In a recent column for the NY Times, Freakonomics authors Stephen Dubner and Steven Levitt explained the genius behind the concept of low credit card minimum payments. When studied by academics, test subjects who selected their own minimum payments often paid far more than monthly bank statements required.
About Joe Taylor Jr.
Joe Taylor Jr. has written about media, technology, entertainment, and personal finance for over 25 years. His work has been featured on NPR, CNBC, Financial Times Television, and ABC News. After helping to launch one of public radio's first successful digital platforms, Joe now serves as a customer service, communications, and user experience consultant for a variety of Fortune 500 and Inc. 500 companies.