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Credit and Great Amounts of Money Involved, It Is Essential For DOCUMENT RESUME ED 029 950 VT 007 114 Consumer Credit in Family Financial Management. Proceedings of a National Workshop (University of Wisconsin. October 9-12. 1967). American Home Economics Association. Washington. D.C. Pub Date May 68 Note-180p. Available from-American Home Econo. mics Association. 1600 Twentieth Street. NM. Washington. D.C. 20009 ($2.00) EDRS Price MF-S0.75 HC-S9.10 Descriptors-*Conference Reports. Consumer Economics. *Consumer Education. Credit (Finance). Financial Problems. Financial Service& *Home Economics Education. Money Management. Speeches. Teacher Workshops. Workbooks The social invention of consumer credit has expanded greatly during the past 20 years with resultingabuses such as personal overextension of credit or lenders taking an unfair advantage of less knowledgeable consumers. With the new types of credit and great amounts of money involved,itisessential for consumers. distributors, and educators to understand the role of consumer credit in our. economy. The viewpoints and commentsof 35 attorneys. family finance specialists. educators, government officials, business representatives, home economists, and experts in consumer credit were presented at a national workshop attended by 200 home economics leaders. Presentations are classified according to: (1) Consumer Credit in the United States Economy. (2) Problem Users of Credit. (3) Guidelines for Using Credit. (4) Teaching Consumer Credit in Money Management.. and (5) Overview. A workbook on consumer credit, a bibliography. charts and tables*, a roster of participants and a list of regional and state follow-up meetings are included in the document. (FP) U.S. DEPARTMENT OF HEALTH, EDUCATION & WELFARE OFFICE Of EDUCATION THIS DOCUMENT HAS BEEN REPRODUCED EXACTLY AS RECEIVED IRON THE PERSON OR ORGANIZATION ORIGINATING IT.POINTS OF VIEW OR OPINIONS STATED DO NOT NECESSARILY REPRESENT OFFICIAL OFFICE OF EDUCATION POSITION OR POLICY. Proceedings of aNational Workshop CONSUMERCREDIT in Farn4Financial Management University of Wisconsin October 9-12,1967) Sponsored by AmericanHome EconomicsAssociation y Arr. roommor..... "PERMISSION TO PIPRODUCETHIS COPYRIGHTED MATERIALHAS BEEN GRANTED BYfro2/e44., 4wee r TO ERIC AND ORGANIZATIONS OPERATING UNDER AGREEMENTS WITH THE U.S. OFFICEOF EDUCATION. FURTHER REPRODUCTION OUTSIDE $2.00 per copy THE ERIC SYSTEM REQUIRES PERMISSIONOF THE COPYRIGHTOWNER." Copyright © by the AmericanHome Economics Association 1600 Twentieth Street, N.W.,Washington, D. C. 20009 Library of Congress CatalogCard Number 67-31317 10m/5-68/MM FOREWORD The Workshop on Consumer Credit in Family Financial Management is one of several national workshops presented by the American Home Eco- nomics Association in recent years to reinforce the contribution of home economists in areas of broad social concern.In the past decade, hundreds of specialists from diverse areas of home economicsbusiness, education, health and welfare, extension, and researchhave met at workshops to con- sider problems of low-income families, the rehabilitation of handicapped homemakers, and programs for the aging. The Workshop on Consumer Credit was designed to strengthen teach- ing, research, and counseling in family financial management through an examination of the most pressing issues in consumer credit today.Its ob- jectives were: To increase the understanding of the nature and scope of credit in the national economy and in the family unit To extend knowledge of the legal foundations of credit To consider the role of financial institutions, professions, and agen- cies in the area of credit To explore the socio-psychological aspects of credit addiction To identify the contribution of home economics in the area of credit through education, research, counseling, and legislation This collection of papers and other material from the Workshop is in- tended to serve as a resource to home economists and other professional people working in consumer credit or related areas.It is our hope, too, that users and extenders of credit may gain useful insights and knowledgeabout today's credit practices. The Association is grateful to the planning committee, distinguished speakers, panelists, and participants who contributed to the success of the Workshop. HELEN J. MANDIGO, PRESIDENT AMERICAN HOME ECONOMICS ASSOCIATION z Foreword Helen J. Mandigo, President, American Home EconomicsAssociation__ 3 Introduction Louise A. Young, Chairman, Workshop Planning Committee 9 CONSUMER CREDIT IN THE U.S. ECONOMY Consumers and Credit in the Economy George W. Mitchell, Member, Board of Governors of the FederalReserve System 11 Family Use of Credit James N. Morgan, Program Director, Survey ResearchCenter, University of Michigan 16 Historical Development of