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The Credit Industry
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Book Synopsis Credit and Debt in an Unequal Society by : Jürgen Schraten
Download or read book Credit and Debt in an Unequal Society written by Jürgen Schraten and published by Berghahn Books. This book was released on 2020-02-03 with total page 212 pages. Available in PDF, EPUB and Kindle. Book excerpt: South Africa was one of the first countries in the Global South that established a financialized consumer credit market. This market consolidates rather than alleviates the extreme social inequality within a country. This book investigates the political reasons for adopting an allegedly self-regulating market despite its disastrous effects and identifies the colonialist ideas of property rights as a mainstay of the existing social order. The book addresses sociologists, political scientists, anthropologists and legal scholars interested in the interaction of economy and law in contemporary market societies.
Book Synopsis The Credit Card Industry by : Lewis Mandell
Download or read book The Credit Card Industry written by Lewis Mandell and published by Macmillan Reference USA. This book was released on 1990 with total page 208 pages. Available in PDF, EPUB and Kindle. Book excerpt: From the beginning with the Diners Club card in 1949 to the present, this is a history of credit cards and their impact on society.
Download or read book Annual Retail Trade Report written by and published by . This book was released on 1953 with total page 14 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Debt for Sale written by Brett Williams and published by University of Pennsylvania Press. This book was released on 2011-04-20 with total page 161 pages. Available in PDF, EPUB and Kindle. Book excerpt: Credit and debt appear to be natural, permanent facets of Americans' lives, but a debt-based economy and debt-financed lifestyles are actually recent inventions. In 1951 Diners Club issued a plastic card that enabled patrons to pay for their meals at select New York City restaurants at the end of each month. Soon other "charge cards" (as they were then known) offered the convenience for travelers throughout the United States to pay for hotels, food, and entertainment on credit. In the 1970s the advent of computers and the deregulation of banking created an explosion in credit card use—and consumer debt. With gigantic national banks and computer systems that allowed variable interest rates, consumer screening, mass mailings, and methods to discipline slow payers with penalties and fees, middle-class Americans experienced a sea change in their lives. Given the enormous profits from issuing credit, banks and chain stores used aggressive marketing to reach Americans experiencing such crises as divorce or unemployment, to help them make ends meet or to persuade them that they could live beyond their means. After banks exhausted the profits from this group of people, they moved into the market for college credit cards and student loans and then into predatory lending (through check-cashing stores and pawnshops) to the poor. In 2003, Americans owed nearly $8 trillion in consumer debt, amounting to 130 percent of their average disposable income. The role of credit and debt in people's lives is one of the most important social and economic issues of our age. Brett Williams provides a sobering and frank investigation of the credit industry and how it came to dominate the lives of most Americans by propelling the social changes that are enacted when an economy is based on debt. Williams argues that credit and debt act to obscure, reproduce, and exacerbate other inequalities. It is in the best interest of the banks, corporations, and their shareholders to keep consumer debt at high levels. By targeting low-income and young people who would not be eligible for credit in other businesses, these companies are able quickly to gain a stranglehold on the finances of millions. Throughout, Williams provides firsthand accounts of how Americans from all socioeconomic levels use credit. These vignettes complement the history and technical issues of the credit industry, including strategies people use to manage debt, how credit functions in their lives, how they understand their own indebtedness, and the sometimes tragic impact of massive debt on people's lives.
Book Synopsis The Industry - A History of the Credit Rating Agencies by : Am Best
Download or read book The Industry - A History of the Credit Rating Agencies written by Am Best and published by Independently Published. This book was released on 2020-08-21 with total page 830 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Industry - A History of the Credit Rating Agencies is an account of American ingenuity, of an industry that originated in the United States and remains rooted there even as its branches spread across the globe. This is the story of enterprising men and women who met economic crises with optimism and determination. Today's agencies continue to adapt to a changing global economy.
