Theresa Kuchler is a PhD student in Economics at Stanford University. She looked at anonymized credit card data to try to parse out why people who make enough money to pay off their credit card debt quickly … don’t pay it off quickly. Her finding: PRESENT BIAS. These people are interested in the right now and not the future. One way to tell they exist? People with present bias spend more money in the week after payday. People without present bias don’t.
So uh, which are you???