Greater Access to Consumer Credit
Impact on Low vs. High Income Groups
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The availability of consumer credit has expandedgreatly during the past twenty years in OECDcountries. While higher income groups long hadaccess to credit, the proliferation of credit cardshas gradually increased access to credit for a widerange of household income groups and in virtuallyall regions of the United States.This paper searches for empirical and econometricevidence on the impact of greater access to consumercredit on savings, investments, and consumptionsacross five income groups. While findings in thispaper show that easier access to credit could havesmoothed the consumption of th...
The availability of consumer credit has expandedgreatly during the past twenty years in OECDcountries. While higher income groups long hadaccess to credit, the proliferation of credit cardshas gradually increased access to credit for a widerange of household income groups and in virtuallyall regions of the United States.This paper searches for empirical and econometricevidence on the impact of greater access to consumercredit on savings, investments, and consumptionsacross five income groups. While findings in thispaper show that easier access to credit could havesmoothed the consumption of the low income quintilegroup and facilitated the welfare of the upper-middle to high-income groups in terms of consumptionand investments, excessive expansion in revolvingcredit decreases the savings rate of almost allincome groups, is expected to reduce long-term andsustainable growth, and subsequently lowers theoverall living standards of most populations in theU.S.
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