Book Synopsis Credit Reporting Systems and the International Economy by : Margaret J. Miller
Download or read book Credit Reporting Systems and the International Economy written by Margaret J. Miller and published by MIT Press. This book was released on 2003 with total page 484 pages. Available in PDF, EPUB and Kindle. Book excerpt: The first comprehensive review of credit reporting systems worldwide, including their institutional forms and evidence of their impact on financial markets. Credit reporting is a critical part of the financial system in most developed economies but is often weak or absent in developing countries. It addresses a fundamental problem of credit markets: asymmetric information between borrowers and lenders that can lead to adverse selection and moral hazard. The heart of a credit report is the record it provides of an individual's or a firm's payment history, which enables lenders to evaluate credit risk more accurately and lower loan processing time and costs. Credit reports also strengthen borrower discipline, since nonpayment with one institution results in sanctions with others. This book provides the first comprehensive review of credit reporting systems worldwide and documents the rapid growth in the industry. It offers empirical and theoretical evidence of the impact of credit reporting on financial markets, using examples from both developed and developing economies. Credit reporting, it shows, significantly contributes to predicting default risk of potential borrowers, which promotes increased lending activity. The book also covers the role of public policy in the development of credit reporting initiatives, including the role of public credit registries managed by central banks; and the role of legal, regulatory, and institutional factors in supporting credit reporting.
Book Synopsis Financing the American Dream by : Lendol Calder
Download or read book Financing the American Dream written by Lendol Calder and published by Princeton University Press. This book was released on 2009-07-01 with total page 394 pages. Available in PDF, EPUB and Kindle. Book excerpt: Once there was a golden age of American thrift, when citizens lived sensibly within their means and worked hard to stay out of debt. The growing availability of credit in this century, however, has brought those days to an end--undermining traditional moral virtues such as prudence, diligence, and the delay of gratification while encouraging reckless consumerism. Or so we commonly believe. In this engaging and thought-provoking book, Lendol Calder shows that this conception of the past is in fact a myth. Calder presents the first book-length social and cultural history of the rise of consumer credit in America. He focuses on the years between 1890 and 1940, when the legal, institutional, and moral bases of today's consumer credit were established, and in an epilogue takes the story up to the present. He draws on a wide variety of sources--including personal diaries and letters, government and business records, newspapers, advertisements, movies, and the words of such figures as Benjamin Franklin, Mark Twain, and P. T. Barnum--to show that debt has always been with us. He vigorously challenges the idea that consumer credit has eroded traditional values. Instead, he argues, monthly payments have imposed strict, externally reinforced disciplines on consumers, making the culture of consumption less a playground for hedonists than an extension of what Max Weber called the "iron cage" of disciplined rationality and hard work. Throughout, Calder keeps in clear view the human face of credit relations. He re-creates the Dickensian world of nineteenth-century pawnbrokers, takes us into the dingy backstairs offices of loan sharks, into small-town shops and New York department stores, and explains who resorted to which types of credit and why. He also traces the evolving moral status of consumer credit, showing how it changed from a widespread but morally dubious practice into an almost universal and generally accepted practice by World War II. Combining clear, rigorous arguments with a colorful, narrative style, Financing the American Dream will attract a wide range of academic and general readers and change how we understand one of the most important and overlooked aspects of American social and economic life.
Download or read book Payday Lending written by Carl Packman and published by Springer. This book was released on 2014-09-16 with total page 155 pages. Available in PDF, EPUB and Kindle. Book excerpt: Payday Lending looks at the growth of the high cost credit industry from the early payday lending industry in the early 1990s to its development in the US as a highly profitable industry around the world.
