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Credit Card Minimum Payment Tricks Brain Into Paying Less Per Month
From ScienceBlogs: research has shown that “the mere presence of a minimum payment is enough to reduce the actual amount many people choose to pay on their bills.” The concept is called “anchoring,” “in which arbitrary and irrelevant numbers bias people’s judgments.” Although your brain will fight you on this, you should do everything in your power to ignore minimum payment amounts and instead figure your monthly payment according to your real budget, opting for the maximum value possible.
The Frontal Cortex: Anchoring and Credit Cards
(Photo: Gaetan Lee)
