Download or read book Consumer Credit and the American Economy written by Thomas A. Durkin and published by . This book was released on 2014 with total page 737 pages. Available in PDF, EPUB and Kindle. Book excerpt: Consumer Credit and the American Economy examines the economics, behavioral science, sociology, history, institutions, law, and regulation of consumer credit in the United States. After discussing the origins and various kinds of consumer credit available in today's marketplace, this book reviews at some length the long run growth of consumer credit to explore the widely held belief that somehow consumer credit has risen "too fast for too long." It then turns to demand and supply with chapters discussing neoclassical theories of demand, new behavioral economics, and evidence on production costs and why consumer credit might seem expensive compared to some other kinds of credit like government finance. This discussion includes review of the economics of risk management and funding sources, as well discussion of the economic theory of why some people might be limited in their credit search, the phenomenon of credit rationing. This examination includes review of issues of risk management through mathematical methods of borrower screening known as credit scoring and financial market sources of funding for offerings of consumer credit. The book then discusses technological change in credit granting. It examines how modern automated information systems called credit reporting agencies, or more popularly "credit bureaus," reduce the costs of information acquisition and permit greater credit availability at less cost. This discussion is followed by examination of the logical offspring of technology, the ubiquitous credit card that permits consumers access to both payments and credit services worldwide virtually instantly. After a chapter on institutions that have arisen to supply credit to individuals for whom mainstream credit is often unavailable, including "payday loans" and other small dollar sources of loans, discussion turns to legal structure and the regulation of consumer credit. There are separate chapters on the theories behind the two main thrusts of federal regulation to this point, fairness for all and financial disclosure. Following these chapters, there is another on state regulation that has long focused on marketplace access and pricing. Before a final concluding chapter, another chapter focuses on two noncredit marketplace products that are closely related to credit. The first of them, debt protection including credit insurance and other forms of credit protection, is economically a complement. The second product, consumer leasing, is a substitute for credit use in many situations, especially involving acquisition of automobiles. This chapter is followed by a full review of consumer bankruptcy, what happens in the worst of cases when consumers find themselves unable to repay their loans. Because of the importance of consumer credit in consumers' financial affairs, the intended audience includes anyone interested in these issues, not only specialists who spend much of their time focused on them. For this reason, the authors have carefully avoided academic jargon and the mathematics that is the modern language of economics. It also examines the psychological, sociological, historical, and especially legal traditions that go into fully understanding what has led to the demand for consumer credit and to what the markets and institutions that provide these products have become today.
Download or read book Consumer Credit in the United States written by United States. National Commission on Consumer Finance and published by . This book was released on 1972 with total page 348 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Future of Consumer Credit Regulation written by Michelle Kelly-Louw and published by Routledge. This book was released on 2016-12-05 with total page 345 pages. Available in PDF, EPUB and Kindle. Book excerpt: Effective regulation of consumer credit in modern society is an ever-changing challenge. As new forms of credit emerge in free societies, regulation often lags behind. This volume explores contemporary problems related to the regulation of consumer credit in market economies with a focus on credit extended to the most vulnerable and poorest members of the community. Written by experts in the field of consumer credit regulation from Europe, North America, Australia and South Africa, the book examines some of the most important consumer credit issues facing consumers today and proposes innovative ways to protect the consumer interest in those markets.
Download or read book Consumer Credit in the United States written by D. Marron and published by Springer. This book was released on 2009-11-23 with total page 260 pages. Available in PDF, EPUB and Kindle. Book excerpt: It is commonly imagined that in recent years the rampant growth of consumer credit has lured American consumers into a crippling state of indebtedness, a state that has upended old cultural values of Puritan thrift and stimulated a frenzy of consumption. Drawing on the sociological concept of government and informed by a historical perspective, Marron presents a much more complex and nuanced reality. From its early antecedents in nineteenth century salary lending and instalment selling, she shows how the emergence and growth of consumer credit in the United States have always been subject to shifting regimes of control and regulation.
