Suchergebnisse

PurposeThis paper seeks to measure and characterise the extent of consumer over‐indebtedness among the European Union (EU) member states.Design/methodology/approachThe study evaluates alternative measures of over‐indebtedness on the basis of the permanent‐income/life‐cycle theories of consumption behaviour and adopts a subjective approach in identifying over‐indebted households on the basis of European household survey data. It then investigates the main characteristics of over‐indebted households.FindingsThe empirical results reveal that over‐indebtedness was a significant problem across EU member states in the mid‐1990s. Moreover, an inverse relationship emerged between the extent of the over‐indebtedness problem and the extent of consumer borrowing across EU countries.Research limitations/implicationsAnecdotal evidence seemed to suggest that some main factors behind over‐indebtedness could be "market failure" on the credit market, the existence of liquidity constraints and lack of access to formal credit markets. However, a comprehensive and rigorous investigation of the extent and determinants of over‐indebtedness can only be achieved through analysis of more extended household data sets, particularly panel data.Practical implicationsThe EU credit markets exhibited certain symptoms of "market failure", on the one hand, and there was also need for further financial liberalisation in the Southern European countries, on the other hand.Originality/valueThe paper provides a first systematic evaluation of existing measures of consumer over‐indebtedness as well as the first EU‐wide empirical investigation of the problem. It should provide valuable information to the credit industry as well as financial regulatory bodies.

Purpose
– Prior research suggests that payment mechanisms are imbued with cues that affect purchase evaluation and future spending behavior. Credit cards are distinguished from other payment mechanisms as they elicit greater willingness to spend, prompt weaker recollections of past credit expenses and overvaluation of available funds – a phenomena the authors call as "credit card effect." Little is known about the individuals' differential exposure to the credit card effect. The purpose of this paper is to present a new concept and measure of susceptibility to the credit card misuse and indebtedness (SCCMI).


Design/methodology/approach
– The study focussed on young credit card users (aged 18-25) from Malaysia, Singapore, and the UK as they represent varying levels of credit card issuance and consumer protection regulations. The authors conducted confirmatory factor analysis and invariance tests to assess the validity, reliability and parsimony of the proposed scale in the three countries. Further, the authors examined the prediction power of SCCMI on consumer tendency to become a revolving credit card debtor.


Findings
– Results show that the SCCMI scale is valid, reliable and parsimonious across the multi-country context. The paper provided additional validity support through known-group comparison among various payers of credit card bills.


Research limitations/implications
– The convenience sampling used for the study is the main limitation. The findings bear important implications for more socially responsible marketing practice and better public policies in credit carder regulation for protecting young credit card users.


Practical implications
– The new concept and measurement scale can be used for identifying the vulnerable individuals in credit card use, assisting consumer knowledge training, improving policies for credit card regulation, and helping credit card providers in socially responsible marketing practice.


Social implications
– The cross-country validity of the SCCMI scale provides a unique contribution for monitoring and auditing consumer vulnerability in credit card misuse in Asian and European market conditions.


Originality/value
– SCCMI offers an original concept that is distinct from previous research in that SCCMI focusses solely on the state of likelihood to commit credit card abuse rather than the behavioral manifestations of credit card misuse. SCCMI provides a new tool for marketers and public policy makers for ethically responsible credit card marketing and regulation to protect youths' benefits.

This book explores the personal savings and credit discourses surrounding post-war British consumer culture. This cultural history highlights the contradictory meanings of home ownership, domesticity, women's consumerism, and banking deregulation that underwrote unprecedented financial crisis and consumer indebtedness.

Consumer over-indebtedness is a growing phenomenon in EU countries. Legislation addressing debt solutions for consumers does not have a long tradition in Italy. In 2012 Italy defined debt settlement procedures to reduce the impact ofover-indebtedness. We build adisequilibriumagent-based model (abm), populated by heterogeneous consumers who behave according to boundedly rational behavioral rules. Through abm model, it will be possible to test the effects of this regulatory framework on the credit market, wealth distribution, and savings. In particular, the probability by means the local Tribunal accepts the consumer plan has an important role to balance between the need to provide an appropriate solution for enabling over-indebted individuals to start over with their lives, on one hand, and economic efficiency that debts should be paid.

Consumer over-indebtedness is a growing phenomenon in EU countries. Legislation addressing debt solutions for consumers does not have a long tradition in Italy. In 2012 Italy defined debt settlement procedures to reduce the impact of over-indebtedness. We build a disequilibrium agent-based model (abm), populated by heterogeneous consumers who behave according to boundedly rational behavioral rules. Through abm model, it will be possible to test the effects of this regulatory framework on the credit market, wealth distribution, and savings. In particular, the probability by means the local Tribunal accepts the consumer plan has an important role to balance between the need to provide an appropriate solution for enabling over-indebted individuals to start over with their lives, on one hand, and economic efficiency that debts should be paid.

In recent years, labour markets have been characterised by stagnant wages, reduced incomes and growing insecurity supplemented by the ongoing proliferation of outstanding payment obligations at almost all levels of economy and society. We draw upon current debates in social and economic theory to explore the disconnect between the deterioration of late capitalism's distributive measures and the relative vitality of consumer cultures, suggesting that the latter relies substantially on immaterial, credit-based payment means to bridge the gap between the fundamental fantasy of 'more and better' and the decline of material productivity denoted by base rate of profit. We then use this disconnect as a breach-point for an in-depth interdisciplinary discussion of the substantive and ideological function of credit.

The main objective of the study is to assess the level of indebtedness and over-indebtedness of Russians. Despite the fact that according to official statistics, the level of household indebtedness in Russia is one of the lowest in the world, the percentage share of non-performing loans is higher than in the countries with a higher level of household indebtedness. During 2015—2017, every fourth of those who had an outstanding loan in Russia spent more than 30% of his or her income on paying back a loan. The reason is that in Russia, within retail lending consumer loans prevail over mortgages. Consumer loans are taken for a short time and at a high interest rate. As a result, debt service of relatively small loans creates a greater burden on the family budget for Russians than in Europe and the United States. In this context, the increase of retail lending can only be sustainable if banks change their business model and transit from short-term consumer credits to long-term loans secured by real estate or other assets.