Download or read book The Increase in Personal Bankruptcy and the Crisis in Consumer Credit written by Charles E. Grassley and published by . This book was released on 1999-06 with total page 154 pages. Available in PDF, EPUB and Kindle. Book excerpt: Hearing on the explosive growth in personal bankruptcies & the crisis in consumer banking. Witnesses include: Michael E. Staten, Credit Research Center, Purdue Univ.; Ian Domowitz, Northwestern Univ.; Edward Bankole, Moody's Investors Service; Kim Kowalewski, Congressional Budget Office; Michael McEneney, for the National Consumer Bankruptcy Coalition; Donald B. Banks, dir. of legal services for Retailers National Bank, Dayton Hudson Corp.; Kenneth R. Crone, Visa USA, Inc.; Jean Ryan, attorney at law; & Gerald P. Wixted, Consumer Credit Counseling Services.
Download or read book The Increase in Personal Bankruptcy and the Crisis in Consumer Credit written by United States. Congress. Senate. Committee on the Judiciary. Subcommittee on Administrative Oversight and the Courts and published by . This book was released on 1997 with total page 160 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Increase in Personal Bankruptcy and the Crisis in Consumer Credit written by United States. Congress. Senate. Committee on the Judiciary. Subcommittee on Administrative Oversight and the Courts and published by . This book was released on 1997 with total page 154 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book 105 1 Hearing The Increase in Personal Bankruptcy and the Crisis in Consumer Credit Serial No J 105 7 April 11 1997 written by and published by . This book was released on 1997* with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book An Analysis of Economic and Personal Factors Leading to Consumer Bankruptcy written by Robert Dolphin and published by . This book was released on 1965 with total page 404 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book As We Forgive Our Debtors written by Teresa A. Sullivan and published by Beard Books. This book was released on 1999 with total page 392 pages. Available in PDF, EPUB and Kindle. Book excerpt: Bankruptcy in America is a booming business, with hundreds of thousands of ordinary Americans filing for bankruptcy each year. Is this dramatic growth a result of mushrooming debt or does it reflect a moral decline that permits the middle class to evade their debts? As We Forgive Our Debtors addresses these questions with hard empirical data drawn from bankruptcy court filings. The authors of this multidisciplinary study describe the law and the statistics in clear, nontechnical language, combining a thorough statistical description of the social and economic position of consumer bankrupts with human portraits of the debtors and creditors whose journeys have ended in bankruptcy court. Book jacket.
Download or read book Consumer Credit Debt and Bankruptcy written by Johanna Niemi and published by Bloomsbury Publishing. This book was released on 2009-07-15 with total page 462 pages. Available in PDF, EPUB and Kindle. Book excerpt: After a long period of prosperity and steady economic growth, the world's leading economies are now in crisis, and although there will be debate about its origins, the scale and seriousness of the crisis is in no doubt. There is also no doubt that excessive amounts of consumer credit, allied to a weak understanding of how globalised credit markets might react to a crisis, have played a significant part. This book, which is primarily about credit, debt and the trouble they have led to, is written by authors who have specialised in researching into over-indebtedness, that is, situations in which an individual's debt burden has become overwhelming. For these authors the plight of individuals is a primary concern, but the wider issue is how credit is used and how it changes societies. The essays in this volume, addressing topics which are fundamental to our understanding of the current crisis, range widely across the whole sector of consumer finance, including mortgages, 'credit-binges', the regulation of consumer lending, insolvency, repayment plans, debt counselling and much more besides. The conclusions drawn from the book are equally wide-ranging, but above all the lesson learned from these essays is that the financialisation of contemporary life ensures that issues of the appropriate role of credit remain of critical importance in society.
