{"id":22589,"date":"2025-03-19T23:02:06","date_gmt":"2025-03-19T17:32:06","guid":{"rendered":"https:\/\/www.sachdevajk.in\/?p=22589"},"modified":"2025-03-19T23:02:06","modified_gmt":"2025-03-19T17:32:06","slug":"impact-of-rising-credit-card-debt-on-consumer","status":"publish","type":"post","link":"http:\/\/www.sachdevajk.in\/?p=22589","title":{"rendered":"Impact of Rising Credit Card Debt on Consumer"},"content":{"rendered":"

Authors: Ramkrishna Pandey, Akhil Nagula, Vishal Rupvate<\/span><\/p>\n

Introduction<\/span><\/h2>\n

The rising credit card debt of consumers has become a significant financial concern. Many individuals rely on credit cards for daily expenses, often leading to high-interest burdens. Failure to pay off balances results in increasing debt levels. This issue impacts financial stability and economic well-being.<\/span><\/p>\n

Objective<\/span><\/h2>\n

This study aims to analyze the underlying issues related to rising credit card debt. The focus is on consumer spending habits, interest rate struggles, and repayment behavior. Identifying these issues will help understand the financial strain on individuals.<\/span><\/p>\n

Literature Review<\/span><\/h2>\n

Smith and Johnson (2020) studied the impact of credit card debt on financial well-being, highlighting how high interest rates lead to long-term financial struggles. Similarly, Gupta and Sharma (2019) found that consumers often rely on credit cards due to convenience, but many fail to manage repayments effectively, increasing their debt burden.<\/span><\/p>\n

Data Collection<\/span><\/h2>\n

1. I use a Credit Card for daily Expenses<\/span><\/p>\n

2. I struggle with high interest rate<\/span><\/p>\n

3. I pay only the minimum amount<\/span><\/p>\n

4. I have more credit card debt now<\/span><\/p>\n

5. I use credit card mainly for convenience<\/span><\/p>\n

Data Analysis<\/span><\/h2>\n

\u00a0<\/span><\/p>\n\n\n\n\n\n\n\n\n
\n

Data Analysis<\/span><\/p>\n<\/td>\n

\n

Q1<\/span><\/p>\n<\/td>\n

\n

Q2<\/span><\/p>\n<\/td>\n

\n

Q3<\/span><\/p>\n<\/td>\n

\n

Q4<\/span><\/p>\n<\/td>\n

\n

Q5<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Mean<\/span><\/p>\n<\/td>\n

\n

2<\/span><\/p>\n<\/td>\n

\n

2<\/span><\/p>\n<\/td>\n

\n

3<\/span><\/p>\n<\/td>\n

\n

3<\/span><\/p>\n<\/td>\n

\n

3<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Standard Deviation<\/span><\/p>\n<\/td>\n

\n

1.07<\/span><\/p>\n<\/td>\n

\n

1.24<\/span><\/p>\n<\/td>\n

\n

1.30<\/span><\/p>\n<\/td>\n

\n

1.35<\/span><\/p>\n<\/td>\n

\n

1.42<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Standard Error<\/span><\/p>\n<\/td>\n

\n

0.09<\/span><\/p>\n<\/td>\n

\n

0.11<\/span><\/p>\n<\/td>\n

\n

0.11<\/span><\/p>\n<\/td>\n

\n

0.12<\/span><\/p>\n<\/td>\n

\n

0.12<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Z<\/span><\/p>\n<\/td>\n

\n

-10.94<\/span><\/p>\n<\/td>\n

\n

-5.24<\/span><\/p>\n<\/td>\n

\n

-3.60<\/span><\/p>\n<\/td>\n

\n

-3.08<\/span><\/p>\n<\/td>\n

\n

-3.26<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Result<\/span><\/p>\n<\/td>\n

\n

Negative<\/span><\/p>\n<\/td>\n

\n

Negative<\/span><\/p>\n<\/td>\n

\n

Negative<\/span><\/p>\n<\/td>\n

\n

Negative<\/span><\/p>\n<\/td>\n

\n

Negative<\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

\u00a0<\/span><\/p>\n

\u00a0<\/span><\/p>\n

Conclusion<\/span><\/h2>\n
    \n
  1. People are negative toward using a Credit Card for daily Expenses.<\/span><\/li>\n
  2. People are negative toward struggling with high interest rates.<\/span><\/li>\n
  3. People are negative toward paying only the minimum amount.<\/span><\/li>\n
  4. People are negative toward having more credit card debt now.<\/span><\/li>\n
  5. People are negative toward using credit card mainly for convenience.<\/span><\/li>\n<\/ol>\n

    \u00a0<\/span><\/p>\n

    References<\/span><\/h2>\n

    Smith, J., & Johnson, M. (2020). The Burden of Credit Card Debt. Financial Studies Journal, 12(3), 45-60.
    Gupta, R., & Sharma, A. (2019). Consumer Credit Card Usage and Its Impacts. Economic Review, 15(2), 88-102.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

    Authors: Ramkrishna Pandey, Akhil Nagula, Vishal Rupvate Introduction The rising credit card debt of consumers has become a significant financial concern. Many individuals rely on credit cards for daily expenses, often leading to high-interest burdens. Failure to pay off balances results in increasing debt levels. This issue impacts financial stability and economic well-being. Objective This… Continue reading Impact of Rising Credit Card Debt on Consumer<\/span><\/a><\/p>\n","protected":false},"author":139730,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-22589","post","type-post","status-publish","format-standard","hentry","category-uncategorized","entry"],"_links":{"self":[{"href":"http:\/\/www.sachdevajk.in\/index.php?rest_route=\/wp\/v2\/posts\/22589","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/www.sachdevajk.in\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/www.sachdevajk.in\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/www.sachdevajk.in\/index.php?rest_route=\/wp\/v2\/users\/139730"}],"replies":[{"embeddable":true,"href":"http:\/\/www.sachdevajk.in\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=22589"}],"version-history":[{"count":1,"href":"http:\/\/www.sachdevajk.in\/index.php?rest_route=\/wp\/v2\/posts\/22589\/revisions"}],"predecessor-version":[{"id":22590,"href":"http:\/\/www.sachdevajk.in\/index.php?rest_route=\/wp\/v2\/posts\/22589\/revisions\/22590"}],"wp:attachment":[{"href":"http:\/\/www.sachdevajk.in\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=22589"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.sachdevajk.in\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=22589"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.sachdevajk.in\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=22589"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}