Dan Ariely Quotes About Loan

Quotes about: Loan

• Imagine you have six loans, small to huge. People want to close loans and because of that, they try to pay off the small loans, but that's not the right strategy. The right strategy, of course, is to pay the loan with the highest interest rate. People make this mistake and it costs them lots and lots of money, it's a very expensive mistake because interest rates accumulate and become very, very expensive very quickly.

  Dan Ariely

  Mistake, People, Trying

  "A conversation with Dan Ariely, Author of Predictably Irrational". Big Think Interview, bigthink.com.

• If you have loans, the first thing you want to do is say, "Okay, look I have a credit card, if I really need to borrow, I have this emergency money that I can get, but for now there is no reason for me to keep cash at zero percent interest rate and at the same time, pay all of this money out. So, I think people need to figure out quickly how to pay loans and how much cash they should really keep.

  Dan Ariely

  Zero, Thinking, People

  "A conversation with Dan Ariely, Author of Predictably Irrational". Big Think interview, bigthink.com.

• What people do is they pay the small loans first. Why? Because they enjoy making the number of loans smaller. But of course it is a very ineffective way to pay debt down.

  Dan Ariely

  Numbers, People, Debt

  "Mental depletion complicates financial decisions for the poor". Interview with Kristen Doerer, www.pbs.org. January 19, 2016.

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