Restricting Consumer Credit Access: Household Survey Evidence on Effects around the Oregon Rate Cap

@article{Zinman2008RestrictingCC,
  title={Restricting Consumer Credit Access: Household Survey Evidence on Effects around the Oregon Rate Cap},
  author={J. Zinman},
  journal={Behavioral & Experimental Economics},
  year={2008}
}
  • J. Zinman
  • Published 2008
  • Economics
  • Behavioral & Experimental Economics
Many policymakers and some theories hold that restricting access to expensive credit helps consumers by preventing overborrowing. I examine some effects of restricting access, using household panel survey data on payday loan users collected around the introduction of binding restrictions on payday loan terms in Oregon. Borrowing fell in Oregon relative to Washington, with former payday borrowers shifting partially into plausibly inferior substitutes: bank overdrafts and late bill payment… Expand
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