The Consumer Payments Research Center conducts survey, econometric, and theoretical research to contribute to public policy that maximizes the welfare of all members of the economy.
February 2014. In 2009, some consumers found that their credit card limits were reduced.
Now, visiting scholar Scott Fulford is diving into Boston Fed and other data to find out what people did when they lost access to credit during the great recession.
Scott aims to learn what people do when the lose access to credit. Pay down other debt? Reduce spending? Tap into savings?
An assistant professor of economics and international studies at Boston College, Scott has written on U.S. banking history and development economics.
He’s able to bring together deep knowledge of the choices less advantaged people make, understanding of household finance, and insights into monetary and payment systems to this question of credit limits.
Scott is a visiting scholar at the Boston Fed through 2014, so stay tuned.
January 2014. Findings from the 2010 Survey of Consumer Payment Choice show the popularity of payment cards:
January 2014. U.S. consumers kept their cash use high as the economy began to recover in 2010 from the recession. Cash use had increased sharply during the recession year 2009, according to the Survey of Consumer Payment Choice.
Consumers used cash for almost one-third of all their payments in 2009 and 2010, 30 percent and 29 percent, respectively. In contrast, just slightly more than one-fifth of consumer payments were in cash in 2008—22 percent.
“Cash showed surprising staying power early in the economic recovery even though the long-term transformation toward electronic payments continues,” said Boston Fed economist Scott Schuh, director of the Consumer Payments Research Center.