Updated Mar 15, 2021 | 07:00 IST
The study conducted by the Massachusetts Institute of Technology has revealed that credit card purchases trigger the same reaction in the brain as cocaine does. iStock | Photo Credit: Representative Image
Shopaholics or compulsive buyers around the world may have just one simple thing in common - the frequent use of credit cards at shopping malls and retail outlets.
Many would say it is kind of an addiction for them that is hard to change. But now, a new study has revealed that people who call themselves shopaholics can actually get addicted to using credit cards.
The study conducted by the Massachusetts Institute of Technology (MIT) has revealed that credit card purchases trigger the same reaction in the brain as cocaine does. In more understandable words, it gives the brain the same hit as cocaine.
Credit card spends top pre-Covid levels
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This story is from January 15, 2021
Credit card spends top pre-Covid levels
TNN / Updated: Jan 15, 2021, 16:32 IST
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(Representative image)
MUMBAI: Festival demand in November drove the value of in-store credit card purchases to 109% of pre-Covid (January 2020) levels. The growth was driven by big-ticket purchases as the number of transactions continued to be at 71% of January 2020 levels.
According to data collated by Pine Labs, which deploys card swipe machines in stores, purchase of apparels and spending in restaurants, which suffered the most in the first quarter bounced back in November.
However, restaurant spends are still only 66% of pre-Covid levels. Similarly, apparels & footwear grew 112% in November from the pre-Covid average but were still at 81% of pre-Covid levels.
experts say dropping the signature has long been overdue. it is a tradition. we think that we assign value to a signature and think there is some sort of legitimacy to signing a receipt. in reality it s not a good form of security. instead of signatures technology is being used to detect fraud. unusual spending patterns and transactions could be a red flag. the national retail federation want to enhance security and require pins on all credit card purchases. so far, though, the industry has been resisting that raising the concern about cost and the fact that consumers might not easily adopt to the system. one more thing to note here if you have one of those older cards with a magnetic strip you are still going to have to sign on the dotted line and no matter what type of card you are using, when you go to a rental car agency you ll likely
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