Download or read book Creditworthy written by Josh Lauer and published by Columbia University Press. This book was released on 2017-07-25 with total page 393 pages. Available in PDF, EPUB and Kindle. Book excerpt: The first consumer credit bureaus appeared in the 1870s and quickly amassed huge archives of deeply personal information. Today, the three leading credit bureaus are among the most powerful institutions in modern life—yet we know almost nothing about them. Experian, Equifax, and TransUnion are multi-billion-dollar corporations that track our movements, spending behavior, and financial status. This data is used to predict our riskiness as borrowers and to judge our trustworthiness and value in a broad array of contexts, from insurance and marketing to employment and housing. In Creditworthy, the first comprehensive history of this crucial American institution, Josh Lauer explores the evolution of credit reporting from its nineteenth-century origins to the rise of the modern consumer data industry. By revealing the sophistication of early credit reporting networks, Creditworthy highlights the leading role that commercial surveillance has played—ahead of state surveillance systems—in monitoring the economic lives of Americans. Lauer charts how credit reporting grew from an industry that relied on personal knowledge of consumers to one that employs sophisticated algorithms to determine a person's trustworthiness. Ultimately, Lauer argues that by converting individual reputations into brief written reports—and, later, credit ratings and credit scores—credit bureaus did something more profound: they invented the modern concept of financial identity. Creditworthy reminds us that creditworthiness is never just about economic "facts." It is fundamentally concerned with—and determines—our social standing as an honest, reliable, profit-generating person.
Download or read book Credit Consumers and the Law written by Karen Fairweather and published by Routledge. This book was released on 2016-10-14 with total page 312 pages. Available in PDF, EPUB and Kindle. Book excerpt: Consumer law, particularly consumer credit law, is characterised by increasingly complex regulation in Western economies. Reacting to the Global Financial Crisis, governments in the UK, the EU, Australia, New Zealand and the United States have adopted new laws dealing with consumer credit, responsible lending, consumer guarantees and unfair contracts. Drawing together authors from all of these jurisdictions, this book analyses and evaluates these initiatives, and makes predictions as to their likely success and possible flaws.
Download or read book Consumer Credit Models written by Lyn C. Thomas and published by OUP Oxford. This book was released on 2009-01-29 with total page 400 pages. Available in PDF, EPUB and Kindle. Book excerpt: The use of credit scoring - the quantitative and statistical techniques to assess the credit risks involved in lending to consumers - has been one of the most successful if unsung applications of mathematics in business for the last fifty years. Now with lenders changing their objectives from minimising defaults to maximising profits, the saturation of the consumer credit market allowing borrowers to be more discriminating in their choice of which loans, mortgages and credit cards to use, and the Basel Accord banking regulations raising the profile of credit scoring within banks there are a number of challenges that require new models that use credit scores as inputs and extensions of the ideas in credit scoring. This book reviews the current methodology and measures used in credit scoring and then looks at the models that can be used to address these new challenges. The first chapter describes what a credit score is and how a scorecard is built which gives credit scores and models how the score is used in the lending decision. The second chapter describes the different ways the quality of a scorecard can be measured and points out how some of these measure the discrimination of the score, some the probability prediction of the score, and some the categorical predictions that are made using the score. The remaining three chapters address how to use risk and response scoring to model the new problems in consumer lending. Chapter three looks at models that assist in deciding how to vary the loan terms made to different potential borrowers depending on their individual characteristics. Risk based pricing is the most common approach being introduced. Chapter four describes how one can use Markov chains and survival analysis to model the dynamics of a borrower's repayment and ordering behaviour . These models allow one to make decisions that maximise the profitability of the borrower to the lender and can be considered as part of a customer relationship management strategy. The last chapter looks at how the new banking regulations in the Basel Accord apply to consumer lending. It develops models that show how they will change the operating decisions used in consumer lending and how their need for stress testing requires the development of new models to assess the credit risk of portfolios of consumer loans rather than a models of the credit risks of individual loans.
Download or read book The Consumer Credit and Neoliberalism written by Christopher Payne and published by Routledge. This book was released on 2012-07-26 with total page 249 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book is an investigation into the economic policy formulation and practice of neoliberalism in Britain from the 1950s through to the financial crisis and economic downturn that began in 2007-8. It demonstrates that influential economists, such as F.A. Hayek and Milton Friedman, authors at key British think tanks such as the Institute of Economic Affairs and the Centre for Policy Studies, and important political figures of the Thatcher and New Labour governments shared a similar conception of the consumer. For neoliberals, the idea that consumers were weak in the face of businesses and large corporations was almost offensive. Instead, consumers were imagined to be sovereign agents in the economy, whose consumption decisions played a central role in the construction of their human capital and in the enabling of their aspirations. Consumption, just like production, came to be viewed as an enterprising and entrepreneurial activity. Consequently, from the early 1980s until the present day, it was felt necessary that banks should have the freedom to meet the borrowing needs of consumers. Credit rationing would be a thing of the past. Just like businesses, consumers and households could use debt to expand their stock of personal assets. By utilizing the method of French philosopher Michel Foucault this book provides an original analysis of the policy ideas and political speeches of key figures in the New Right, in government and at the Bank of England. And it addresses the key question as to why policy-makers both in Britain and the United States did little or nothing to stem rising consumer and household indebtedness, instead always choosing to see increasing house prices and homeownership as a positive to be encouraged.
