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Consumer Credit and the American Economy (Financial Management Association Survey and Synthesis) 1st Edition

4.5 4.5 out of 5 stars 6 ratings
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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.
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  1. ISBN-10
    0195169921
  2. ISBN-13
    978-0195169928
  3. Edition
    1st
  4. Publisher
    Oxford University Press
  5. Publication date
    August 13, 2014
  6. Part of series
    Financial Management Association Survey and Synthesis
  7. Language
    English
  8. Dimensions
    9.74 x 1.69 x 6.36 inches
  9. Print length
    734 pages
  10. See all details
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Editorial Reviews

Review

"This is a book for both professional economists who do and do not specialize in this field and for informed laypersons who want to understand better this important facet of the economy. For the first time a single work brings together the history, economics, sociology, law, and regulation of consumer credit markets and institutions. It will become the standard source and reference for questions of public policy in this important area."
-Timothy J. Muris, George Mason University and Former Chairman, Federal Trade Commission

"If you think the development, history, and behavioral aspects of consumer credit are not exciting, read this comprehensive treatise of the topic as an emergent order of behavioral and parallel institutional rules, with no commanding identifiable leader. Particularly informative and original is their examination of the cognitive biases, experimental, and behavioral literature."
-Vernon L. Smith, Chapman University and Nobel Laureate in Economics

"The Financial Management Association's Survey and Synthesis Series provides volumes to examine the most important areas of financial systems. This book far exceeds this goal for the consumer credit sector. Written by highly regarded experts, it is the most comprehensive work available for consumer credit, and it is comprehensible. The book is valuable for those who want to understand the institutional importance, role, regulation, and growth of consumer credit as well as for theorists and scholars who develop sophisticated neoclassical and behavioral demand and supply models."
-David A. Walker, Georgetown University and Former President and Board Chair, Financial Management Association International

"Much of the political debate in the United States revolves around the question of whether the government should allow individuals to make their own choices or should protect them against the wrong decisions by limiting the available choices. Nowhere is this issue more trenchant than in what is known as consumer protection, and nowhere is there likely to be a better and more comprehensive analysis of consumer finance, its role in a consumer economy, and the issues surrounding the government's role than this book provides."
-Peter J. Wallison, American Enterprise Institute and Former General Counsel, US Treasury Department

Book Description

Examine the psychological, sociological, historical, and especially legal traditions that go into fully understanding what has led to the demand for consumer credit.

Product details

  • Publisher ‏ : ‎ Oxford University Press; 1st edition (August 13, 2014)
  • Language ‏ : ‎ English
  • Hardcover ‏ : ‎ 734 pages
  • ISBN-10 ‏ : ‎ 0195169921
  • ISBN-13 ‏ : ‎ 978-0195169928
  • Item Weight ‏ : ‎ 2.64 pounds
  • Dimensions ‏ : ‎ 9.74 x 1.69 x 6.36 inches
  • Customer Reviews:
    4.5 4.5 out of 5 stars 6 ratings

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  1. Michael E. Staten

    Michael E. Staten

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  2. Gregory E. Elliehausen

    Gregory E. Elliehausen

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Customer reviews

4.5 out of 5 stars
6 global ratings

Top reviews from the United States

Anne W Warren
5.0 out of 5 stars Unique and comprehensive overview of academic research on the economics ...
Reviewed in the United States on March 29, 2016
Verified Purchase
Unique and comprehensive overview of academic research on the economics of lending in the United States. As a finance professional, I found it to be helpful context in understanding how my business impacts society. If you are wondering what is the utility of a loan, even a high interest one, this offers insightful research.
One person found this helpful
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Deb Lindstrom
3.0 out of 5 stars A word of opinion before I read this book
Reviewed in the United States on September 18, 2018
Maybe, in reading this book, I will have to eat my words, but going into reading this book, I will do so with an initial negative perspective.

