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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| Published in | The American prospect Vol. 18; no. 5; p. A25 |
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| Main Author | |
| Format | Magazine Article |
| Language | English |
| Published |
Princeton
American Prospect
01.05.2007
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| Subjects | |
| Online Access | Get full text |
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| Abstract | 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. |
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| AbstractList | 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. |
| Author | Draut, Tamara |
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| Snippet | According to a study conducted by Demos and the Center for Responsible Lending, 44 percent of lowincome indebted households reported that a layoff contributed... |
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| SubjectTerms | Credit card industry Families & family life Fees & charges Households Interest rates Low income groups Maternity & paternity leaves Payday loans Poverty Statistical data Technological change |
| Title | Debt: The New Safety Net |
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