Consumer Behavior Towards Credit Card Usage

ABSTRACT

Research in the area of consumer credit card attitude and behavior has provided an abundance of literature in the business, psychology, and public policy fields. Beginning in the 1960s, the work revolved around descriptive characteristics and evolved as scholars probed deeper by investigating relationships between credit cards and psychological constructs, and the onships need for consumer policy.

While the scope of credit card research has broadened, there is a need to pause and reflect on what we actually know about the phenomenon, given its proclivity in society. This paper identifies the empirical research conducted over the past four decades in order to provide insights and recommendations for additional research. A total of 537 refereed journal articles from 8 databases were reviewed and evaluate within specific parameters related evaluated thin to credit cards, with a final working sample of 103 journal articles published between 1969 and 2012.

INTRODUCTION

Ubiquitous in society, credit cards have become a fact of life for most consumers and are a part of the consumer culture. Staggering credit card statistics provide evidence of their pervasiveness. As of 2011, seventy-seven percent of US adults owned at least one credit card, with a total of 1. 4 billion cards in circulation. The average cardholder owned 7. cards and uses a credit card 119 times a year charging an average of $88 per transaction or $10,500 annually (myFICO, 2012). By the end of 2011, with the unfolding of America’s economic crisis, the average household credit card debt reached $16,420 (Federal Reserve G. 19 March, 2012).

The proliferation of credit cards and their ease of access have given consumers increased opportunities for making credit purchases. However, while many consumers are able to use credit cards wisely, others seem to be unable to control their spending habits. Over the past two decades, the use of credit cards has become an area of economic and social concern.

The problems created by credit card usage have caused apprehension among educators, consumer advocates, and public policy administrators. Economic concerns have risen in part, as a response to the massive use of credit cards and the accumulation of debt in American society. The most striking feature of this trend in U. S. household indebtedness is the rise of personal bankruptcy (Ladka 2011; Manning, 2000). More than 1. 35 million people filed for Chapter 7 or Chapter 13 bankruptcy in the United States during 2011, which equates to approximately one in every 175 adult Americans (American Bankruptcy Institute, 2010).

This number was lower than 2010 but the bankruptcy rate is expected to rise again during 2012 (Atrizadeh, 2012). Credit card debt has been reported as the main reason causing Americans to file for personal bankruptcy (Murray & Light, 2010; White, 2007). With regard to social concerns, the use of credit cards in society has affected not only traditional consumers, but also vulnerable groups, such as college students, senior citizens, and disabled citizens. College students have grown up in the age of credit, becoming independent consumers earlier in life, and constantly exposed to new products and services available through credit cards.

Along with technology and the expansion of the Internet, they became an appealing demographic group for credit card companies and financial institutions for a variety of reasons. Solicitation on college campuses has caused concern among college officials, consumer advocacy groups, and legislators (Hayhoe, Leach, Allen, & Edwards, 2005; Mansfield & Pinto, 2007; Robb & Sharpe, 2009). The senior citizen market has also captured the attention of credit card marketers due to its impressive size and buying power.

Various reasons have been offered for this rising trend in senior citizen credit card debt and bankruptcy, including increased health care costs, gambling, lower interest rates on investment, the loss of jobs before planned retirement, and low retirement income (Dellutri, 2010). Another population of concern is the non-traditional consumer, such as developmentally-disabled individuals. In the late 1990s marketers were criticized for their predatory activities directed toward this segment of vulnerable consumers in an attempt to gain more market share (Cahill, 1998).

Other than the work of Mansfield and Pinto (2008), there has been a lack of empirical studies with developmentallydisabled individuals due to the problem of inaccessibility. These social and economic concerns have raised the level of awareness that credit cards have both positive and negative consequences for individual consumers and for society as a whole. Journal of Management and Marketing Research PURPOSE It was not until the late 1960s that consumer credit cards became a topic of academic research, appearing in the business literature.

