How behavioural science is helping people tackle their debts

Crawford Hollingworth

This article lists three examples of how insights from behavioural science can help people gain greater control over their finances.

Credit card debt is a significant problem for a growing number of people in many countries. For example:

  • In the UK, consumer debt is growing at a record rate of 10.9%; average credit card debt per adult has reached £1,300 and total debt now stands at £67.3 billion - higher than even before the 2008 financial crisis. The Financial Conduct Authority has identified 3.3 million people who have what it calls 'persistent levels' of credit card debt. Beyond that, other forms of debt - such as car loans and personal loans have also risen, so that the average household now...

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