You see, I have had a number of battles with the credit bureaus over the erroneous information they have documented on my report. Document that has erroneously cost me job opportunities; the acquisition of credit cards, vehicle loans, and even mortgages.

Why? Because it seems lenders and employers believe what is stated in a person’s credit report is factual information about that person.

These entities NEED to come to understand the truth. By truth, I mean what a credit bureau representative casually shared with me. They did so because, at one point, in a fit of anger at what the credit bureau documented in my credit report was patently false with nothing to back it up.

First of all, it was my understanding the credit bureaus do not copy what any other credit bureau documents in a person’s credit report. I discovered this to be anything but fact.

I discovered this lie when, at one point, I found one credit bureau had begun reporting wildly innaccurate data on their version of my credit report. It was removed, only to reappear, verbatim, in another credit bureau’s report on me.

Curious and frustrated, I asked this representative “Just where do you get the information you report?” He replied, and I quote: “Oh, sometimes we even CALL THE OTHER CREDIT BUREAS and add the information they have on a consumer.” So much for not sharing a consumer’s private information!

I then asked: “How do you verify the information you put on a consumer’s credit report?” The rep replied:

“We are not in the business of verifying what we document in a consumer’s credit report. If we obtain any information on a consumer, we document what information we get or are given, but verifying it’s accuracy is up to the consumer.”

So I finally asked: “should a consumer challenge what you’ve reported, what is the procedure for getting it removed as quickly as possible?”

The reps’s answer, quote: “The consumer must tell us in writing what they dispute. Then the credit burea notifies the creditor within no more than 30 days, and the creditor has 30 days to respond to us.”

I hope we all realize this means it could take 60 days (or more) for erroneous information to be removed from your credit report. When I stated above (or more), by that I mean whomever is tasked to reach the alleged error, all too often is overworked, and merely replies to the credit bureau that the erroneous information in question may NEVER really be researched at the lender’s end.

Should a credit bureau receive a creditor reply stating the informatjon in question is valid even when the creditor never even researched the issue to determine whether or not the information is valid, the consumer can make just two more 60-day turn around attempts at dispute and if again the creditor claims it is valid, well, too bad for the consumer if the creditor doesn’t perform the required in either of these two final attempts.

NOTE:
As things stand currently, what the credit bureaus do, is actually nothing more than engage in passing unverified rumors. Therefore, the credit bureaus are no more than legal rumor-mongers.

WHY ANY potential credit is considered to be a valid source of information regarding a consumer’s credit history, addresses, or past/current employers is beyond me. Why? Because potential creditors are actually paying the credit bureaus for consumer information that has a pretty fair chance of being totally or partially incorrect. And on that information, creditors base their credit decisions, resulting in the possibility that they will be losing business, or losing out on hiring a new employee, but for that potential employee’s erroneously negative credit report.

Our credit bureaus or NOT monitored, NOR our are our credit bureaus ever once audited; even while ever other form of financial entity, by law MUST be audited.

Worse still, these credit bureaus have found a way to make money off of all consumers by scaring them into believe it is the consumer’s job to do the credit bureaus’ homework for them.

By that, I mean the credit bureaus encourage consumers to buy the opportunity to view, on a periodic basis the very information that a given credit bureau has, true or not, simply and almost cavalierly documented act being fact whether or not it is factual.

What I nice job American credit bureaus have set themselves up to have. Never; not once, need they ever fear any possibility of being found to face the law or incur legal sanctions due to anything they have done.

How does it feel to know there is an American industry that is allowed to freely make false accusations against you; perform documentation writing about you that is no better than character assissination, and when I get down to it, such American industries have the power decide just what kind of lifestyle you will live, when they have the ability to ensure you are denied cresit, a given mortgage, or even whether or not you can obtain an education; paying your school costs with student loan from they also have the right to deny you access to.

Now, I will read this book; whether or not with my foot in my mouth is yet to be determined.
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