mnsbsbxTable 10

Mean and Verbal Interpretation on the Assessments of the Respondents on their

Attitude Towards Money Influencing their Credit Card Spending Behavior
in terms of Management of Awareness About Total Debt Owed

Indicators Average Verbal

Interpretation

1 I know exactly how much I spend using credit

3.83 I
card every month.

2 I know exactly the remaining debt that I owed

4.15 I
form previous transactions.

3 I will check on my bills to ensure all the

transactions are made by me and the amount is 4.05 I
correct.

4 I can easily find out if there is any transaction

stated in the statement which was not made by 4.10 I
me.

5 I know exactly how much I still owe after I have

4.20 I
made the monthly payment.

General Average 4.07 I

Legend: 4.21- 5.00 Very Influential (VI)
3.41- 4.20 Influential (I)
2.61- 3.40 Somewhat Influential (SI)
1.81- 2.60 Less Influential (LI)
1.00- 1.80 Not at all Influential (NAAI)

Table 10 above shows that the respondents’ assessment on the Attitude towards

money influencing their credit card spending behavior in terms of management of

awareness about total debt owned as Influential with overall mean score of 4.07; with
indicator statement, I know exactly how much still owe after I have made the monthly

payment obtained the highest mean score of 4.20 with verbal interpretation of Influential;

I can easily find out if there is any transaction started in the statement which was not made

by me obtained the same mean score of 4.10 with verbal interpretation of Influential; while

the lowest mean score was obtained by the indicator, I know exactly how much I spend

using credit card every month, 3.83 with verbal interpretation of Influential.

Most of today’s college students continue to rely on credit (Lyons, 2007; Murphy,

2005). In this time of credit crunch and economic downturn, the rate of college students

carrying at least one credit card has increased, and those who have cards are charging more

than ever before. Fifty-five percent of African American students who take on a student

loan graduate with an unmanageable debt burden, a rate nearly twice that of white

graduates (The Reality Education and Assets Partnership [REAP], 2009).

 Table 11

Mean and Verbal Interpretation on the Assessments of the Respondents on their

Attitude Towards Money Influencing their Credit Card Spending Behavior
in terms of Management of Income versus Expense

Indicators Average Verbal

Interpretation

1 My income is enough for me to spend. 3.78 I

2 I always use credit card to pay in order to

2.96 SI
preserve more cash in hand.

3 I always make payments on time. 3.42 I

4 I will use credit card to pay when I have

3.36 SI
insufficient cash to spend.

5 I use credit card to buy things that I cannot

3.42 I
afford to pay in cash. .

General Average 3.39 SI

Legend: 4.21- 5.00 Very Influential (VI)
3.41- 4.20 Influential (I)
2.61- 3.40 Somewhat Influential (SI)
1.81- 2.60 Less Influential (LI)
1.00- 1.80 Not at all Influential (NAAI)

Table 11 above shows that the respondents’ assessment on the assessment of the

Respondents on their Attitude Towards Money Influencing their Credit Card Spending

Behavior in terms of Management of Income versus Expense with overall mean score of

3.39; with indicator statement, My income is enough for me to spend obtained the highest

mean score of 3.78 with verbal interpretation of Influential; I always make payments on
time and I use credit card to buy things that I cannot afford to pay in cash obtained the

same mean score of 3.42 with verbal interpretation of Somewhat Influential and

Influential ; while the lowest mean score was obtained by the indicator, I always use credit

card to pay in order to preserve more cash in hand, 2.96 with verbal interpretation of

Somewhat Influential.

According to Sabri (2008), the findings indicate that financial knowledge is a stro

ng predictor of financial behavior and a preventive factor for financial problems. The term

financial problem generally refers to mismatch between financial resources and demands

(Kerkmann, Lee, Lown, &Allgood, 2000) Thus, self-control also may influence saving

behavior . “In order to save money, one must be able to exercise self- control in delaying

gratification and resisting the temptation to spend” (Thaler, 1994;

Rabinovich and webley, 2007).

Having easy access to credit allows people to delay paying off purchases, resulting

in large debt balances. While the majority of studies have been conducted in the United

States, few researchers have expanded the scope of this topic across various cultures

including Malaysia (Sabri & McDonald, 2010), Australia (Phau & Woo, 2008), and the

United Kingdom (Furnham, 1999). As young adults become enculturated in a credit-heavy

culture, findings have shown dependence on this method of payment, resulting in the

development of poor habits and personal financial issues (Hayhoe et al., 2000). The further
analysis of personal finance among young adults can help identify methods to resolve

common issues that may arise as well as develop strategies that promote better financial

practices