We estimate a two-stage Heckman selection model of credit card adoption and use with a unique dataset that combines administrative data from the Equifax credit bureau and self-reported data from a representative survey of consumers. Higher-income consumers carry higher credit card balances, but they tend to repay those balances each month. Credit card revolvers have lower income and are less educated. Revolvers are twice as likely to use debit cards as credit cards for payments, but they carry much higher balances on their credit cards. The high cost of paying off credit card debt likely exacerbates existing inequalities in disposable income. Unlike the mortgage market, we find no evidence for lenders’ cutoff between subprime and prime consumers in the credit card market.

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信用卡债务和消费者支付选择：我们可以从信用局数据中学到什么？

我们通过一个独特的数据集估计了信用卡采用和使用的两阶段 Heckman 选择模型，该数据集结合了 Equifax 征信局的管理数据和来自消费者代表性调查的自我报告数据。收入较高的消费者持有较高的信用卡余额，但他们倾向于每月偿还这些余额。信用卡左轮手枪的收入较低，受教育程度较低。左轮手枪使用借记卡进行支付的可能性是信用卡的两倍，但它们的信用卡余额要高得多。偿还信用卡债务的高成本可能会加剧现有的可支配收入不平等。与抵押贷款市场不同，我们没有发现贷方在信用卡市场的次级消费者和主要消费者之间存在截断的证据。