Consumer Finance

Our Consumer Finance Institute researches how people earn, spend, save, and invest, as well as how credit markets and payment systems affect the economy. Our goal is to foster a healthy consumer sector, a stable financial system, and a resilient regional and national economy.

Examining Resolution of Mortgage Forbearances and Delinquencies – August 2021

The Risk Assessment, Data Analysis, and Research (RADAR) Group has created a monthly report examining mortgage forbearances and delinquencies.

Consumer Credit

Working Paper

A Tale of Two Bailouts: Effects of TARP and PPP on Subprime Consumer Debt

WP 21-32 – High levels of subprime consumer debt can create social problems. We test the effects of the Troubled Asset Relief Program (TARP) and Paycheck Protection Program (PPP) bailouts during the Global Financial Crisis and COVID-19 crisis, respectively, on this debt.

CFI COVID-19 Survey of Consumers – Cautious Optimism Reigns in Wave 9

This report shares results from Wave 9 of a national survey of consumers investigating the effects of COVID-19 on employment and income data, including expectations for income in 2021 and information on financial security over the next three to 12 months.

Payment Systems

Discussion Paper

The Future of Cash

DP 21-03 - In many advanced economies around the world, the share of transactions conducted using cash payments has been falling over the past several years.

Overdraft Use During the Pandemic: Insights from the CFI COVID-19 Survey of Consumers

This research brief examines consumers’ experiences with checking account overdrafts since the beginning of the COVID-19 crisis, using responses gathered from a special module in the Federal Reserve Bank of Philadelphia’s Consumer Finance Institute "COVID-19 Survey of Consumers."

CFI in Focus: Understanding Older Student Loan Borrowers

CFI in Focus – The share of student debt held by older borrowers has increased substantially since 2003. This report examines the magnitude of this rise and offers reasons to explain this trend in borrowing.