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Consumers and credit disclosures: credit cards and credit insurance


  • Thomas A. Durkin


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.), issue Apr, pages 201-213.
  • Handle: RePEc:fip:fedgrb:y:2002:i:apr:p:201-213:n:v.88no.4

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    References listed on IDEAS

    1. David B. Gordon & Ross Levine, 1988. "The capital flight "problem."," International Finance Discussion Papers 320, Board of Governors of the Federal Reserve System (U.S.).
    2. Steven B. Kamin & Robert B. Kahn & Ross Levine, 1989. "External debt and developing country growth," International Finance Discussion Papers 352, Board of Governors of the Federal Reserve System (U.S.).
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    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.

    Cited by:

    1. 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.
    2. Zinman, Jonathan, 2009. "Debit or credit?," Journal of Banking & Finance, Elsevier, vol. 33(2), pages 358-366, February.
    3. John Ashton & Robert S. Hudson, 2011. "Should the joint provision of credit insurance with unsecured lending be prohibited? An examination of the UK payment protection insurance market," Working Papers 11008, Bangor Business School, Prifysgol Bangor University (Cymru / Wales).
    4. Irina A. Telyukova, 2013. "Household Need for Liquidity and the Credit Card Debt Puzzle," Review of Economic Studies, Oxford University Press, vol. 80(3), pages 1148-1177.
    5. 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.).
    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.


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