Thanks to @lizweston of Twitter for pointing out this very important article that all debtros need to read. What Does Your Credit-Card Company Know About You?
To understand how the credit-card industry got interested in psychology, you have to go way back, to a time when many Americans didn’t have a credit card, when almost every company charged the same interest rate regardless of a cardholder’s riskiness and when people often paid off their entire balance each month. All the way back, that is, to the 1980s.
Just a little more than two decades ago, the credit-card business was a quiet, slightly boring industry dominated by banks looking for easy revenue. Card issuers made money by collecting annual dues and interest payments from cardholders as well as fees from merchants each time a customer used a card. Then the math whizzes arrived. They emphasized that the biggest profits didn’t come from people who always paid off their bills but rather from less-responsible clients who never paid their entire balance, and thus could be milked through silently skyrocketing interest rates, late fees and other penalties.
It sheds some additional light on how debtors are the widgets in the lab experiment. People take their debt and financial situation emotionally and personally, creditor manipulate those emotions to get people into debt and then to use it to manipulate them on who to pay back.