixated on the level of minimum payments given on credit card bills. The mere presence of a minimum payment is enough to reduce the actual amount many people choose to pay on their bills, leading to further interest payments.

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<p><a href="http://www.physorg.com/news142517733.html">Research finds customers' fixation on minimum payments drives up credit card bills</a></p> <p>New research by the University of Warwick reveals that many credit card customers become fixated on the level of minimum payments given on credit card bills. The mere presence of a minimum payment is enough to reduce the actual amount many people choose to pay on their bills, leading to further interest payments.</p>