Gorbachev, Olga; Luengo-Prado, Maria José - 2016 - This version: July 7, 2016
We use the 1979 National Longitudinal Survey of Youth to revisit what is termed the credit card debt puzzle: why … consumers simultaneously co-hold high-interest credit card debt and lowinterest assets that could be used to pay down this debt … complete picture of households' balance sheets. Relative to individuals with no credit card debt but positive liquid assets …