December 3, 2011

Reasons Behind Default Crisis

1 Impatience Could Lead to Bad Credit Scores

Impatience could lead to having poor credit scores, suggest researchers. To be published in Psychological Science, the new research from economists suggests that people with bad credit scores are more impatient, and are more likely to choose immediate rewards instead of waiting on a larger reward that may come later. The economists were searching for the psychological factors that contributed to mortgage defaults. The study of 437 people in Boston showed that the people who answered questionnaires in a way that revealed they weren't as willing to delay gratification had lower credit scores. However, the researchers also acknowledge that some people default because of job loss.

More at Eurekalert | Posted 6 years ago by Peggy Rowland

Previously: Study Links Nurse and Patient Safety

Tags: Psychological Science, Credit Scores, Cause of Bad Credit, Dangers of Being Impatient, Impatience Linked Bad Credit Scores

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