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Less Mainstream Credit, More Payday Borrowing? Evidence from Debt Collection Restrictions

Julia Fonseca - ;

Governments regulate debt collectors to protect consumers from predatory practices. These restrictions may lower repayment, reducing the supply of mainstream credit and increasing demand for alternative credit. Using individual credit record data and a difference-in-differences design comparing consumers in states that tighten restrictions on debt collection to those in neighboring states that do not, I find that restricting collections reduces access to mainstream credit and increases payday borrowing. These findings provide new evidence of substitution between alternative and mainstream credit and point to a trade-off between shielding consumers from certain collection practices and pushing them into higher cost payday lending markets.


Ketersediaan

Call NumberLocationAvailable
PSB lt.dasar - Pascasarjana (Koleksi Majalah)1
PenerbitUSA: The American Finance Association 2023
EdisiVolume 78, Issue 1, February 2023, Pages 63-103
SubjekFinancial distress
Mainstream Credit
Debt Collection Restrictions
ISBN/ISSN1540-6261
KlasifikasiNONE
Deskripsi FisikFirst Published : 14 November 2022
Info Detail SpesifikThe Journal of Finance
Other Version/RelatedTidak tersedia versi lain
Lampiran Berkas
  • https://remote-lib.ui.ac.id:2075/10.1111/jofi.13189

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