Payday advances, pawn stores, and check-cashing services provide low-income earners money that is easy high rates of interest. Madeleine Brand talks with Howard Karger, writer of Shortchanged: Life and Debt when you look at the Fringe Economy , research of predatory lending and its own professionals and clients.
MADELEINE BRAND, host:
This is certainly DAILY. I’m Madeleine Brand.
Imagine, if you will definitely, an industry that is multibillion-dollar revenue by attempting to sell absolutely nothing. Inside the brand new book “Shortchanged,” Howard Karger papers the dark part into the US economy, companies that fee excessive charges and give loans whose terms tend to be impractical to satisfy. Their clients: the working bad and middle income, who become entangled in a vicious period of high interest levels and steadily increasing financial obligation. Howard Karger claims this fringe economy exhibits itself in many methods.继续阅读