The early work revolved around descriptive literature. characteristics: number of cards and credit card usage (Hirschman, 1979; Hirschman & (Hirschman, Goldstucker, 1978; Plummer, 1971; Slocum & Mathews, 1970; Wise, Brown, & Cox, 1977), social class (Hirschman & Goldst Hirschman Goldstucker, 1978; Mathews & Slocum, 1969; Slocum & Mathews, 1970), gender and age (Blackwell, Hawes, & Talarzyk, 1975; Wise, Brown, & Cox 1977), and ), education (Hirschman & Goldstucker, 1978).

The early literature also began to provide insights from a consumer behavior perspective, such as consumer’s attitude towards credit cards (Awh & Waters, 1974; Blackwell, Hawes, & Talarzyk, 1975) and knowledge of credit cards (Bowers, (Bowers 1979). As the field evolved, scholars from psychology and consumer sciences broadened the scope of credit card research (Leach & Hayhoe, 1998; Norvilitis, Szablicki, & Wilson, 2003; Leach Reynolds &Abdel-Ghany, 2001; Roberts, 1998; Yang, Spinella, & Lester, 2004).

While the Ghany, scope of credit card research has broadened and has produced an abundance of information in the abundance literature, there is a need to pause and reflect on what we actually know about the phenomenon. Given the proliferation of credit card usage in today’s society, perhaps it is an appropriate time to review what has been studied to determine if there are trends or findings that have occurred repeatedly. The purpose of this study was to review and integrate the literature surrounding consumer credit cards in various disciplines and offer a series of guiding research opportunities to advance the marketing discipline.

As such, the purpose was threefold: First, to investigate the empirical research conducted over the past four decades with regard to consumer credit cards; Second, to provide insights for understanding consumers’ attitudes toward credit cards and the determinants attitudes determin of credit card usage; and finally, to provide recommendations for future research in this domain. inally, Further, a guide is offered to the research trends and potential opportunities for future studies in the study of credit cards from a consumer behavior perspective.

CONCEPTUAL FRAMEWORK AND METHODOLOGY

In order to accomplish the goals of this study, a contextual framework was utilized for the investigation as indicated in Figure 1 (Appendix) that is based on the Tri-Component Attitude Component Theory (Lutz, 1991; Petty, Wegener, & Fabriger, 1997) The Tri-Component Attitude Theory 1997). Component posits that an attitude is the way one thinks, feels, and acts toward some aspect of his/her environment. In the model (aka ABC Model): “A” stands for affect or emotions, e. g. , how a stands person feels about credit cards; “B” pertains to behavior related to credit cards, e. . , usage or repayment issues; and “C” refers to cognition or a person’s beliefs about credit cards, e. g. credit card knowledge.

The ABC model is considered the core of this consumer framework and is surrounded by demographic and consumer socialization issues as they relate to credit cards. Article Identification A large-scale integrative literature review was conducted to identify the empirical scale research concerning consumer behavior and credit cards The following electronic databases cards.

Due to the voluminous amount of articles, the scope of the paper was narrowed, with the following parameters for inclusion:

• articles must contain primary data, not historical financial and/or economical data;
• the data must be collected directly from consumers rather than from the marketer point of view;
• the data must be provide information on credit cards specifically, not mortgages or personal lines of credit, auto debt, and/or student loan debt;
• data must be collected from domestic populations, no international populations outside the U. S. are included.

Following a similar approach to Cronin, Gleim, and Martinez (2011), each article was examined by at least two researchers with knowledge of the subject matter, and only the articles that were approved by both judges were included. If an agreement could not be reached, a third member was asked to judge the article as well. The inter-rater reliability for the classifications exceeded the recommended . 70 level (Perreault & Leigh, 1989). The articles were classified based on the overarching model (see Figure 1). Articles that did not fit these guidelines or fall within the scope of this study were eliminated.

