Debt: The New Safety Net

According to a study conducted by Demos and the Center for Responsible Lending, 44 percent of lowincome indebted households reported that a layoff contributed to their credit-card debt; 20 percent cited medical expenses; 50 percent cited car repairs; and 38 percent cited home repairs. [...] so, unle...

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Bibliographic Details
Published inThe American prospect Vol. 18; no. 5; p. A25
Main Author Draut, Tamara
Format Magazine Article
LanguageEnglish
Published Princeton American Prospect 01.05.2007
Subjects
Credit card industry
Families & family life
Fees & charges
Households
Interest rates
Low income groups
Maternity & paternity leaves
Payday loans
Poverty
Statistical data
Technological change
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Summary:According to a study conducted by Demos and the Center for Responsible Lending, 44 percent of lowincome indebted households reported that a layoff contributed to their credit-card debt; 20 percent cited medical expenses; 50 percent cited car repairs; and 38 percent cited home repairs. [...] so, unleashed by deregulation that lifted interest-rate caps and limits on fees, major banks have underwritten and financed billions of dollars in loans and extracted billions in high interest rates and fees from low-income families with nowhere else to turn.
Bibliography:content type line 24
ObjectType-Commentary-1
SourceType-Magazines-1
ISSN:1049-7285