#USA #Fort Lauderdale #Consolidated Credit #Credit Card Usage #Nova Southeastern University

Consolidated Credit and Nova Southeastern University Publish Important Research Study

In an age where consumer debt is spiraling, understanding how people use credit cards is more critical than ever. Consolidated Credit, a leading nonprofit organization dedicated to financial well-being, has collaborated with Nova Southeastern University (NSU) to produce a pivotal research study. This groundbreaking work, titled "Is Credit Card Usage for Entertainment Related to Demographic, Psychological, and Financial Characteristics of Credit Card Owners?", has recently been published in the Journal of Academy of Business and Economics (JABE).

The study was co-authored by April Lewis-Parks, the Director of Education and Corporate Communications at Consolidated Credit, William Wolf, Director of Strategic Partnerships, and Dr. Albert Williams from NSU. The collaborative effort combines real-world experience from the nonprofit sector with rigorous academic research, aiming to draw attention to the financial behaviors that are shaping consumer habits.

Key Findings of the Study

The research explores the link between demographic factors, psychological traits, and financial characteristics, and how they influence consumers' entertainment-related credit card usage. With growing national concern about rising debt due to non-essential purchases, this study's insights could prove crucial for both financial education and public policy.

Lewis-Parks remarked, "This research extends our mission at Consolidated Credit to comprehend financial behaviors and create effective solutions. Collaborating with Dr. Williams and Wolf on this study allowed us to convey our field experience to a wider scholarly audience."

CEO Wolf elaborated on the importance of the findings, stating, "Credit card debt associated with entertainment purchases is an often-overlooked contributor to financial instability. By analyzing the factors affecting such behaviors, we can craft educational tools and intervention strategies that are meaningful to real consumers."

Dr. Williams added that this partnership exemplifies successful academic and nonprofit collaboration. He said, "We've merged rigorous methodology with real-world interest to gain new insights into the interplay between consumer behavior and credit usage. Research like this can inform financial education and shape public policy as well."

The Significance of Financial Psychology

The article highlights the growing field of financial psychology and its relevance to the question of consumer debt. As Americans increasingly turn to credit cards for lifestyle and entertainment expenses, understanding the motivations behind their spending is essential. This study contributes to a burgeoning body of literature focusing on this complex relationship.

About the Journal

The Journal of Academy of Business and Economics (JABE) publishes peer-reviewed research with the goal of bridging theory and practice in global business and economics. The study appears in Volume 25, Issue 1 on page 107, emphasizing its contemporary relevance in today's economic landscape.

About the Organizations

Consolidated Credit has been a trusted resource for financial wellness for over three decades, aiding more than 10 million individuals in achieving financial freedom through a variety of programs and educational resources. Nova Southeastern University is Florida's largest private research university and is recognized for its commitment to high-quality education and extensive research efforts, particularly in crucial areas such as healthcare, marine life, and financial literacy.

As consumer debt continues to rise, initiatives like these highlight the importance of understanding the psychology behind financial choices. By applying the findings from this study to education and policy, Consortium Credit and NSU aim to forge a path toward improved financial literacy and healthier spending habits among consumers.