Overall, the findings showed a relationship between a consumer’s attitude toward credit cards and card ownership, outstanding balance, and repayment behavior. The majority of studies regarding a consumer’s attitude toward credit cards have been conducted in the last twelve years, making it a relatively recent phenomenon. Several additional articles were found that measured financial literacy and overall credit attitude but included only one or two items about credit card attitude; these articles were eliminated from the present study due to the researchers’ inability to discriminate the specific findings on credit card attitude.

 The first category relates to a consumer’s affect or emotional response to credit cards. Five psychological and emotional constructs were identified in the credit card researched that was reviewed: control, self-esteem, anxiety, impulsivity/compulsivity, and materialism. A esteem, substantial amount of research has been conducted utilizing these psychological and emotional psychological constructs, and while they have an important role in xplaining variations in credit card attitude and behavior, no comprehensive conclusions could be drawn from the twenty five papers twenty-five included.

Studies investigating the control construct either addressed self-control or locus of control control and their relationship to credit card attitudes or behaviors. For example, in 2003 two studies found that locus of control was related to attitude toward credit, but unrelated to levels of credit card debt. In 2009, Watson found that locus of control was related to credit card misuse.

When comparing across repayment behavior categories (convenience versus installment users) some studies found no significant difference in locus of control, self steem, and anxiety. self-esteem, However, Robb and Sharpe (2009) reported that anxiety is related to a lower probability of carrying a monthly balance. The constructs of impulsivity, compulsivity and materialism were identified as constructs to report articles that had investigated the relationship between these personality characteristics and individual attitudes and usage of credit cards.

While the measures of these characteristics may have varied across the studies, the terms of impulsivity, compulsivity, and ma materialism had all been used in the literature. The seminal work of Faber and O’Guinn (1988) found that compulsivity is related to credit card misuse. Subsequent research regarding impulsivity and compulsivity supports this finding ( (Joireman, Kees, & Sprott, 2010; Norum, 2008; Pirog & tt, Roberts, 2007). Only one study reported that impulsivity was unrelated to levels of debt ). (Norvilitis, Szablicki, &Wilson, 2003).

Similarly, the findings on materialism showed conflicting results. Two studies found that materialism was not related to credit card debt (Norvilitis, et al. 2006; Pinto, Parente, & Palmer, aterialism al. , 2000); however, Pirog and Roberts (2007) found that materialism does increase the likelihood of credit card misuse. B: Behavior. The second category relates to a consumer’s credit card behavior; in this category several constructs were utilized to classify and describe the findings: Number of Cards Owned, Balance, Access/Availability, Repayment, and Credit Card Misuse.

Credit card behavior was a topic of interest in the earliest research on credit cards, focusing on repayment behavior (Mathews & Slocum, 1969), credit card use and misuse (Slocum & Mathews, 1970), and number of cards (Plummer 1971). In the findings of these (Plummer, studies, there was a sharp increase in card ownership from the early 1970s (17%) to the 1990s ncrease (over 80%), with a recent trend toward declining numbers in the 2000s. The average number of cards is more difficult to estimate since many of the studies failed to report these statistics in a comparable manner.

As the years passed, more descriptive statistics were offered on credit card ownership, such as average number of cards and range of cards owned. The number of cards owned is a self-reported number, either averaged for the entire reported sample, or in some cases, reported i categorical terms. Fifty-six studies investigated the number in of cards owned by consumers (e. g. , in 2009, Wang & Xiao reported a mean of 2 cards with a Consumers and credit cards, Page 5 Journal of Management and Marketing Research range of 1 to 18 cards).

Several studies reported significant relationships between the number of cards owned and other variables; however, they failed to report the actual number of cards. The second construct identified as balance represents the outstanding balance carried on the card, which was also self-reported. While we attempted to report these balances as “average balances” so that a comparison across the studies might occur, they were not always available as such. Therefore, the balance in this construct may be conveyed as an average, a mean, or category.

