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Bank:Federal Reserve Bank of Philadelphia  Series:Consumer Finance Institute discussion papers 

Discussion Paper
Consumer credit counseling: credit card issuers' perspectives

On Friday, May 23, 2003, the Payment Cards Center hosted a workshop led by collections managers from J.P. Morgan Chase and Juniper Bank. The managers provided the credit card issuers' perspective on the consumer credit counseling industry. The day's discussion complemented an earlier workshop at which representatives from local consumer credit counseling services (CCCS) discussed their business model. After describing the ways in which new market entrants have affected the counseling industry, the issuers discussed the challenges associated with administering and appropriately valuing the ...
Consumer Finance Institute discussion papers , Paper 03-13

Discussion Paper
Modern Income-Share Agreements in Postsecondary Education: Features, Theory, Applications

An income-share agreement (ISA) in postsecondary education is a contract in which students pledge to pay a certain percentage of their future incomes over a set period of time in exchange for funding educational program expenses in the present. Typically, participants begin to make payments once their incomes rise above a minimum threshold set by the terms of the ISA and will never pay more than a set cap (usually, a multiple of the original amount). Funding for ISAs can range from university sources to philanthropic funding and private investor capital. In this study, we describe the many ...
Consumer Finance Institute discussion papers , Paper 19-6

Discussion Paper
Where is the missing credit card debt? Clues and implications

Jonathan Zinman, an assistant professor of economics at Dartmouth College and a visiting scholar with the Payment Cards Center, makes a casual comparison of industry and household data sets which suggests that households underreport credit card borrowing by a factor of three. This paper offers some reassurance and several new stylized facts. Accounting for differences in definitions between household and industry measures reduces debt underreporting to a factor of two. Underreporting is less severe for general-purpose than for other cards. The true underreporting factor has remained stable ...
Consumer Finance Institute discussion papers , Paper 07-11

Discussion Paper
Perspectives on recent trends in consumer debt

The causes and ramifications of the rise in the consumer debt burden over time have been subject to much debate. This paper first offers a brief overview and analysis of the key economic variables used to evaluate consumer debt levels. The principal focus of the paper, however, is a broad review of the literature on the topic of consumer debt to provide a framework for how to assess recent credit trends. In addition, three explanations for credit growth ? the democratization of credit, increased convenience use of credit, and increased homeownership ? are evaluated in terms of their ...
Consumer Finance Institute discussion papers , Paper 06-05

Discussion Paper
Driving positive behavior change through education and motivation: summary of a PayPerks workshop

Start-up firm PayPerks has developed a financial capability and rewards platform that combines online education with sweepstakes-based incentives. PayPerks? initial emphasis has been on improving the understanding and use of prepaid cards among individuals with little prior experience using payment cards. Participants can earn points in a variety of ways, including taking short, self-directed tutorials on prepaid card use. Every month, those points become chances to win cash prizes in sweepstakes drawings. PayPerks co-founders facilitated a Payment Cards Center workshop where they ...
Consumer Finance Institute discussion papers , Paper 13-01

Discussion Paper
Reverse Mortgage Retrospective: How Recent Policy Changes Affected Government-Insured Reverse Mortgage Originations and Performance

This discussion paper analyzes the outcomes of recent policy reforms to the federally insured reverse mortgage program. Prior to these reforms, more than one out of 10 older adults with a Home Equity Conversion Mortgage (HECM) was reported to be in default on the loan for failure to pay property taxes or homeowner’s insurance payments. We study the effect of two major types of policy reforms: one that restricted the amount of funds available to a borrower, and the other that introduced underwriting requirements through a financial assessment for the first time in the program’s history. ...
Consumer Finance Institute discussion papers , Paper DP 20-06

Discussion Paper
Innovation at the point of sale

On February 27, 2003, the Payment Cards Center of the Federal Reserve Bank of Philadelphia sponsored a conference to examine a variety of new payments options available to consumers paying for goods and services at the point of sale. The conference included diverse representation from the payments industry and Federal Reserve staff. ; Conference presentations and discussions focused on current and prospective payments innovations and their implications for payments providers, merchants, and consumers. The need for alignment among these three parties as an essential condition for the success ...
Consumer Finance Institute discussion papers , Paper 03-10

Discussion Paper
Micropayments: the final frontier for electronic consumer payments

Small payments of less than $5 have resisted the wave of electronification that has swept consumer payments in recent years. However, a number of innovations ? both new technologies and new ways of doing business ? have done much to make such electronic ?micropayments? less expensive and more convenient. Now, having proven themselves in several online markets, micropayments are poised to make inroads at the physical point of sale. This paper looks at some of the success stories (and failures), both in the U.S. and abroad, to identify possible conditions for success and to gauge the outlook ...
Consumer Finance Institute discussion papers , Paper 06-04

Discussion Paper
Meet People Where They Are: Building Formal Credit Using Informal Financial Traditions

The Consumer Finance Institute hosted a workshop in February 2019 featuring José Quiñonez, chief executive officer, and Elena Fairley, programs director, of Mission Asset Fund (MAF) to discuss MAF’s approach to helping its clients improve access to mainstream financial markets. MAF’s signature program, Lending Circles, adapts a traditional community-based financial tool known as a rotating savings and credit association (ROSCA) to help establish or expand credit reports for participants who may not be able to do so through traditional means. Lending Circles have served more than 10,000 ...
Consumer Finance Institute discussion papers , Paper 20-01

Discussion Paper
Theory of credit card networks: a survey of the literature

Credit cards provide benefits to consumers and merchants not provided by other payment instruments as evidenced by their explosive growth in the number and value of transactions over the last 20 years. Recently, credit card networks have come under scrutiny from regulators and antitrust authorities around the world. The costs and benefits of credit cards to network participants are discussed. Focusing on interrelated bilateral transactions, several theoretical models have been constructed to study the implications of several business practices of credit card networks. The results and ...
Consumer Finance Institute discussion papers , Paper 03-09

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