If rather than setting the minimum balance as the lowest possible amount, so we keep people in debt for as long as possible, we raise the minimum payment and encourage people to pay off their credit cards, we're going to make less money, but we're going to have costumers that are more solvent.
Richard ThalerI'm all for empowerment and education, but the empirical evidence is that it doesn't work. That's why I say make it easy.
Richard ThalerI think one lesson we have to learn is that there's a lot more risk than we're giving credit to, a lot more what economist calls systematic risk.
Richard Thaler