It is interesting to note that prior to 1980 we found no study reporting an average outstanding balance. From that time forward, balances rose from $268 to $1,651 in 2010, with a high of $18,985. These trends mirror the reported credit card usage patterns in the popular press. A total of thirty-nine studies were included in this category. The third construct of access/availability identifies the sources from which the respondents’ credit cards were obtained. Sources for credit cards included those from card marketers, banks, retail stores, on college campuses, from parents, and through direct mail.

There were twelve studies that investigated the source from which individuals acquired their credit cards and its relationship to credit card usage. All samples included in this category were drawn from college student populations. Due to the public policy concern regarding college student’s usage and access to credit cards on campus, several studies investigated the credit card solicitation policies in higher education; specifically, whether or not protecting students from oncampus solicitation impacted the students’ card ownership and outstanding balance.

Interestingly enough, the results were mixed. Pinto, Parente, and Palmer (2001) found no difference in card ownership between schools that allowed on-campus solicitation and those who did not, while Norvilitis, Szablicki, and Wilson (2003) reported that students obtaining cards from on-campus sources had significantly higher credit card debt. Even when on-campus solicitation is permitted, studies found that more students acquired cards via direct mail than any other source (Cunningham, 2004; Lyons, 2004; Mansfield & Pinto, 2007).

Only one study, Hayhoe, Leach, Allen, and Edwards (2005) reported that the majority of their sample obtained credit cards from parents. Given the issues with on-campus solicitation and the legislation that has occurred in the past ten years to prohibit such, it is interesting that students report that they obtain credit cards primarily from off-campus sources. However, one study did report that those students who obtained their cards from on-campus sources were more likely to have higher credit card debt levels or carry an outstanding balance, than those who obtained their cards from other sources (Norvilitis, Szabicki, & Wilson, 2003).

While many of the studies included in the Behavior category were reporting the percentages for each access/availability source, some compared balances and numbers of cards for different sources. For example, in the past decade there has been concern over whether college students should be able to obtain credit cards on campus and if this availability leads to increased usage. The fourth construct, repayment behavior, reports the way in which a consumer uses the card, either as a convenience user or an installment user.

Convenience users pay the entire bill in full at the end of each month, while installment users carry an outstanding balance month to month. The terms of convenience vs installment user were first employed in the literature to describe a consumer’s repayment behavior in 1969 (Mathews & Slocum) and continue to be a means of description. There were numerous differences noted between convenience and installment users, including the number of cards used, credit card knowledge, and demographics.

Overall, from the twenty-eight studies in this category, the number of convenience users appears to be rising, indicating a wiser use of credit cards. Journal of Management and Marketing Research Finally, the construct of credit card use and misuse relates to matters such as the frequency of credit card use, the dollar amount of purchase made with credit versus cash, and the use of store-issued cards. Credit card use and misuse tends to be a “catch all” category that issued includes studies on credit card frequency of use, amount of purchase, and credit card misuse. s Twenty-eight publications were included in this category.

Beginning in 1990 with the article by eight D’Astous in the Journal of Consumer Policy, credit card misuse was a focus of investigation. investigation. From 2001 on, numerous studies utilized the Roberts and Jones 2001 “credit usage scale” which measures the misuse of credit cards. The studies in the credit card use and misuse category found that the dollars spent per purchase was higher when credit cards were used, and that there when were relationships between card usage and psychological factors including: anxiety, compulsive buying, impulsivity, locus of control, materialism, and self esteem.

Studies reporting the types self-esteem. of items purchased with credit cards were not included due to the enormous variety of findings. In addition, a new subset of college student consumers who misuse credit was identified: financially-at risk students (Lyons 2004). This group of consumers was defined as financially at at-risk if they met one or more credit card misuse characteristics. C: Cognition. The third category relates to a consumer’s cognitions or beliefs about credit cards and credit card knowledge.

