Do Consumers Rely More Heavily on Credit Cards While Unemployed?

Previous literature has shown that a consumer's payment preferences are correlated with his or her demographic profile and finances. Age, education, employment status, income, credit limits, asset holdings, and a variety of other factors can all contribute to a consumer's payment. Additionally, there is evidence that expectations about the future state of these factors can contribute to a consumer's use of available payment instruments. This report assesses how households change their use of credit cards during periods of unemployment. This issue has important policy implications. The way......(read more)

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