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Author: United States Government Accountability Office
Publisher: Createspace Independent Publishing Platform
ISBN: 9781976350856
Category :
Languages : en
Pages : 114
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Book Description
With credit card penalty rates and fees now common, the Federal Reserve has begun efforts to revise disclosures to better inform consumers of these costs. Questions have also been raised about the relationship among penalty charges, consumer bankruptcies, and issuer profits. GAO examined (1) how card fees and other practices have evolved and how cardholders have been affected, (2) how effectively these pricing practices are disclosed to cardholders, (3) the extent to which penalty charges contribute to cardholder bankruptcies, and (4) card issuers' revenues and profitability. Among other things, GAO analyzed disclosures from popular cards; obtained data on rates and fees paid on cardholder accounts from 6 large issuers; employed a usability consultant to analyze and test disclosures; interviewed a sample of consumers selected to represent a range of education and income levels; and analyzed academic and regulatory studies on bankruptcy and card issuer revenues.
Author: United States Government Accountability Office
Publisher: Createspace Independent Publishing Platform
ISBN: 9781976350856
Category :
Languages : en
Pages : 114
Get Book Here
Book Description
With credit card penalty rates and fees now common, the Federal Reserve has begun efforts to revise disclosures to better inform consumers of these costs. Questions have also been raised about the relationship among penalty charges, consumer bankruptcies, and issuer profits. GAO examined (1) how card fees and other practices have evolved and how cardholders have been affected, (2) how effectively these pricing practices are disclosed to cardholders, (3) the extent to which penalty charges contribute to cardholder bankruptcies, and (4) card issuers' revenues and profitability. Among other things, GAO analyzed disclosures from popular cards; obtained data on rates and fees paid on cardholder accounts from 6 large issuers; employed a usability consultant to analyze and test disclosures; interviewed a sample of consumers selected to represent a range of education and income levels; and analyzed academic and regulatory studies on bankruptcy and card issuer revenues.
Author:
Publisher: DIANE Publishing
ISBN: 9781422311462
Category :
Languages : en
Pages : 114
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Book Description
Author: United States Government Accountability Office
Publisher: Createspace Independent Publishing Platform
ISBN: 9781984942548
Category :
Languages : en
Pages : 114
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Book Description
GAO-06-929 Credit Cards: Increased Complexity in Rates and Fees Heightens Need for More Effective Disclosures to Consumers
Author: United States. Government Accountability Office
Publisher:
ISBN:
Category : Consumer protection
Languages : en
Pages : 108
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Book Description
Author: United States. Government Accountability Office
Publisher:
ISBN:
Category : Advertising
Languages : en
Pages : 108
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Book Description
Author: United States. Congress. House. Committee on Financial Services
Publisher:
ISBN:
Category : Business & Economics
Languages : en
Pages : 288
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Book Description
Author: Sumit Agarwal
Publisher:
ISBN:
Category :
Languages : en
Pages : 70
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Book Description
We analyze the effectiveness of consumer financial regulation by considering the 2009 Credit Card Accountability Responsibility and Disclosure (CARD) Act in the United States. Using a difference-in- differences research design and a unique panel data set covering over 160 million credit card accounts, we find that regulatory limits on credit card fees reduced overall borrowing costs to consumers by an annualized 1.7% of average daily balances, with a decline of more than 5.5% for consumers with FICO scores below 660. Consistent with a model of low fee salience and limited market competition, we find no evidence of an offsetting increase in interest charges or a reduction in volume of credit, although we are unable to analyze longer-run effects on investments or industry structure. Taken together, we estimate that the CARD Act fee reductions have saved U.S. consumers $12.6 billion per year. We also analyze the CARD Act requirement to disclose the interest savings from paying off balances in 36 months rather than only making minimum payments. We find that this "nudge" increased the number of account holders making the 36-month payment value by 0.5 percentage points on a base of 5.7%.
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Author: United States. Congress. House. Committee on Financial Services
Publisher:
ISBN:
Category : Business & Economics
Languages : en
Pages : 248
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Book Description
Author: United States. Congress. House. Committee on the Judiciary
Publisher:
ISBN:
Category : Consumer protection
Languages : en
Pages : 32
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Book Description
Author: Sumit Agarwal
Publisher:
ISBN:
Category : Economics
Languages : en
Pages : 0
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Book Description
We analyze the effectiveness of consumer financial regulation by considering the 2009 Credit Card Accountability Responsibility and Disclosure (CARD) Act in the United States. Using a unique panel data set covering over 150 million credit card accounts, we find that regulatory limits on credit card fees reduced overall borrowing costs to consumers by an annualized 2.8% of average daily balances, with a decline of more than 10% for consumers with the lowest FICO scores. Consistent with a model of low fee salience and limited market competition, we find no evidence of an offsetting increase in interest charges or a reduction in access to credit. Taken together, we estimate that the CARD Act fee reductions have saved U.S. consumers $20.8 billion per year. We also analyze the CARD Act requirement to disclose the interest savings from paying off balances in 36 months rather than only making minimum payments. We find that this "nudge" increased the number of account holders making the 36-month payment value by 0.5 percentage points, with a similarly sized decrease in the number of account holders paying less than this amount.