Book Synopsis The First Credit Market Turmoil of the 21st Century by : Douglas Darrell Evanoff
Download or read book The First Credit Market Turmoil of the 21st Century written by Douglas Darrell Evanoff and published by World Scientific. This book was released on 2009 with total page 404 pages. Available in PDF, EPUB and Kindle. Book excerpt: I. Special addresses. Central banks and the financial turmoil / José Manuel González-Páramo. The implications of the credit crisis for public policy / Charles H. Dallara. Where are our leaders? / Kenneth W. Dam. Trust and financial markets / Paola Sapienza -- What happened, where? A view of the U.S. subprime crisis . Robert DiClemente and Kermit Schoenholtz. What has happened in Europe? Monetary policy, lending cycles, banking competition, risk-taking,and regulation / Jesús Saurina. The subprime crisis effects in the rest of the world / Laura E. Kodres -- III. How serious is the damage? Bank failures : the limitations of risk modeling / Patrick Honohan. Comments : how serious is the damage? / Christopher Kent -- IV. Why did it go undetected/underestimated for so long? Cliff risk and the credit crisis / Joseph R. Mason. The credit crunch of 2007 : what went wrong? why? What lessons can be learned? / John C. Hull. Overdependence on credit ratings was a primary cause of the crisis / Frank Partnoy -- V. Experience with crisis management. Liquidity management under market turmoil : experience of the European Central Bank in the first year of the 2007-2008 financial market crisis / Nuno Cassola, Cornelia Holthausen and Flemming Würtz. Crisis management and financial stability : some lessons from the United Kingdom / Nigel Jenkinson -- VI. Implications for Basel II and bank capital regulation. Risk management failures during the financial crisis / Michel Crouchy. A supervisor's view of the current financial turmoil / Cathy Lemieux and Steven VanBever. The subprime crisis : lessons about market discipline / Mark J. Flannery. Comments : implications for bank capital standards/regulation / Robert E. Litan -- VII. Implications for regulation of financial markets and instruments. Implications of the crisis for regulation / Mark Carey. The seven deadly frictions of subprime mortgage credit securitization / Adam B. Ashcraft and Til Schuermann -- VIII. Policy panel : where to from here? Where to from here? : lessons for research, policy and the industry / Philipp Hartmann. Tarp version 1 : a turning point in crisis management / Richard J. Herring. Financial crises : seeing patterns, limiting risks / Henry Kaufman.Addressing the credit market turmoil of 2007-08 / Sam Peltzman. Where to from here? / Lawrence R. Uhlick.
Author :United States. National Business Council for Consumer Affairs. Sub-Council on Credit and Related Terms of Sale Publisher : ISBN 13 : Total Pages :120 pages Book Rating :4.3/5 (91 download)
Book Synopsis Financing the American Consumer by : United States. National Business Council for Consumer Affairs. Sub-Council on Credit and Related Terms of Sale
Download or read book Financing the American Consumer written by United States. National Business Council for Consumer Affairs. Sub-Council on Credit and Related Terms of Sale and published by . This book was released on 1972 with total page 120 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Moving Forward by : Nicolas P. Retsinas
Download or read book Moving Forward written by Nicolas P. Retsinas and published by Brookings Institution Press. This book was released on 2011-01-01 with total page 274 pages. Available in PDF, EPUB and Kindle. Book excerpt: A Brookings Institution Press and Harvard University Joint Center for Housing Studies publication The recent collapse of the mortgage market revealed fractures in the credit market that have deep roots in the system's structure, conduct, and regulation. The time has come for a clear-eyed assessment of what happened and how the system should be strengthened and restructured. Such reform will have a profound and lasting impact on the capacity of Americans to use credit to build assets and finance consumption. Moving Forward explores what caused the crisis and, more important, focuses on the path ahead. The challenge remains the same as ever: protect consumers, ensure fairness, and guarantee soundness of the financial system without stifling innovation and overly restricting access to credit and consumer choice. Nicolas Retsinas, Eric Belsky, and their colleagues aim to stimulate debate based on analysis of the opportunities and challenges presented by the various components of global capital markets: financial engineering, risk assessment and management, specialization of financial intermediation, and marketing methods. The contributors—leaders in business, government, academia, and the nonprofit sector—discuss new research and ideas about the future of credit markets, including how improvements might be shaped by industry leaders. Contributors: John Y. Campbell, Harvard University; Marsha J. Courchane, Charles River Associates; Ren Essene, Federal Reserve Board; Allen Fishbein, Federal Reserve Board; Howell E. Jackson, Harvard Law School; Melissa Koide, Center for Financial Services Innovation; Michael Lea, San Diego State University; Eugene Ludwig, Promontory Financial Group; Brigitte C. Madrian, Harvard Kennedy School; Nela Richardson, Joint Center for Housing Studies of Harvard University; Rachel Schneider, Center for Financial Services Innovation; Peter Tufano, Harvard Business School; Peter M. Zorn, Freddie Mac
Author :United States. Congress. Senate. Committee on the Judiciary. Subcommittee on Antitrust and Monopoly Publisher : ISBN 13 : Total Pages :250 pages Book Rating :4.F/5 ( download)
Book Synopsis The Credit Industry by : United States. Congress. Senate. Committee on the Judiciary. Subcommittee on Antitrust and Monopoly
Download or read book The Credit Industry written by United States. Congress. Senate. Committee on the Judiciary. Subcommittee on Antitrust and Monopoly and published by . This book was released on 1969 with total page 250 pages. Available in PDF, EPUB and Kindle. Book excerpt: Investigates practices and economic influence of private credit agencies and reporting systems.
