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By: Rebecca,
on 2/25/2008
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Stuart Vyse is Professor of Psychology at Connecticut College, in New London. In his new book, Going Broke: Why Americans Can’t Hold On To Their Money, he offers a unique psychological perspective on the financial behavior of the many Americans today who find they cannot make ends meet, illuminating the causes of our wildly self-destructive spending habits. In the excerpt below Vyse looks at the psychology of credit limits. Check out the tips he provided us with this morning or his podcast.
The Magic of Credit Limits
It is a wonderful feeling. You apply for your first MasterCard, hoping to be accepted. Finally it arrives in the mail, and you feel like a million bucks. It is shiny and new, and it comes with a letter that tells you your credit limit. In most cases, this happy event occurs when you are quite young: just after graduation from high school or somewhere in your twenties. As a result, the credit limit often seems like an amazingly large figure. (more…)
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