Minimum Payments and Debt Paydown in Consumer Credit Cards
---- Acknowledgments ----
This research was conducted while Jialan Wang was an employee at the Consumer Financial Protection Bureau. The views expressed are those of the authors and do not necessarily reflect those of the Consumer Financial Protection Bureau, the United States, or the National Bureau of Economic Research. This paper would not have been possible without the tireless efforts of Stefano Sciolli in building the CCDB. We also thank Marla Blow, Marieke Bos, Sebastien Bradley, James Choi, Jane Dokko, Eric Johnson, Damon Jones, Neale Mahoney, David Silberman, Victor Stango, Jeremy Tobacman, and numerous seminar and conference participants for helpful comments and suggestions. Tim Fang and Becky Spavins provided outstanding research assistance, while Zach Luck provided valuable legal research.