Innovative Research on Credit Card Usage in Entertainment Released by Consolidated Credit and Nova Southeastern University

Research Insights on Credit Card Usage for Entertainment

Consolidated Credit is excited to announce the publication of a pioneering research study co-authored by April Lewis-Parks, the Director of Education and Corporate Communications, and William Wolf, the Director of Strategic Partnerships, alongside Dr. Albert Williams from Nova Southeastern University. The insightful report titled "Is Credit Card Usage for Entertainment Related to Demographic, Psychological, and Financial Characteristics of Credit Card Owners?" has now been published in the Journal of Academy of Business and Economics (JABE).

JABE, a peer-reviewed academic journal, is dedicated to promoting high-quality contemporary research that connects theory with practical applications in global business and economics. The study can be found in Volume 25, Issue 1 of the journal and delves into the intricate relationship between entertainment-related credit card usage and various consumer factors, including age, income, personality traits, and financial behavior.

As consumer debt continues to rise, this research is particularly pertinent, shedding light on the patterns that influence how credit cards are utilized for discretionary spending. "This research expands our mission at Consolidated Credit to better understand the financial behaviors that shape people's lives and to develop effective solutions," stated April Lewis-Parks. She emphasized the significance of advancing financial literacy in addressing the complexities of consumer debt.

William Wolf echoed her sentiments, noting that credit card debt related to non-essential purchases often remains an overlooked factor in financial instability. By examining the underlying influences on this behavior, the team aims to create better educational tools and interventions that resonate with real-life consumers.

Dr. Albert Williams, a finance and economics professor at Nova Southeastern University, highlighted the collaboration as a model of successful synergy between academic research and nonprofit expertise. He emphasized that they combined rigorous methodology with real-world insights from Consolidated Credit to uncover new understandings of consumer behavior in relation to credit usage. This type of research does not only inform financial education but could also impact public policy positively.

The findings contribute to a growing body of literature emphasizing the role of financial psychology in comprehending consumer debt. This is particularly relevant given the recent national trends where Americans increasingly rely on credit cards for entertainment and lifestyle expenses, even as interest rates and debt levels rise.

For those interested in a comprehensive overview of the findings, the full article is accessible through the latest issue of JABE. Consolidated Credit has served as a reliable resource for financial well-being across the nation for over 30 years, assisting more than 10 million individuals in overcoming debt and achieving financial freedom through education, counseling, and debt management programs.

Nova Southeastern University, the largest private research university in Florida, is recognized for its substantial economic impact and commitment to rigorous research and education. It educates over 22,000 students from diverse backgrounds and is known for its strong support for military and veteran populations. NSU is instrumental in addressing critical research areas such as cancer, marine life, and brain health.

In conclusion, this new research on credit card usage not only brings to light vital statistics regarding consumer behavior but also establishes a foundation for future studies aimed at improving financial literacy and public policy relevant to credit use. The collaboration between Consolidated Credit and Nova Southeastern University exemplifies the effective marriage of academic research with practical application, marking a significant step forward in understanding credit behaviors in today's economy.