Credit card cheques as a demerit good
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The government has announced a move to ban credit card cheques addressing the issue of the soaring value of UK consumer debt. The move is part of a broader range of measures that attempts to partly bridge the informational failures (and resultant market failure) that lead to consumers inadvertently taking on debt that is beyond their means; and this recent measure highlights the government’s view on it as a demerit good.
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