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Consumers and credit disclosures: credit cards and credit insurance

Author

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  • Thomas A. Durkin

Abstract

Under the Truth in Lending Act, the Federal Reserve has the responsibility for writing the implementing rules, which it has carried out with its Regulation Z. Because this law is so critical for federal consumer protection policy in the credit area and because it imposes significant compliance costs on creditors, questions have been raised about consumers' use of the protections inherent in Truth in Lending. Even though measurement of the precise effect of particular disclosure requirements on credit-use behavior or competition is problematic, one can study consumers' reports of their views about marketplace information conditions and their uses of required disclosures. To this end, the Federal Reserve Board and others have periodically sponsored and analyzed consumer surveys on disclosure matters since 1969, when the original act was implemented. In this article, the results of two surveys undertaken in 2001 of consumers' opinions about information availability are examined in the context of the earlier survey findings. The new data focus on consumers who use two, sometimes controversial, financial products--credit cards and credit insurance.

Suggested Citation

  • Thomas A. Durkin, 2002. "Consumers and credit disclosures: credit cards and credit insurance," Federal Reserve Bulletin, Board of Governors of the Federal Reserve System (U.S.), vol. 88(Apr), pages 201-213, April.
  • Handle: RePEc:fip:fedgrb:y:2002:i:apr:p:201-213:n:v.88no.4
    DOI: 10.17016/bulletin.2002.88-4
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    File URL: http://www.federalreserve.gov/pubs/bulletin/2002/0402lead.pdf
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    Citations

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    Cited by:

    1. Zinman, Jonathan, 2009. "Debit or credit?," Journal of Banking & Finance, Elsevier, vol. 33(2), pages 358-366, February.
    2. Irina A. Telyukova, 2013. "Household Need for Liquidity and the Credit Card Debt Puzzle," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 80(3), pages 1148-1177.
    3. John K. Ashton & Robert S. Hudson, 2009. "Should the joint provision of credit insurance with unsecured lending be prohibited? An examination of the UK payment protection insurance market," Working Paper series, University of East Anglia, Centre for Competition Policy (CCP) 2009-08, Centre for Competition Policy, University of East Anglia, Norwich, UK..
    4. Thomas A. Durkin & Gregory E. Elliehausen, 2017. "New Evidence on an Old Unanswered Question : Why Some Borrowers Purchase Credit Insurance and Other Debt Protection and Some Do Not," Finance and Economics Discussion Series 2017-122, Board of Governors of the Federal Reserve System (U.S.).
    5. Carol C. Bertaut & Michael Haliassos, 2001. "Debt Revolvers for Self Control," University of Cyprus Working Papers in Economics 0208, University of Cyprus Department of Economics.
    6. J. Michael Collins, 2014. "Protecting Mortgage Borrowers through Risk Awareness: Evidence from Variations in State Laws," Journal of Consumer Affairs, Wiley Blackwell, vol. 48(1), pages 124-146, March.
    7. Arango, Luis E. & Cardona-Sosa, Lina & Pedraza-Jiménez, Nataly, 2021. "The use of credit cards among low- and middle-income individuals in Colombia and the channels of monetary policy," Economic Modelling, Elsevier, vol. 94(C), pages 150-169.

    More about this item

    Keywords

    Consumer protection; Consumer credit; Credit cards;
    All these keywords.

    JEL classification:

    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • D18 - Microeconomics - - Household Behavior - - - Consumer Protection
    • D12 - Microeconomics - - Household Behavior - - - Consumer Economics: Empirical Analysis

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