Fed's Lacker on the evolution of consumer finance

In the speech 'The evolution of consumer finance' given on 18 May Jeffrey Lacker of the Federal Reserve Bank of Richmond said a wave of innovation in consumer credit markets has driven a surge in credit availability for the average consumer, but that rapid growth has also seen an increase in "bad outcomes".

In the speech given in Norfolk, Virginia, Lacker said "the expansion of retail credit has brought an increase in what one might call 'bad outcomes' - households that face high debt burdens

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