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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

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Dan Ariely
Age: 57
Born: 1967
Born: April 29
Economist
Pedagogue
Professor
Psychologist
University Teacher
Writer
New York City
New York
People
Courses
Ineffective
Course
Loans
Small
Loan
Enjoy
Smaller
Making
Debt
Firsts
Number
First
Pay
Way
Numbers

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The problem is that people basically dangle debt in front of us. And the cost for the poor of course is much higher than for the wealthy.
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With everything you do, in fact, you should train yourself to question your repeated behaviors.
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We are all far less rational in our decision-making than standard economic theory assumes. Our irrational behaviors are neither random nor senseless: they are systematic and predictable. We all make the same types of mistakes over and over, because of the basic wiring of our brains.
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Motivation, basically getting people to be happy at work, everybody - everybody benefits.
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We need to believe that we're good people, and we'll do just about anything to maintain that perception.
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The most difficult thing is to recognize that sometimes we too are blinded by our own incentives. Because we don’t see how our conflicts of interest work on us.
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When people are in severe pain, there's an expression, you're a pain person, and what that means is that nothing else matters.
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Once you break the social norm and create a new social norm, all of a sudden it can stay with us for a long time.
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Companies, however unintentionally, choke the motivation out of their employees.
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In life we encounter many people who, in some way or another, try to tattoo our faces.
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The experiments show quite clearly that, as you resist more and more temptation, you're actually more and more likely to fail.
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A very simple bad decision is to get into debt. And that is very expensive.
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It is very difficult to make really big, important, life-changing decisions because we are all susceptible to a formidable array of decision biases. There are more of them than we realize, and they come to visit us more often than we like to admit.
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