Book Synopsis The Money Market and the Consumer Credit Industry by : C. John Kuhn
Download or read book The Money Market and the Consumer Credit Industry written by C. John Kuhn and published by . This book was released on 1954 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author :Christopher L. Peterson Publisher :The University of Akron Press ISBN 13 :9781931968096 Total Pages :470 pages Book Rating :4.9/5 (68 download)
Book Synopsis Taming the Sharks by : Christopher L. Peterson
Download or read book Taming the Sharks written by Christopher L. Peterson and published by The University of Akron Press. This book was released on 2004 with total page 470 pages. Available in PDF, EPUB and Kindle. Book excerpt: Taming the Sharks: Towards a Cure for the High Cost Credit Market chronicles the historic, economic. legal, and political factors breeding America's feverish high cost debt industry. The ideas presented are novel, progressive, and controversial. Historians have long argued that interest rates provide a sort of economic and political health of nations. If true, the contemporary American market for credit shows troubling signs of distress. While Federal Reserve Board monetary policy has kept commercial and prime consumer interest rates low, the past two decades have seen explosive growth in an industry specializing in high-cost consumer debt. Payday loan outlet chains, automobile title loan companies, rent-to-own furniture stores, pawnshops, and sub-prime and manufactured home mortgage lenders are transforming the personal finance patterns of millions of Americans. Many observers have complained this industry charges excessive prices, uses unfair business practices, and is generally causing more harm for its borrowers than good. Industry insiders retort they are merely responding to a legitimate demand for financial services that, in effect, consumers vote with their feet. Echoing problems of past centuries, today's consumers face difficulty comparing credit prices, patterns of reckless lending and borrowing, as well as distressing economic externalities. With an idea on the future, Peterson's book hopes to find ingredients of a compromise to protect working-poor borrowers while simultaneously preserving economic competition.
Book Synopsis Consumer Credit and the American Economy by : Thomas A. Durkin
Download or read book Consumer Credit and the American Economy written by Thomas A. Durkin and published by . This book was released on 2014 with total page 737 pages. Available in PDF, EPUB and Kindle. Book excerpt: Consumer Credit and the American Economy examines the economics, behavioral science, sociology, history, institutions, law, and regulation of consumer credit in the United States. After discussing the origins and various kinds of consumer credit available in today's 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.
Author :United States. Congress. Senate. Committee on the Judiciary. Subcommittee on Antitrust and Monopoly Publisher : ISBN 13 : Total Pages :2052 pages Book Rating :4.:/5 (4 download)
Book Synopsis Consumer Credit Industry by : United States. Congress. Senate. Committee on the Judiciary. Subcommittee on Antitrust and Monopoly
Download or read book Consumer Credit Industry written by United States. Congress. Senate. Committee on the Judiciary. Subcommittee on Antitrust and Monopoly and published by . This book was released on 1967 with total page 2052 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Consumer Credit in the United States by : D. Marron
Download or read book Consumer Credit in the United States written by D. Marron and published by Springer. This book was released on 2009-11-23 with total page 260 pages. Available in PDF, EPUB and Kindle. Book excerpt: It is commonly imagined that in recent years the rampant growth of consumer credit has lured American consumers into a crippling state of indebtedness, a state that has upended old cultural values of Puritan thrift and stimulated a frenzy of consumption. Drawing on the sociological concept of government and informed by a historical perspective, Marron presents a much more complex and nuanced reality. From its early antecedents in nineteenth century salary lending and instalment selling, she shows how the emergence and growth of consumer credit in the United States have always been subject to shifting regimes of control and regulation.
