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Credit cards are much in the news these days. Consumer debt is high, and many people have been forced to declare personal bankruptcy to get away from high-interest credit card loans. Lawmakers are working to tighten the rules on credit cards to protect people from themselves.
There are many reasons people rack up consumer debt, of course. But as I was reading yet another story about the proposed regulations on credit cards, I started thinking about the role of impulsivity in consumer spending, and how credit cards may help feed that process. Read More
Semantic Differences
Art Markman argues that "fast thinking" leads
to more impulsivity. While I would argue that
"fast thinking" leads to less impulsivity.
I think this is a disagreement over semantics,
that is a disagreement over what is meant by
"fast thinking".
In a literal sense, "fast thinking" or
fast brainwaves does lead to less impulsivity.
That is why speed drugs like Ritalin and
Adderall lead to greater concentration
and to less impulsivity.
http://en.wikipedia.org/wiki/Ritalin
http://en.wikipedia.org/wiki/Adderall
But, if you take "fast thinking" to mean
making fast decisions, no matter how little
actual thinking goes into making that
decision, then yes "fast thinking" would
be, by definition, greater impulsivity.
For example, 2 people taking a math exam:
- Person # 1 takes longer to write the exam
but gets 90% correct. Chances are that person
is concentrating more, thus has faster
brainwaves, thus is "fast thinking" in
the literal sense.
- Person # 2 writes the exam much quicker
by making rough estimates and guessing
at the answer and ending up with a
much lower score. Person # 2 would be
"fast thinking" in the sense of quickly
coming to a decision as to what is the
best answer.
In this example, well thought-out thinking
is the better strategy, while in other
circumstances, a "quick and dirty"
guestimate is the better strategy. Say
in an emergency, or when the outcome is
not that important, and not worth taking
the time and effort to really think things
through.
* * * *
Also, there are 2 aspects of impulsive
decisions. There is impulsivity as
a personality feature. And there are
circumstances that lead to greater
impulsive behavior (which is what
Mr. Markman is describing).
http://en.wikipedia.org/wiki/Impulsiveness
So yes, it would make sense that credit cards
would lead to quicker (and less well
thought out) decisions and thus to
greater impulse shopping.
Credit cards are not the only thing that
lead to greater impulse shopping. Salesmen
and marketers have long known that
inducements to "make a decision now"
as in "limited time offer" lead to
greater sales.
And as Mr. Markman points out, the
greater pleasure of impulse shopping
does not necessarily lead to greater
happiness in the long-run.
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