The Historical Evolution And Reference Of U.S. Consumer Credit

The development of American consumer credit market has a history of more than 100 years, and has formed a set of so far the world's most perfect and efficient consumer credit system. The development of the consumer credit market in the United States is showing different characteristics during each stage of American economy. With the transformation of American economic structure, the size and inner structure of consumer credit market are also presenting the corresponding features.A book published by Goldsmith in 1965 called financial structure and financial development, which point out that there will be an only main financial development path existing in the world. Although different countries may have unequal starting time and development speed, they rarely deviate from this road. Therefore, we have enough reason to believe that the development route of consumer credit market in the world will have a certain pattern. By reviewing the U.S. consumer credit market and summarizing the historical evolution process of the operation characteristics and the development of economic features, we could provide relative references to the development process and trend of China's consumer credit market.This paper is divided into seven chapters:for introduction, the first chapter expatiates the realistic meaning of this paper and summarized domestic and foreign literatures related to this paper. The second chapter presents theoretical basis and related connotations involved, especially emphasizing on the definition of U.S. consumer credit. Chapter 3 make the international comparison of consumer credit, and points out the superiority of the American consumer credit system. The fourth chapter began to enter into the main body part of this paper, outlines the United States by stages of consumer credit market basic evolution process. Chapter 5 expounds the U.S. consumer credit market structure and product innovation, analyse and discusses the background and developing situation of main providers in consumer credit market, and make some basic introduction of the financial products. The sixth chapter is core of the main part, which summarizes the economic features and operation characteristics of the consumer credit market, and explore the essential rule of consumer credit market from the angles of scale and structure. Chapter 7 is the outspread of this paper, by referring to mature development system of U.S. consumer credit market, we try to demonstrate the current consumption credit market development status in the historical development route, and provides reference for the next stage of its development path.