Shortchanged: Life and Debt in the Fringe Economy
""Shortchanged"" takes an uncompromising look at the corporate vultures that prey on America's working class. Made up of pawnshops, payday lenders, check cashers, credit card companies and the like, the fringe economy entices vulnerable consumers into an economic netherworld of high interest rates and ever-increasing debt. The book examines the factors behind the fringe economy's rise -- stagnant wages, rising numbers of working poor, and the 12 million U.S. households without bank accounts -- and investigates the sleazy practices -- instant credit, cash-for-your-title loans, predatory mortgage lending, E-Z home equity loans -- that result in phenomenal growth for the industry and a nightmare for the consumer. Powerful analysis is combined with moving personal stories of the mothers, fathers, and families whose lives have been put on the line for the perpetuation of this economy. Ruthless, compelling, outrageous, and often enraging, ""Shortchanged"" puts the spotlight on the shady side of America's economic underbelly.
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Shortchanged : Life and Debt in the Fringe Economy (Bk Currents)User Review - Not Available - Book Verdict
Low-income consumers-and, increasingly, the financially strapped middle class-serve as prey in the predatory economic food chain of what Karger coins the "fringe economy." (Buy-here-pay-here outlets ... Read full review
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ACE Cash Express auto insurers auto title average balance bankruptcy BHPH borrower’s borrowers cardholders Carlotta Cash America CCAs CCIs Center charges check cashers check-cashing corporations cost credit card debt credit counseling credit counseling agencies credit history credit scores credit unions credit-challenged creditors customer’s customers dealers earn EITC example Federal Reserve filing financial institutions financial services foreclosure franchised fringe auto fringe economy H&R Block high interest home buyers home equity homeowners households Ibid income industry interest rates Jackson Hewitt loan terms ment middle class million month monthly payments mortgage National nonprofit offer ofthe option paid pawnshops payday lenders payday loans poor predatory lending profit purchase refinancing rent Rent-A-Center rent-to-own require retail sector secured sell subprime lenders subprime loans sumers tax preparation tax refund there’s Title Loans transactions unbanked used-car usury vehicle Visa Wal-Mart