Beliefs include statements such as “credit cards should be used for should installment reasons” (Danes & Hira 1990) and “credit cards have gotten me into financial Hira, trouble” (Pinto, Mansfield, & Parente 2004). There were twenty-seven studies that measured Parente, seven consumers’ beliefs about credit cards. Beliefs can help develop profiles of credit card users (Xiao, Noring, & Anderson, 1995). For example, heavy installment users have been shown to have “stronger beliefs about the negative effect that credit cards have on them pe personally” (Pinto, Mansfield, & Parente, 2004, p. 1414).

There were eight studies that pertained to credit “card” knowledge, or specific characteristics of credit card accounts, such as interest rates, credit limit, balance, or payment fees. The small number of articles may be due to the parameters of the current study requiring specifically credit “card” knowledge, not general credit knowledge or financial literacy. This category investigated specific credit card characteristics, e. g. rate, limit, and balance. Whether the sample was college students or adult consumers, the literature raised concerns over the nts limited understanding and recall of various credit card characteristics.

Significant findings were reported between credit card knowledge and credit card behavior, credit card attitude, and a age. Consumer Focus As noted above, the goal of this article is to review and integrate the literature surrounding consumer credit cards. The outer rings of the model pertain to consumer socialization and demographics and were used to identify relevant s studies. The work on consumer socialization began in the early 1990’s, focusing on the study of consumer socialization agents and their role in forming credit card attitude and behavior.

The term “consumer socialization agents” describes any interaction between the following: 1) between parents, 2) peers, 3) media, and 4) schools and the respondents, regarding credit card attitudes or credit card usage. Consumer socialization agents were investigated in thirteen studies. When investigated Consumers and credit cards, Page 7 Journal of Management and Marketing Research reviewing these studies of all socialization agents, only parents were found to be agents significantly related to credit card debt and credit card misuse.

Literature included in the demographics category researched the relationship between credit card attitudes or usage and demographic variables such as age, education, gender, income, race, and family life cycle. Demographics were included in forty-three of the articles in this study. Since the first paper on consumer credit cards was published in 1969, researchers have attempted to develop a demographic profile of credit card consumers. The demographic characteristics most often used were age (22 studies) and gender (20 studies), followed by income (11 studies) and education (5 studies). Overall, no conclusive demographic profile can be reported due to contradictory findings.

RESEARCH TRENDS AND OPPORTUNITIES

First, there has been a shift in research emphasis over time, with earlier studies focusing on demographics and observable characteristics like the number of cards held; whereas, later studies emphasize a broader range of factors such as attitudes, external impacts (social, family, and environmental factors), and behavior. We found no longitudinal studies in the total number of studies reviewed.

While studying credit usage trends throughout lifetimes or generations would certainly help develop a richer understanding of the determinants of credit card attitude or behavior, it is not surprising no longitudinal data was found because of the difficulties in obtaining this type of data. A second trend was the overwhelming use of college students as the sample population in a predominate number of studies. This sampling choice is not surprising due to the great amount of attention in the popular press on the credit card usage and spending patterns of American college students.

In addition, universities and parents of college-aged students have also turned to public policymakers and academic researchers in an effort to reduce problems associated with college student credit debt. As such, in some studies the selection of college students is appropriate due to the context and purpose of the research, such as comparisons of on-campus versus off-campus solicitation (Robb & Sharpe, 2009; Lyons, 2004), and risky behavior of young adults (Adams & Moore, 2007; Politano, 1997). In other studies, college students are most likely chosen as a convenience sample and pose a limitation on the generalizability of the findings.

Future researcher should consider broadening the sampling methods and include representations from cross sections of various generational groups. Third, public opinion and legislation regarding credit card attainment has changed dramatically since the early 1980’s. Due to the public policy concern regarding college student’s usage and access to credit cards on campus, a great deal of attention has focused on the credit card solicitation policies in higher education; specifically, whether or not protecting students from on-campus solicitation impacted the students’ card ownership and outstanding balance.

