Creditnet News Story
Survey Shows Age Plays a Major Role in Properly Managing Credit Card Debt
Tuesday, August 31, 2010
By Thomas Astery
Years of experience managing a credit card account may not be the most important factor when it comes to making the best decisions about how to reduce debt.
According to a new study from Boston College's Center for Retirement Research, consumers between the ages of 35 and 44 provided the most immediately correct answers to a hypothetical credit card balance transfer situation. The study asked five age groups - 18 to 24, 25 to 34, 35 to 44, 45 to 64 and over 65 - how they would best reduce their total debt after transferring debt from one credit card to another with a low introductory rate.
The study found that over 40 percent of those between 35 and 44 had an "immediate eureka moment" and provided correct answers to the hypothetical situation. That percentage was lower for all other age groups, with those over 65 coming in just over 20 percent to score the lowest.
However, it's important to note that some consumers may be relatively new to using credit cards, regardless of how old they are, which may lead to a lack of understanding even among the oldest credit card users.
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