postings by Paige Marta Skiba & Jeremy Tobacman

The Future of Consumer Credit in the US

posted by Paige Marta Skiba and Jeremy Tobacman

During these few posts we've been writing about aspects of consumer credit today in the US.  We'd like to close our week by inviting comments about the future of consumer credit.  How much indebtedness should we expect in the long term?  Will plastic be with us forever?  Will the terms of consumer credit improve (lower interest rates, more frequent flyer miles) or worsen (higher late fees, more invasive collections practices)?

We've had a blast blogging this week. Thanks!

Overoptimism and Subprime Mortgages

posted by Paige Marta Skiba and Jeremy Tobacman

Beyond all the news on the causes of, and policy responses to the current US economic crisis focusing almost solely on financial markets, it's worth paying more attention to causes and policy responses for households.  One household-level cause fits with the implications of a host of other evidence about credit choices: consumer overoptimism.

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  • As a public service, the University of Illinois College of Law operates Bankr-L, an e-mail list on which bankruptcy professionals can exchange information. Bankr-L is administered by one of the Credit Slips bloggers, Professor Robert M. Lawless of the University of Illinois. Although Bankr-L is a free service, membership is limited only to persons with a professional connection to the bankruptcy field (e.g., lawyer, accountant, academic, judge). To request a subscription on Bankr-L, click here to visit the page for the list and then click on the link for "Subscribe." After completing the information there, please also send an e-mail to Professor Lawless (rlawless@illinois.edu) with a short description of your professional connection to bankruptcy. A link to a URL with a professional bio or other identifying information would be great.

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