Consumer Credit Richard L. D. Morse, Head, Department of FamilyEconomics, Kansas State University 20 What is Electronic Data Processing? Claude Rice, Attorney; Rice, Grover, Nugentand Baska, Kansas City, Kansas 27 Universal Credit Cards Bill W. Dixon, Assistant Vice-President, FirstWisconsin National Bank of Milwaukee 31 _ An Electronic Cash and Credit System Robert H. Whitby, Staff Consultant, Booz, Allen & Hamilton,Inc., Man- agement Consultants 36 Some Reflections on an Introductory Course in Economics and Consumer Credit Robert J. Lampman, Professor of Economics, University ofWisconsin__43 11 CONSUMER CREDIT AND THE LAW Consumer Credit and the Law Barbara A. Curran, Research Attorney,American Bar Foundation 47 74-q The Importance of Credit in Our CompetitiveEconomy and the Role of the FederalTrade Commission Mary Gardiner Jones, Commissioner, FederalTrade Commission 53 The Search for Uniform CreditLegislation Cyril J. Jedlicka, Senior Vice-President,City National Bank and Trust Company, Kansas City, Missouri 61 What is Beyond Truth-in-Lending andOther Credit Issues Leslie V. Dix, Director for LegislativeAffairs, President's Committee on Consumer Interests 66 Revolving Credit Plans and the Law Bronson C. La Follette, Attorney General ofWisconsin 70 PROBLEM USERS OF CREDIT Profile of the Problem User of CreditThe Bankrupt Suzanne Matsen, Assistant Professor, Consumer Education,New York State Cooperative Extension, Cornell University 73 A Neighborhood Lawyer's 4-1pproach to theProblems of Consumer Credit J. Kirkwood White, Staff Attorney, Neighborhood LegalKrvices Project, Washington, D. C. 78 Problem Users of Consumer Credit as Seen by aCaseworker Faith S. Goldberg, Caseworker in Financial Counseling,Family Service of St. Paul, Minnesota 87 The Primrose Path front Easy Credit to Bankruptcy Jack N. Eisendrath, Attorney; Eisendrath and Roffa,Milwaukee, Wisconsin93 GUIDELINES FOR USING CREDIT Sources of Credit Barbara Higgins, Family Economics Specialist,University of Massachu- setts Extension Service 98 Cost as a Guideline for Using Credit Albie Rasmussen, Assistant Professor of FamilyEconomics, Kansas State University 104 S. Contracts as a Guide in Using Credit Josephine H. Staab, Professor of Home Management and Family Living, University of Wisconsin 110 Budget Guides Faith Clark, Director, Consumer and Food Economics Research Division, Agricultural Research Service, U.S. Department of Agriculture 117 TEACHING CONSUMER CREDIT IN MONEY MANAGEMENT The Obstinate Audience: Teaching Through Mass Media Faith Prior, Extension Family Economist, University of Vermont Exten- sion Service 122 Teaching in the Classroom Sally R. Campbell, Assistant Director, Money Management Institute, Household Finance Corporation 129 Teaching Through Extension Erna K. Carmichael, Consumer Marketing Specialist, Milwaukee County Extension, Wisconsin 133 Decisions, Dollars, and the Disadvantaged Alice M. Stewart, New York City Extension Specialistin Consumer Education 135 Financial Management Counseling Mary Feeley, Columnist and Money Management Consultant 140 OVERVIEW Means and Ends Ruth L. Bonde, Chairman, Department of Home Economics, Northwestern University 144 The Square Tomato, or A Look to the Future Helen G. Hurd, Professor Emeritus of Sociology, Rutgers University__ 153 Panel: We Take This Home Gwen J. Bymers, Moderator; Professor of Household Economics and Management, New York State College of Home Economics, Cornell Univ.ersity 158 Sarah Manning, Associate Professor, Department of Home Management and Family Economics, Purdue University 158 Myrna P. Crabtree, Director, Home Economics Education, State of New Jersey 159 Betty E. Hawthorne, Dean of Home Economics, Oregon State University 1 6o Nathalie D. Preston, Supervisor of Homemaker Service, Brooklyn Bureau of Social Service and Children's Aid Society 161 Eloise Cofer, Assistant Director of Extension, North Carolina State University 162 APPENDIX Regional and State Follow-Up on Consumer Credit 1 66 Workbook on Consumer Credit 167 Consumer Credit Bibliography 1 73 Department of Defense Table for Computing Approximate Annual Per- centage Rate for Level Monthly Payment Plans 1 75 Applicability of DoD Table to Irregular Installment Payment Contracts: Illustrating Use of Form I 1 76 Illustrating Use of Form II 177 Roster of Workshop Participants 178 The Workshop on Consumer Credit in FamilyFinancial Management was supported in part by the American Home Economics Association Foundation. PLANNING COMMITTEE: Louise A. Young, Extension Home Management Specialist, University of Wis- consin (Chairman) Ruth L Bonde, Chairman, Department of Home Economics, Northwestern University Constance Burgess, Home Management Specialist, University ofCalifornia at Berkeley Gwen J. Bymers, Professor of Household Economics and Management,New
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