No. of Recommendations: 2
I couldn't find the study, but I did find this link that tells of one person's efforts to find the study. She did find some support for the statement.

That link includes a link to a 6 page British study:

I found the British study very amusing. It made an honest effort to understand and explain the psychology of credit card use and how that affects how much the consumer spends. A lot of the discussion made sense to me.

Then in the last part of the study, it proposes that financial institutions should design credit cards that help consumers control their spending. It made a number of suggestions that are polar opposites to the trends we've all seen in how CC companies do business.

Clearly, the authors of the study fail to understand the psychology of business behavior!

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