Download or read book Accounting for the Rise in Consumer Bankruptcies written by Igor Livshits and published by . This book was released on 2007 with total page 64 pages. Available in PDF, EPUB and Kindle. Book excerpt: Personal bankruptcies in the United States have increased dramatically, rising from 1.4 per thousand working age population in 1970 to 8.5 in 2002. We use a heterogeneous agent life-cycle model with competitive financial intermediaries who can observe households' earnings, age and current asset holdings to evaluate several commonly offered explanations. We find that increased uncertainty (income shocks, expense uncertainty) cannot quantitatively account for the rise in bankruptcies. Instead, the rise in filings appears to mainly reflect changes in the credit market environment. We find that credit market innovations which cause a decrease in the transactions cost of lending and a decline in the cost of bankruptcy can largely accounting for the rise in consumer bankruptcy. We also argue that the abolition of usury laws and other legal changes are unimportant.
Download or read book Economic Aspects of Personal Bankruptcy written by and published by . This book was released on 1987 with total page 134 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Effect of Consumer Interest Rate Deregulation on Credit Card Volumes Charge Offs and the Personal Bankruptcy Rate written by Diane Ellis and published by . This book was released on 1998 with total page 12 pages. Available in PDF, EPUB and Kindle. Book excerpt: The rising level of credit card debt is often cited as one of the factors in the rising U.S. personal bankruptcy rate. Numerous theories have been advanced to explain the increases, including aggressive marketing by credit card issuers and a lack of discipline on the part of consumers. These explanations do not address the underlying reason for these trends. This paper argues that a 1978 Supreme Court decision (quot;Marquettequot;) fundamentally altered the market for credit card loans in a way that significantly expanded the availability of credit and increased the average risk profile of borrowers. Marquette ushered in deregulation of usury ceilings on consumer interest rates by allowing lenders in a state with liberal usury ceilings to export those rates to consumers residing in states with more restrictive usury ceilings. The result was a substantial expansion in credit card availability, a reduction in average credit quality, and a secular increase in personal bankruptcies. The Canadian experience with bankruptcies supports this argument. This paper contends that a tightly regulated world, marked by restricted access to consumer credit and a low level of personal bankruptcies was exchanged for a deregulated world, marked by expanded access to consumer credit and a higher level of personal bankruptcies. This argument implies that a return to the bankruptcy rates and charge-off levels that prevailed in the early 1980s or before may be unlikely.
Download or read book Consumer Bankruptcy Study Personal bankruptcy causes costs and benefits written by and published by . This book was released on 1982 with total page 204 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Rise in Personal Bankruptcies written by and published by . This book was released on 2007 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Personal bankruptcy filings in the United States increased, per capita, nearly 350 percent between 1980 and 2005. This paper first addresses the changes in economic and institutional factors that have occurred over the past 100 years, many of which have occurred in the past 30 years, which are likely contributors to the dramatic rise in personal bankruptcy filings seen across the country. These factors include a reduction in personal savings, an increase in consumer debt, the proliferation of revolving credit, changes to bankruptcy law, and a reduced social stigma associated with filing for bankruptcy. Given the availability of bankruptcy data at various levels of aggregation, the remaining sections of the paper contain results from several different empirical analyses of bankruptcy filings using various data sets. Careful attention is paid to personal bankruptcy filings in counties located in Eighth Federal Reserve District states.
Download or read book The Increase In Personal Bankruptcy The Crisis In Consumer Hrg S Hrg 105 89 Comm On The Judic U S Senate 105th Cong 1st Sess April 11 1997 written by United States. Congress. Senate. Committee on the Judiciary and published by . This book was released on 1997* with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Personal Bankruptcies Trends and Characteristics written by George Allen Brunner and published by . This book was released on 1965 with total page 154 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Financial Crisis Inquiry Report written by Financial Crisis Inquiry Commission and published by Cosimo, Inc.. This book was released on 2011-05-01 with total page 692 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Financial Crisis Inquiry Report, published by the U.S. Government and the Financial Crisis Inquiry Commission in early 2011, is the official government report on the United States financial collapse and the review of major financial institutions that bankrupted and failed, or would have without help from the government. The commission and the report were implemented after Congress passed an act in 2009 to review and prevent fraudulent activity. The report details, among other things, the periods before, during, and after the crisis, what led up to it, and analyses of subprime mortgage lending, credit expansion and banking policies, the collapse of companies like Fannie Mae and Freddie Mac, and the federal bailouts of Lehman and AIG. It also discusses the aftermath of the fallout and our current state. This report should be of interest to anyone concerned about the financial situation in the U.S. and around the world.THE FINANCIAL CRISIS INQUIRY COMMISSION is an independent, bi-partisan, government-appointed panel of 10 people that was created to "examine the causes, domestic and global, of the current financial and economic crisis in the United States." It was established as part of the Fraud Enforcement and Recovery Act of 2009. The commission consisted of private citizens with expertise in economics and finance, banking, housing, market regulation, and consumer protection. They examined and reported on "the collapse of major financial institutions that failed or would have failed if not for exceptional assistance from the government."News Dissector DANNY SCHECHTER is a journalist, blogger and filmmaker. He has been reporting on economic crises since the 1980's when he was with ABC News. His film In Debt We Trust warned of the economic meltdown in 2006. He has since written three books on the subject including Plunder: Investigating Our Economic Calamity (Cosimo Books, 2008), and The Crime Of Our Time: Why Wall Street Is Not Too Big to Jail (Disinfo Books, 2011), a companion to his latest film Plunder The Crime Of Our Time. He can be reached online at www.newsdissector.com.
