{"pk":35311,"title":"Systemic Risk in Consumer Finance","subtitle":null,"abstract":"At the end of the great credit bubble there was still a tremendous amount of borrowing potential in the hands of consumers.  Of the $5 trillion in US credit card lines outstanding only $800 billion was reportedly in use.  So in the spring of 2009, with unemployment and bankruptcy on the rise, the card companies started to purge their books of plastic.  Lenders began unilaterally closing unused accounts in a furious attempt to control costs and reduce exposure.  They also began ‘balance chasing’, the practice of systematically trimming down credit line limits as debts get paid off.","language":null,"license":{"name":"Creative Commons Attribution-ShareAlike 4.0","short_name":"CC BY-SA 4.0","text":"Attribution — You must give appropriate credit, provide a link to the license, and indicate if changes were made. You may do so in any reasonable manner, but not in any way that suggests the licensor endorses you or your use.\n\nShareAlike — If you remix, transform, or build upon the material, you must distribute your contributions under the same license as the original.\n\nNo additional restrictions — You may not apply legal terms or technological measures that legally restrict others from doing anything the license permits.","url":"https://creativecommons.org/licenses/by-sa/4.0"},"keywords":[],"section":"Article","is_remote":false,"remote_url":null,"frozenauthors":[{"first_name":"Martha","middle_name":"","last_name":"Poon","name_suffix":"","institution":"","department":""}],"date_submitted":null,"date_accepted":null,"date_published":"2010-12-19T20:00:00Z","render_galley":null,"galleys":[{"label":"PDF","type":"pdf","path":"https://journalpub.escholarship.org/limn/article/35311/galley/26235/download/"}]}