Thomas A. Durkin - Consumer Credit and the American Economy
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After discussing the origins and various kinds of consumer credit available in todays 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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THOMAS A. DURKIN,
GREGORY ELLIEHAUSEN,
MICHAEL E. STATEN,
AND
TODD J. ZYWICKI
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Oxford University Press 2014
All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted, in any form or by any means, without the prior permission in writing of Oxford University Press, or as expressly permitted by law, by license, or under terms agreed with the appropriate reproduction rights organization. Inquiries concerning reproduction outside the scope of the above should be sent to the Rights Department, Oxford University Press, at the address above.
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Library of Congress Cataloging-in-Publication Data
Durkin, Thomas A.
Consumer credit and the American economy / Thomas A. Durkin, Gregory Elliehausen, Michael E. Staten, and Todd J. Zywicki.
pages cm.(Financial Management Association survey and synthesis series)
Includes bibliographical references.
ISBN 9780195169928 (alk. paper) 1. Consumer creditUnited States.
2. Consumer creditGovernment policyUnited States. 3. United StatesEconomic conditions I. Title.
HG3756.U54D865 2014
332.743dc23
2014006801
eISBN 9780199384969
Dedicated to pioneer researchers in this field,
from whom we have learned so much:
John M. Chapman(18871970)
Robert W. Johnson(19232009)
F. Thomas Juster(19262010)
George Katona(19011981)
Edwin R. A. Seligman(18611939)
Robert P. Shay(19222001)
To the four of us, writing about consumer credit in the American economy seems like the most natural and logical thing in the world. First of all, each of us underwent full immersion in the study of this field early in graduate school, and we have pursued it in a variety of ways throughout our professional careers. We have watched the markets grow, as product offerings expanded and more people used them. We also have had the opportunity over the years to meet and come to know many of the individuals who developed the field, including the business figures who grew it, the academics and others who wrote about it, and the government officials who regulated it. We have been thinking about this area for our entire adult lifetimes; frankly, we find the subject of consumer creditits use, users, entrepreneurs, institutions, and regulationmore than fascinating (believe it or not).
Second, what other common consumer product or service is so widely used today but apparently so little known about or really understood, even by its users? We all think we know about credit, but do we? Do most of us even have the patience to look at credit very closely or read all the disclosures we get in a credit contract or in the mail? At least one close observer, cultural historian Lendol Calder, has mused that consumer credit is not intellectually interesting to the masses (despite being frequently used, sometimes misused, and occasionally strongly condemned), in part because there has been so little human personality associated with the story of its origin and manufacture. There has been no Henry Ford, Henry Kissinger, Henry Aaron, Henry VIII, or any other bigger-than-life individual to personalize and popularize its story. Although there have been many colorful characters involved with creating the modern consumer credit industry and institutions we know today, few of these individuals have been very well known outside the immediate spheres of their business or regulatory influence.
It seems to us, however, as it did to Calder, that the story of modern consumer credit really
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