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Still charging: the growth of credit card debt between 1992 and 1995

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  • Peter S. Yoo
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    Abstract

    Between 1991 and 1997, consumer revolving credit outstanding more than doubled - from $247 billion to $514 billion. This rapid rise of consumer debt, especially credit card debt, has generated much discussion about its cause, sustainability, and implications. Peter S. Yoo uses the recently released 1995 Survey of Consumer Finances to update a previous study that separated the growth of credit card debt into its two main components: increases in the number of households with credit cards and increases in average credit card balances. As before, the analysis separates the effects of lower- and upper-income households on the growth of credit card debt over the period studied. The author also compares the growth of credit card debt between 1992 and 1995 to its growth during the other intersurvey years to identify characteristics that may have affected recent growth.

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    File URL: http://research.stlouisfed.org/publications/review/98/01/9801py.pdf
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    Bibliographic Info

    Article provided by Federal Reserve Bank of St. Louis in its journal Review.

    Volume (Year): (1998)
    Issue (Month): Jan ()
    Pages: 19-27

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    Handle: RePEc:fip:fedlrv:y:1998:i:jan:p:19-27

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    Keywords: Credit cards;

    References

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    1. Robert B. Avery & Gregory E. Elliehausen, 1986. "Financial characteristics of high-income families," Federal Reserve Bulletin, Board of Governors of the Federal Reserve System (U.S.), issue Mar, pages 163-177.
    2. Peter S. Yoo, 1997. "Charging up a mountain of debt: accounting for the growth of credit card debt," Review, Federal Reserve Bank of St. Louis, issue Mar, pages 3-13.
    3. Rochelle L. Antoniewicz, 1996. "A comparison of the household sector from the Flow of Funds Accounts and the Survey of Consumer Finances," Finance and Economics Discussion Series 96-26, Board of Governors of the Federal Reserve System (U.S.).
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    Cited by:
    1. Telyukova, Irina A., 2007. "Household Need for Liquidity and the Credit Card Debt Puzzle," MPRA Paper 6674, University Library of Munich, Germany.
    2. Agarwal, Sumit & Chomsisengphet, Souphala & Liu, Chunlin & Souleles, Nicholas S., 2005. "Do consumers choose the right credit contracts?," CFS Working Paper Series 2005/32, Center for Financial Studies (CFS).
    3. Lusardi, Annamaria & Mitchell, Olivia S., 2007. "The reaction of consumer spending and debt to tax rebates: Evidence from consumer credit data," CFS Working Paper Series 2008/01, Center for Financial Studies (CFS).
    4. Thomas Bishop & Cheolbeom Park, 2010. "Borrowing Constraints, the Marginal Propensity to Consume, and the Effectiveness of Fiscal Policy," Discussion Paper Series 1008, Institute of Economic Research, Korea University.

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