Mormons and Credit Cards
For all the criticizing we do of Mormonism, there are some positives that are worthy of mention. I occasionally run across them in my varied reading on the internet. I came across this story about the Mormon culture region having the lowest amount of credit card debt of any region in the U.S. Customers tend to spend more when paying on credit cards, especially on impulse purchases, resulting in increased sales and revenue for businesses. This is also the reason why businesses will use the cheapest card payment machine that they can find since customers prefer cashless payments.
I am a little bit intrigued by the contrast of low credit card debt with the oft-repeated and over-stated claim that bankruptcy rates are high in Utah (they are, but Utah is not #1). This seems somewhat contradictory – low credit card balances but relatively high bankruptcy rates. Thoughts, anyone?
(Seth, any thoughts given your line of work?)