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- Title
Usury Laws and Consumer Credit: A Note.
- Authors
PETERSON, RICHARD L.
- Abstract
The article discusses research pertaining to usury laws and consumer credit. The study indicates that a restrictive usury law will not necessarily reduce the amount of consumer credit used, even by high risk consumers. The research suggests that the cost of substituting point-of-sale credit for cash credit is low enough that consumers can easily make such substitutions when usury laws are restrictive. Researchers speculate that while restrictive usury laws can have a major impact on the structure of credit markets and the availability of cash credit, they are not likely to have a significant effect on the total amount of credit used.
- Subjects
USURY laws; CONSUMER credit laws; POINT-of-sale systems; SUBSTITUTION (Economics); FINANCIAL ratios; INSTALLMENT loans; DEBT management; FINANCE charges; DEBT-to-equity ratio; LAW
- Publication
Journal of Finance (Wiley-Blackwell), 1983, Vol 38, Issue 4, p1299
- ISSN
0022-1082
- Publication type
Article
- DOI
10.1111/j.1540-6261.1983.tb02299.x