Time to Cut Up Those Debit Cards? Effect of Payment Mode on Willingness to Spend |
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Authors: | Amy Moore Michael Taylor |
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Institution: | (1) Southern Utah University, BU321, Cedar City, UT 84720, USA;(2) University of Notre Dame, Notre Dame, IN, USA |
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Abstract: | Financial industry data indicate that consumers increasingly prefer debit cards over credit cards, especially as a means of
enforcing financial self-discipline. Given prior research suggesting that credit cards act as spending facilitating stimuli,
this move toward reduced credit card use would appear to be in the right direction. Ironically, however, the same logos that
were implicated in facilitating spending with credit cards are the logos that appear on debit cards. In what should serve
as an eye-opener to consumers, it is found that exposure to debit card logos does result in an increased willingness to spend,
similar to credit cards. |
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