debt for sale a social history of the credit trap

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Debt For Sale

Author : Brett Williams
ISBN : 0812200780
Genre : Social Science
File Size : 35. 8 MB
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Credit and debt appear to be natural, permanent facets of Americans' lives, but a debt-based economy and debt-financed lifestyles are actually recent inventions. In 1951 Diners Club issued a plastic card that enabled patrons to pay for their meals at select New York City restaurants at the end of each month. Soon other "charge cards" (as they were then known) offered the convenience for travelers throughout the United States to pay for hotels, food, and entertainment on credit. In the 1970s the advent of computers and the deregulation of banking created an explosion in credit card use—and consumer debt. With gigantic national banks and computer systems that allowed variable interest rates, consumer screening, mass mailings, and methods to discipline slow payers with penalties and fees, middle-class Americans experienced a sea change in their lives. Given the enormous profits from issuing credit, banks and chain stores used aggressive marketing to reach Americans experiencing such crises as divorce or unemployment, to help them make ends meet or to persuade them that they could live beyond their means. After banks exhausted the profits from this group of people, they moved into the market for college credit cards and student loans and then into predatory lending (through check-cashing stores and pawnshops) to the poor. In 2003, Americans owed nearly $8 trillion in consumer debt, amounting to 130 percent of their average disposable income. The role of credit and debt in people's lives is one of the most important social and economic issues of our age. Brett Williams provides a sobering and frank investigation of the credit industry and how it came to dominate the lives of most Americans by propelling the social changes that are enacted when an economy is based on debt. Williams argues that credit and debt act to obscure, reproduce, and exacerbate other inequalities. It is in the best interest of the banks, corporations, and their shareholders to keep consumer debt at high levels. By targeting low-income and young people who would not be eligible for credit in other businesses, these companies are able quickly to gain a stranglehold on the finances of millions. Throughout, Williams provides firsthand accounts of how Americans from all socioeconomic levels use credit. These vignettes complement the history and technical issues of the credit industry, including strategies people use to manage debt, how credit functions in their lives, how they understand their own indebtedness, and the sometimes tragic impact of massive debt on people's lives.

Payday Lending

Author : Carl Packman
ISBN : 9781137361103
Genre : Business & Economics
File Size : 42. 92 MB
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Payday Lending looks at the growth of the high cost credit industry from the early payday lending industry in the early 1990s to its development in the US as a highly profitable industry around the world.

The Oxford Handbook Of The History Of Consumption

Author : Frank Trentmann
ISBN : 9780199561216
Genre : Business & Economics
File Size : 26. 27 MB
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The Oxford Handbook of the History of Consumption offers a timely overview of how our understanding of consumption in history has changed in the last generation.

The Dark Side Of Prosperity

Author : Mark Horsley
ISBN : 9781472436597
Genre : Social Science
File Size : 58. 56 MB
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This book offers a critical analysis of consumer credit markets and the growth of outstanding debt, presenting in-depth interview material to explore the phenomenon of mass indebtedness through the life trajectories of self-identified debtors struggling with the pressures of owing money. A rich and original qualitative study of the close relationship between financial capitalism, consumer aspirations, social exclusion and the proliferation of personal indebtedness, The Dark Side of Prosperity examines questions of social identity, subjectivity and consumer motivation in close connection with the socio-cultural ideals of an ‘enjoyment society’ that binds the value of the lives of individuals to the endless acquisition and disposal of pecuniary resources and lifestyle symbols. Critically engaging with the work of Giddens, Beck and Bauman, this volume draws on the thought of contemporary philosophers including Žižek, Badiou and Rancière to consider the possibility that the expansion of outstanding consumer credit, despite its many consequences, may be integral to the construction of social identity in a radically indeterminate and increasingly divided society. A ground-breaking work of critical social research this book will appeal to scholars of social theory, contemporary philosophy and political and economic sociology, as well as those with interests in consumer credit and cultures of indebtedness.

Mobilizing Bolivia S Displaced

Author : Nicole Fabricant
ISBN : 9780807837511
Genre : Social Science
File Size : 84. 17 MB
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The election of Evo Morales as Bolivia's president in 2005 made him his nation's first indigenous head of state, a watershed victory for social activists and Native peoples. El Movimiento Sin Tierra (MST), or the Landless Peasant Movement, played a significant role in bringing Morales to power. Following in the tradition of the well-known Brazilian Landless movement, Bolivia's MST activists seized unproductive land and built farming collectives as a means of resistance to large-scale export-oriented agriculture. In Mobilizing Bolivia's Displaced, Nicole Fabricant illustrates how landless peasants politicized indigeneity to shape grassroots land politics, reform the state, and secure human and cultural rights for Native peoples. Fabricant takes readers into the personal spaces of home and work, on long bus rides, and into meetings and newly built MST settlements to show how, in response to displacement, Indigenous identity is becoming ever more dynamic and adaptive. In addition to advancing this rich definition of indigeneity, she explores the ways in which Morales has found himself at odds with Indigenous activists and, in so doing, shows that Indigenous people have a far more complex relationship to Morales than is generally understood.

Consumer Debt

Author : Joseph Tardiff
ISBN : PSU:000068292225
Genre : Business & Economics
File Size : 43. 68 MB
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Presents articles both supporting and opposing issues related to consumer debt, including whether it is bad for the economy, if credit cards are good for consumers, and the pitfalls of declaring bankruptcy.

The Debt Trap

Author : Cheryl Payer
ISBN : 9780853453765
Genre : Business & Economics
File Size : 66. 4 MB
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Through case studies the author demonstrates how the International Monetary Fund has hindered the efforts of poor countries to achieve economic stability. Bibliogs

American Book Publishing Record

Author :
ISBN : UOM:39015066180459
Genre : American literature
File Size : 27. 36 MB
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The Debt Trap

Author : Sebastien Canderle
ISBN : 9780857195418
Genre : Business & Economics
File Size : 20. 37 MB
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This is the inside story of private equity dealmaking. Over the last 40 years, LBO fund managers have demonstrated that they are good at making money for themselves and their investors. But when one looks beneath the surface of the transactions they engineer, it is apparent that these deals can, at times, go spectacularly wrong. Through 14 business stories, all emanating from the noughties' credit bubble and including headline-grabbing names like Caesars, Debenhams, EMI, Hertz, Seat Pagine Gialle and TXU, The Debt Trap shows how, via controversial practices like quick flips, repeat dividend recaps, heavy cost-cutting and asset-stripping, leveraged buyouts changed, for better or for worse, the way private companies are financed and managed today. From technological disruption in the worlds of music recording and business-directory publishing to economic turbulence in the gambling, real estate and energy sectors, highly levered corporations are often incapable of handling market corrections when debt commitments start piling up. Behind the historical events and the financial empires erected by some of the elite private equity specialists, these 14 in-depth case studies examine how value-maximising techniques and a short-cut mentality can impact investment returns and portfolio assets. Whether you are a PE practitioner, investor, business manager, academic or business student, you will find The Debt Trap to be an authoritative and fascinating account.

Journal Of Economic Literature

Author :
ISBN : UCSD:31822004348454
Genre : Economics
File Size : 81. 16 MB
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