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Credit cards: use and consumer attitudes, 1970-2000

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  • Thomas A. Durkin
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    Abstract

    From modest origins in the 1950s as a convenient way for the relatively well-to-do to settle restaurant and department store purchases without carrying cash, credit cards have become a ubiquitous financial product held by households in all economic strata. Since the late 1960s, much federal legislation has been enacted to ensure that consumers have the protections and information they need to use this widely available form of open-end credit wisely. Nevertheless, concerns persist about whether consumers fully understand the costs and implications of using credit cards and whether credit cards have encouraged widespread overindebtedness. Drawing on information from commercial banks, credit reporting agencies, and surveys of consumers, this article explores these issues as well as changes over the past three decades in consumer impressions of their card-using experiences and of conditions in the marketplace.

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    File URL: http://www.federalreserve.gov/pubs/bulletin/2000/0900lead.pdf
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    Bibliographic Info

    Article provided by Board of Governors of the Federal Reserve System (U.S.) in its journal Federal Reserve Bulletin.

    Volume (Year): (2000)
    Issue (Month): Sep ()
    Pages: 623-634

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    Handle: RePEc:fip:fedgrb:y:2000:i:sep:p:623-634:n:v.86no.9

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    Related research

    Keywords: Credit cards ; Consumer behavior;

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    Cited by:
    1. Erik Hurst & Paul Willen, 2004. "Social Security and Unsecured Debt," NBER Working Papers 10282, National Bureau of Economic Research, Inc.
    2. Juan Pablo Montero & Jorge Tarziján, 2010. "El éxito de las casas comerciales en Chile: ¿Regulación o buena gestión?," Working Papers Central Bank of Chile 565, Central Bank of Chile.
    3. Steven J. Davis & Felix Kubler & Paul Willen, 2006. "Borrowing Costs and the Demand for Equity over the Life Cycle," The Review of Economics and Statistics, MIT Press, vol. 88(2), pages 348-362, May.
    4. Lydia L. Gan & Ramin Cooper Maysami, 2006. "Credit Card Selection Criteria: Singapore Perspective," Economic Growth centre Working Paper Series 0610, Nanyang Technolgical University, School of Humanities and Social Sciences, Economic Growth centre.
    5. Telyukova, Irina A., 2012. "Household Need for Liquidity and the Credit Card Debt Puzzle," University of California at San Diego, Economics Working Paper Series qt0ww2c04z, Department of Economics, UC San Diego.
    6. 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.
    7. Sebastian Barnes & Garry Young, 2003. "The rise in US household debt: assessing its causes and sustainability," Bank of England working papers 206, Bank of England.
    8. Paul Heidhues & Botond Koszegi, 2010. "Exploiting Naivete about Self-Control in the Credit Market," American Economic Review, American Economic Association, vol. 100(5), pages 2279-2303, December.
    9. Zinman, Jonathan, 2009. "Debit or credit?," Journal of Banking & Finance, Elsevier, vol. 33(2), pages 358-366, February.
    10. Lydia L. Gan & Ramin C. Maysami & Hian Chye Koh, 2005. "Profiles, Use, and Perceptions of Singapore Multiple Credit Cardholders," Economic Growth centre Working Paper Series 0513, Nanyang Technolgical University, School of Humanities and Social Sciences, Economic Growth centre.
    11. Brian Mantel & Timothy McHugh, 2001. "Competition and innovation in the consumer e-payments market? considering the demand, supply, and public policy issues," Occasional Paper; Emerging Payments EPS-2001-4, Federal Reserve Bank of Chicago.
    12. J. Michael Collins & John Karl Scholz & Ananth Seshadri, 2013. "The Assets and Liabilities of Cohorts: The Antecedents of Retirement Security," Working Papers wp296, University of Michigan, Michigan Retirement Research Center.

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