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Journal Article
Recent developments in consumer credit and payments
Berlin, Mitchell (2008-01)
On September 20-21, 2007, the Research Department and the Payment Cards Center of the Federal Reserve Bank of Philadelphia held their fourth joint conference to present and discuss the latest research on consumer credit payments. Approximately 75 participants attended the conference, which included six research papers on topics such as liquidity constraints, the rise in bankruptcy, and the financial mistakes made by credit card holders. In ?Recent Developments in Consumer Credit and Payments,? Mitchell Berlin summarizes the papers presented at the conference. ; Also issued as Payment Cards ...
Business Review , Issue Q1 , Pages 27-33

Journal Article
The strange behavior of the credit card market
Calem, Paul S. (1992-01)
Business Review , Issue Jan , Pages 3-14

Working Paper
Preferences for banking and payment services among low- and moderate-income households
Dokko, Jane K.; Barr, Michael S.; Feit, Eleanor M. (2011)
This paper characterizes the features of an account-based payment card--including bank debit cards, prepaid debit cards, and payroll cards--that elicit a high take-rate among low- and moderate-income (LMI) households, particularly those without bank accounts. We apply marketing research techniques, specifically choice modeling, to identify the design of a specific financial services product for LMI households, who often face difficulties maintaining standard bank accounts but need banking services. After monthly cost, we find that, on average, non-monetary features of a payment card, such as ...
Finance and Economics Discussion Series , Paper 2011-13

Working Paper
The Credit Card Act and Consumer Finance Company Lending
Hannon, Simona; Elliehausen, Gregory E. (2017-06-29)
The Credit Card Accountability and Disclosure Act (CARD Act) of 2009 restricted several risk management practices of credit card issuers. Using a quasi-experimental design with credit bureau data on consumer lending, we find evidence consistent with the hypothesis that the act??s restrictions on risk management practices contributed to a large decline in bank card holding by higher risk, nonprime consumers but had little effect on prime consumers. Looking at consumer finance loans, historically a source of credit for higher risk consumers, we find greater reliance on such loans by nonprime ...
Finance and Economics Discussion Series , Paper 2017-072

Working Paper
Imperfect information, adverse selection and interest rate sluggishness in the pricing of bank credit cards
Woolley, Michael J. (1988)
Finance and Economics Discussion Series , Paper 37

Working Paper
Minimum Wages and Consumer Credit : Impacts on Access to Credit and Traditional and High-Cost Borrowing
Hsu, Joanne W.; Dettling, Lisa J. (2017-01-15)
Proponents of minimum wage legislation point to its potential to raise earnings and reduce poverty, while opponents argue that disemployment effects lead to net welfare losses. But these arguments typically ignore the possibility of spillover effects on other aspects of households' financial circumstances. This paper examines how state-level minimum wages affect the decisions of lenders and low-income borrowers. Using data derived from direct mailings of credit offers, survey-reported usage of high-cost alternative credit products, and debt recorded in credit reports, we find that higher ...
Finance and Economics Discussion Series , Paper 2017-010

Journal Article
Still charging: the growth of credit card debt between 1992 and 1995
Yoo, Peter S. (1998-01)
Between 1991 and 1997, consumer revolving credit outstanding more than doubled - from $247 billion to $514 billion. This rapid rise of consumer debt, especially credit card debt, has generated much discussion about its cause, sustainability, and implications. Peter S. Yoo uses the recently released 1995 Survey of Consumer Finances to update a previous study that separated the growth of credit card debt into its two main components: increases in the number of households with credit cards and increases in average credit card balances. As before, the analysis separates the effects of lower- and ...
Review , Issue Jan , Pages 19-27

Working Paper
Interchange fees and payment card networks: economics, industry developments, and policy issues
Prager, Robin A.; Borzekowski, Ron; Kiser, Elizabeth K.; Manuszak, Mark D. (2009)
In many countries around the world, electronic card-based payments have been replacing older types of payments at a rapid rate. In the United States, use of both debit cards and credit cards has been rising rapidly, while check volumes have been declining. The increased use of electronic payment methods has generated a number of public policy debates. One prominent debate concerns interchange fees. This paper is intended to provide background for understanding the interchange fee debate. The paper describes the operation of a typical payment card system, presents a summary of the economic ...
Finance and Economics Discussion Series , Paper 2009-23

Working Paper
Charging up a mountain of debt: households and their credit cards.
Yoo, Peter S. (1996)
I use the Surveys of Consumer Finances conducted in 1983, 1989 and 1992 to separate the growth of credit card debt into two categories, changes in the number of households with credit cards and changes in households credit card debt. I can then account for the relative contributions of increases in credit card availability, number of households, and average credit card debt. I also use the household income information to quantify the impact of more lower income households with credit cards. Data suggest that the increases in credit card debt is largely attributable to increased average credit ...
Working Papers , Paper 1996-015

Journal Article
Credit card balances-debt or convenience use?
Paquette, Lynn (1985-01)
Quarterly Review , Volume 10 , Issue Win , Pages 38-40

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