The recent enactment of the CARD act in 2009 brings with it numerous research opportunities. Among its significant provisions, the Card act puts strict restrictions on marketing and issuing credit cards to young people under the age of 21. Offering free items such as water bottles and Frisbees, to induce college students to sign up for credit cards is banned if conducted within 1,000 feet of campus (Prater & Metzger, 2010). Therefore, future research needs to understand

Journal of Management and Marketing Research the general perception of this legislation and how it impacts undergraduate students prior, during, and after the enactment of the act. Fourth, several studies have noted that credit cards are unique in the market as they may, everal at times, serve to stimulate spending behavior. Garcia (1980) accurately predicted how credit accurately cards would spark a movement away from the use of cash toward the use of “elec “electronic money.

With the advancements in technology and the use of smartphones for instant purchases, future research should considered the similarities and differences between credit cards and these more recent technological tools. For example, Garun (201 reports on a Nielsen study which found (2012), smartphone owners are increasingly using their devices to make purchases, with twenty twenty-nine percent of all owners taking advantage of retail retail-related apps. Another trend uncovered methodological concerns. The initial literature search retrieved initial numerous articles relating to credit but not specifically focused on credit cards.

Many of the studies mixed the concepts or terminology when referring to credit in general, credit cards, money, and financial literacy. For example, attitude toward money is not equivalent to attitude example, toward credit, and likewise, attitude toward credit in general, is not the same as attitude toward credit cards. Since we wanted to isolate the specific findings related to credit cards, several . studies were eliminated from this review. Future research on consumer credit cards needs to give serious consideration to methodological issues that will impact the validity and reliability of the findings.

The sixth trend applies to the increasing interest in establishing a connection between credit card knowledge and credit card use behavior. Future research should address what types of knowledge are most influential, how the knowledge is obtained, and the difficulty in changing usage behavior.

The final trend refers to publication outlets. Forty Forty-six journals are included in this review. The majority of articles were from journals in the consumer sciences, sociology, psychology, and business-related disciplines; sixteen were from traditional marketing journals. Of the total one s. undred-three papers, the greatest number was published in The Journal of Consumer Affairs (eleven) followed by Psychologica Reports (ten). In the seventeen marketing journals, there Psychological th were a total of 38 published studies, making up 36% of the total. Future research should ies, continue integrating credit card topics into mainstream consumer behavior research.

LIMITATIONS

No study is without limitations. The fact that the parameters were set somewhat narrowly for the scope of this study could be seen as a limitation, as it presents an incomplete cope view of the findings related to credit cards.

However, given the voluminous amount of work done in this area and the variety of topics studied with regard to credit cards, this paper’s focus on consumer behavior issues presents a more manageable examination of the literature. Publications may have been overlooked in this review and so the authors of this study can only claim a good faith effort. Also, the classification scheme utilized by this study was a judgment call by the authors, based on parameters consistent with extant literature (Loe, Ferrell, & extant Mansfield, 2000; Reynolds & Abdel Abdel-Ghany, 2001; Wrenn & Mansfield, 2001).

While this study provides a compilation and categorization of numerous articles regarding credit cards over the categorization past four decades, it demonstrates the need for additional research to further theory in this area. For example, a primary concern is the usage of college students as the sample in the majority of studies; sixty-one percent of studies used college students. While students were highly one Consumers and credit cards, Page 9 Journal of Management and Marketing Research appropriate for specific studies, i. e. those regarding on-campus solicitation, students were essentially chosen as a convenience sample for the rest.

The usage of students limits the generalizability of the overall findings on credit cards. Additionally, while credit cards have become a fact of life for consumers today, new technologies such as using smart phones to pay for items in vending machines, parking spaces, your daily latte, and airline tickets at airport kiosks, will likely influence spending patterns and repayment behavior in the future. Research in consumer behavior should keep in step with these changes as they will provide an abundance of research opportunities and have numerous public policy implications.

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