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Author: Alicia Puente Cackley Publisher: DIANE Publishing ISBN: 1437983618 Category : Reference Languages : en Pages : 52
Book Description
Debt protection and credit insurance products can cancel or suspend part or all of a credit card debt under specific circumstances, such as loss of life, disability, or involuntary unemployment. This report reviews these products' market share and characteristics, federal and state oversight, and advantages and disadvantages to consumers. The report analyzed data it had requested on these products from three major credit insurers and the nine largest credit card issuers. These nine issuers represented 85% of the credit card market. The report also reviewed the products' terms and conditions, related marketing materials, and applicable federal and state regulations. Charts and tables. This is a print on demand report.
Author: Alicia Puente Cackley Publisher: DIANE Publishing ISBN: 1437983618 Category : Reference Languages : en Pages : 52
Book Description
Debt protection and credit insurance products can cancel or suspend part or all of a credit card debt under specific circumstances, such as loss of life, disability, or involuntary unemployment. This report reviews these products' market share and characteristics, federal and state oversight, and advantages and disadvantages to consumers. The report analyzed data it had requested on these products from three major credit insurers and the nine largest credit card issuers. These nine issuers represented 85% of the credit card market. The report also reviewed the products' terms and conditions, related marketing materials, and applicable federal and state regulations. Charts and tables. This is a print on demand report.
Author: Office, U.s. Government Accountability Publisher: ISBN: 9781974620845 Category : Languages : en Pages : 52
Book Description
"Debt protection and credit insuranceproducts can cancel or suspend part or all of a credit card debt underspecific circumstances, such as lossof life, disability, or involuntaryunemployment. In response to amandate in the Credit CardAccountability Responsibility andDisclosure Act of 2009, this reportreviews these products' market shareand characteristics, federal and stateoversight, and advantages anddisadvantages to consumers. For thisreport, GAO analyzed data it hadrequested on these products from three major credit insurers and thenine largest credit card issuers. Thesenine issuers represented 85 percentof the credit card market. GAO alsoreviewed the products' terms andconditions, related marketingmaterials, and applicable federal andstate regulations. GAO recommends that the Bureau of Consumer Financial Protection (1)factor into its oversight of credit carddebt protection products, including its rulemaking and examinationprocess, a consideration of thefinancial benefits and costs toconsumers, and (2) incorporate intoits financial education efforts ways toimprove consumers' ability tounderstand and assess theseproducts. The bureau agreed with..."
Author: United States Government Accountability Office Publisher: Createspace Independent Publishing Platform ISBN: 9781983625954 Category : Languages : en Pages : 52
Book Description
Credit Cards: Consumer Costs for Debt Protection Products Can Be Substantial Relative to Benefits but Are Not a Focus of Regulatory Oversight
Author: Thomas A. Durkin Publisher: ISBN: Category : Languages : en Pages : 25
Book Description
Credit related insurance and other debt protection are products sold in conjunction with credit that extinguish a consumer's debt or suspends its periodic payments if events like death, disability, or involuntary unemployment occur. High penetration rates observed in the 1950s and 1960s raised concerns about coercion in the sale of credit insurance. This study presents evidence on credit insurance purchase and debt protection decisions from a new survey. The findings provide little evidence of widespread or systematic coercion in purchases. Instead, findings suggest that risk aversion and health or financial concerns motivate consumers to purchase credit insurance and debt protection, just as these concerns also motivate purchases of other types of insurance.
Author: United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs. Subcommittee on Financial Institutions and Consumer Protection Publisher: ISBN: Category : Collecting of accounts Languages : en Pages : 54
Author: Thomas A. Durkin Publisher: ISBN: 0195169921 Category : Business & Economics Languages : en Pages : 737
Book Description
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: Alicia Puente Cackley
Author: Alicia Puente Cackley
Author: Gary Fagg
Author: Office, U.s. Government Accountability
Author: United States Government Accountability Office
Author: United States. Government Accountability Office
Author: United States. Government Accountability Office
Author: Thomas A. Durkin
Author: United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs. Subcommittee on Financial Institutions and Consumer Protection
Author: Richard E. Gottlieb
Author: Thomas A. Durkin