What's the best age for good financial decisions? About 53, reports a story on Page 1 of today's Wall Street Journal. David Wessel writes that four economists found that both younger and older consumers are more likely to get hit with easily avoided credit-card fees. A similar pattern occurred with interest rates on home-equity loans and with credit-card teaser rates given to those who transfer balances. The full study may be found here.
I'm not sure that anyone -- regardless of age -- who carries a credit-card balance is truly acting wisely. But some good news: Your Legal Tender columnist is 33, and if this research is right, I'll improve my financial decision-making for the next 20 years.
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