Download or read book Financing the American Consumer written by United States. National Business Council for Consumer Affairs. Sub-Council on Credit and Related Terms of Sale and published by . This book was released on 1972 with total page 76 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Give Yourself Credit written by United States. Congress. House. Committee on Banking, Finance, and Urban Affairs. Subcommittee on Consumer Affairs and published by . This book was released on 1977 with total page 140 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Credit Card Practices written by United States. Congress. House. Committee on Financial Services. Subcommittee on Financial Institutions and Consumer Credit and published by . This book was released on 2007 with total page 184 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Economics of Consumer Credit written by Giuseppe Bertola and published by MIT Press. This book was released on 2006 with total page 389 pages. Available in PDF, EPUB and Kindle. Book excerpt: Cross-national analysis of empirical, theoretical, and policy issues in the consumer credit industry, including household debt, credit card usage, and bankruptcy.
Download or read book The Impact of Public Policy on Consumer Credit written by Thomas A. Durkin and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 340 pages. Available in PDF, EPUB and Kindle. Book excerpt: As both the twenty-first century and the new millennium opened and the old eras passed into history, individuals and organizations throughout the world advanced their listings of the most significant people and events in their respective specialties. Possibly more important, the tum of the clock and calendar also offered these same observers a good reason to glance into the crystal ball. Presumably, the past is of greatest interest to most people when it permits better understanding of the present, and maybe even limited insight into the outlook. In keeping with the reflective mood of the time, the staff and friends of the Credit Research Center (CRC) at Georgetown University's McDonough School of Business noted that the beginning of the new millennium also marked the beginning of the second quarter-century of the Center's existence. The Center began at the Krannert Graduate School of Management at Purdue University in 1974 and moved to the McDonough School of Business at Georgetown University in 1997. The silver anniversary of its founding offered the occasion for creating more than another listing of significant past accomplishments and milestones. Rather, it offered the opportunity and, indeed, a mandate for CRC as an academic research center, to undertake a retrospective and future look into the status of research questions pertaining to consumer credit markets. For this reason, the Center organized a research conference which was held in Washington, D. C.
Download or read book Financing the American Dream written by Lendol Calder and published by Princeton University Press. This book was released on 2009-07-01 with total page 394 pages. Available in PDF, EPUB and Kindle. Book excerpt: Once there was a golden age of American thrift, when citizens lived sensibly within their means and worked hard to stay out of debt. The growing availability of credit in this century, however, has brought those days to an end--undermining traditional moral virtues such as prudence, diligence, and the delay of gratification while encouraging reckless consumerism. Or so we commonly believe. In this engaging and thought-provoking book, Lendol Calder shows that this conception of the past is in fact a myth. Calder presents the first book-length social and cultural history of the rise of consumer credit in America. He focuses on the years between 1890 and 1940, when the legal, institutional, and moral bases of today's consumer credit were established, and in an epilogue takes the story up to the present. He draws on a wide variety of sources--including personal diaries and letters, government and business records, newspapers, advertisements, movies, and the words of such figures as Benjamin Franklin, Mark Twain, and P. T. Barnum--to show that debt has always been with us. He vigorously challenges the idea that consumer credit has eroded traditional values. Instead, he argues, monthly payments have imposed strict, externally reinforced disciplines on consumers, making the culture of consumption less a playground for hedonists than an extension of what Max Weber called the "iron cage" of disciplined rationality and hard work. Throughout, Calder keeps in clear view the human face of credit relations. He re-creates the Dickensian world of nineteenth-century pawnbrokers, takes us into the dingy backstairs offices of loan sharks, into small-town shops and New York department stores, and explains who resorted to which types of credit and why. He also traces the evolving moral status of consumer credit, showing how it changed from a widespread but morally dubious practice into an almost universal and generally accepted practice by World War II. Combining clear, rigorous arguments with a colorful, narrative style, Financing the American Dream will attract a wide range of academic and general readers and change how we understand one of the most important and overlooked aspects of American social and economic life.
Download or read book Helping Consumers Obtain the Credit They Deserve written by United States. Congress. House. Committee on Financial Services. Subcommittee on Financial Institutions and Consumer Credit and published by . This book was released on 2005 with total page 184 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Importance of the National Credit Reporting System to Consumers and the U S Economy written by United States. Congress. House. Committee on Financial Services. Subcommittee on Financial Institutions and Consumer Credit and published by . This book was released on 2003 with total page 232 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Improving Credit Card Consumer Protection written by United States. Congress. House. Committee on Financial Services. Subcommittee on Financial Institutions and Consumer Credit and published by . This book was released on 2007 with total page 320 pages. Available in PDF, EPUB and Kindle. Book excerpt:
