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Erscheinungsjahr: 
2014
Schriftenreihe/Nr.: 
Working Papers No. 2014-03
Verlag: 
Banco de México, Ciudad de México
Zusammenfassung: 
We study how consumers allocate debt across credit cards they already hold using new data on credit card activity for a representative sample of consumers with two homogeneous cards in Mexico. We find that relative prices are a very weak predictor of the allocation of debt, purchases, and payments. On average, consumers pay 31% above their minimum financing cost. Evidence on cross-card debt elasticities with respect to interest rates and credit limits show no substitution in the price margin. Our findings offer evidence against the cost-minimizing hypothesis and provide support to behavioral explanations.
Schlagwörter: 
credit cards
household finance
consumer behavior
Mexico
JEL: 
D12
D14
D40
G02
G20
G28
Dokumentart: 
Working Paper
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