Effects of Jyoti Trataka Practice on Reaction Time and Visual Perception in Young Adults: A Randomized Controlled Trial.

Nearly one in four credit card users “co-hold” low-yield liquid assets alongside high-interest debt. By paying interest on their debt while earning on assets, co-holders leave millions of dollars on the table annually. Policymakers and financial institutions often rely on information disclosure to address such costly consumer behaviors. We tested this approach in a preregistered field experiment with 125,328 co-holders at a major international bank, providing clear information about co-holding and its costs. Despite evidence that customers responded to the intervention, we found no meaningful change in debt repayment. These robust null results challenge theories that costly financial behaviors stem from lack of awareness, providing evidence instead for deliberate decision-making that information disclosure alone cannot address. Household debt around the world is at unprecedented levels, with total household debt surpassing national GDP in many countries (). This trend might suggest that consumers are stretched thin financially. Yet among households carrying high-interest credit card debt, a considerable fraction also maintain low-yield liquid assets (, ). This “co-holding” of assets and revolving debt is puzzling because although consumers earn roughly 1% on their liquid assets, they pay upwards of 10% interest on their unpaid debt. The costs are substantial. The typical co-holder in our sample maintains about AUD$2,000 in both assets debt, earning AUD$15 annually while paying AUD$245 in interest—a net cost of AUD$230 that could be eliminated if they used their cash to pay down debt. In our field experiment sample alone (over 125,000 individuals), this amounts to nearly AUD$30 million left on the table annually. As we observe, individuals are borrowing money from the same bank where they keep their savings, effectively paying to borrow their own money.