Book contents
- Frontmatter
- Contents
- Figures and Tables
- Acknowledgments
- Introduction
- PART I THE BASICS OF PAYMENT CARDS
- PART II EASY MONEY
- PART III THE PUZZLE OF PAYMENT CARDS
- PART IV REFORMING PAYMENT SYSTEMS
- PART V OPTIMIZING CONSUMER CREDIT MARKETS AND BANKRUPTCY POLICY
- Conclusion
- Appendix: Country-Level Data
- Notes
- Bibliography
- Index
PART III - THE PUZZLE OF PAYMENT CARDS
Published online by Cambridge University Press: 06 July 2010
- Frontmatter
- Contents
- Figures and Tables
- Acknowledgments
- Introduction
- PART I THE BASICS OF PAYMENT CARDS
- PART II EASY MONEY
- PART III THE PUZZLE OF PAYMENT CARDS
- PART IV REFORMING PAYMENT SYSTEMS
- PART V OPTIMIZING CONSUMER CREDIT MARKETS AND BANKRUPTCY POLICY
- Conclusion
- Appendix: Country-Level Data
- Notes
- Bibliography
- Index
Summary
Although the spending and borrowing problems might be more serious in the United States than in most other countries, there is no obvious reason why payment cards should have more or qualitatively different adverse effects in the United States than they have elsewhere. Indeed, Part II suggests that the problem is not unique to the United States.
The comparative discussion that follows is central to explaining the United States card market. It shows that the early rise of the credit card in the United States has caused the United States to become overly dependent on a credit-dominant pattern of card use that is literally unparalleled in any other country. Without an understanding of the reasons why other countries have come to a different pattern, it is impossible to develop a coherent understanding of the card, its effects, and its resilience in the face of policy initiatives designed to shape its use.
- Type
- Chapter
- Information
- Charging AheadThe Growth and Regulation of Payment Card Markets around the World, pp. 73 - 74Publisher: Cambridge University PressPrint publication year: 2006