Download or read book Consumer Credit Knowledge of a Selected Group of Personal Bankruptcy Petitioners in the State of Utah written by Bernice Nelson and published by . This book was released on 1969 with total page 118 pages. Available in PDF, EPUB and Kindle. Book excerpt: Consumer credit knowledge of personal bankruptcy petitioners and sources used by the petitioners to gain consumer credit knowledge were investigated. Consumer credit knowledge was defined as any understanding which was found useful in solving problems related to consumer credit. Sources of consumer credit knowledge referred to classes taken, information which had been read, information heard on radio or television, and help received through personal counseling. Subjects were selected from individuals, whose personal bankruptcy cases were heard in the Bankruptcy Court for the District of Utah during the month of July, 1958. The sample consisted of the first 90 petitioners who were willing to participate in the research project. Research data was obtained from three sources: (a) a consumer credit knowledge test, (b) a personal data questionnaire, and (c) the official bankruptcy petition. Results indicate that this group of personal bankruptcy petitioners had low consumer credit knowledge (60 percent or less) as measured by their response to questions on a consumer credit knowledge test. The petitioners had used a low number of sources (two or less) to gain consumer credit knowledge.
Download or read book An Economic Analysis of the Consumer Bankruptcy Crisis written by Todd J. Zywicki and published by . This book was released on 2006 with total page 81 pages. Available in PDF, EPUB and Kindle. Book excerpt: Since the inception of the first permanent American bankruptcy law in 1898, the intellectual and political understanding of consumer bankruptcy has been anchored in a model that views bankruptcies as resulting from household financial distress. For much of the Twentieth Century, this traditional model provided a plausible explanation of bankruptcy filing patterns and clear normative policy implications. Moreover, the widespread intellectual and social consensus on the traditional model was reflected in the enactment of the current Bankruptcy Code in 1978, which rests on the intellectual foundation of the traditional model. To this day, leading bankruptcy scholars adhere to the traditional model and its implications. Over the past twenty-five years, however, the traditional model has broken down. During a period of unprecedented prosperity and economic stability, personal bankruptcies have soared, raising fundamental questions about the validity of the traditional model.This article argues that there has been an unacknowledged sea-change in the economics of consumer bankruptcy in America. This article first provides a scientific analysis of the traditional model to determine whether these new trends can be accommodated within the traditional model. It focuses on the key variables offered by the traditional model as components of household financial distress: first, high levels of household indebtedness, including the influences of credit cards and home mortgages; second, unemployment and downsizing; third, divorce; and fourth, health problems, health care costs, and lack of health insurance. A scientific analysis of the evidence demonstrates that although these factors can explain part of the background exogenous level of bankruptcies, as well as some regional variation in bankruptcy filing rates, they cannot explain the upward trend in bankruptcy filing rates over the past twenty-five years. The article then briefly discusses an alternative model of consumer bankruptcy that can explain the increased propensity for consumers to file bankruptcy through an examination of the legal, social, and economic institutions of the consumer bankruptcy system.
