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 : 87. 76 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 : 65. 41 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.

Creditocracy

Author : Andrew Ross
ISBN : 9781939293398
Genre : Business & Economics
File Size : 88. 37 MB
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It seems like pretty much everybody – homeowners, students, those who are ill and without health insurance, and, of course, credit card holders – is up to their neck in debt that can never be repaid. 77% of US households are seriously indebted and one in seven Americans has been pursued by debt collectors. The major banks are bigger and more profitable than before the 2008 crash, and legislators are all but powerless to bring them to heel. In this forceful, eye-opening survey, Andrew Ross contends that we are in the cruel grip of a creditocracy – where the finance industry commandeers our elected governments and where the citizenry have to take out loans to meet their basic needs. The implications of mass indebtedness for any democracy are profound, and history shows that whenever a creditor class becomes as powerful as Wall Street, the result has been debt bondage for the bulk of the population. Following in the ancient tradition of the jubilee, activists have had some success in repudiating the debts of developing countries. The time is ripe, Ross argues, for a debtors’ movement to use the same kinds of moral and legal arguments to bring relief to household debtors in the North. After examining the varieties of lending that have contributed to the crisis, Ross suggests ways of lifting the burden of illegitimate debts from our backs. Just as important, Creditocracy outlines the kind of alternative economy we need to replace a predatory debt-money system that only benefits the 1%.

The Oxford Handbook Of The History Of Consumption

Author : Frank Trentmann
ISBN : 9780199561216
Genre : Business & Economics
File Size : 85. 83 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 : 33. 33 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 : 74. 94 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.

Credit And Consumer Society

Author : Dawn Burton
ISBN : 041540522X
Genre : Business & Economics
File Size : 84. 97 MB
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The language of credit and debt is almost ubiquitous in daily life. In advanced modern societies, financial institutions and other organizations have become increasingly active in lending money to consumers, and consumers apparently more than willing to take advantage. This groundbreaking new book offers an analysis of this important phenomenon, arguing that we have entered an era in which credit and debt are sanctioned, delivered and collected through new cultural and economic mechanisms. Written in an accessible and straightforward style, the book takes a multi-disciplinary approach, examining consumer credit and debt in both societal and economic contexts. It explores key topics such as: the historical context of credit and debt current theories of a consumer-centred society the credit industry attempts at governmentregulation. Credit and Consumer Society establishes the wider analysis of consumer credit and debt as a discipline in its own right. It is important reading for students and researchers in business and management, finance, public policy and sociology, as well as for policy makers and consumer groups working directly in this field.

Consumer Debt

Author : Joseph Tardiff
ISBN : PSU:000068292225
Genre : Business & Economics
File Size : 77. 32 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.

American Book Publishing Record

Author :
ISBN : UOM:39015066180459
Genre : American literature
File Size : 20. 15 MB
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Is American Society Too Materialistic

Author : Ronald D. Lankford
ISBN : 0737733969
Genre : Juvenile Nonfiction
File Size : 72. 99 MB
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Essays look at historical spending patters of consumers in the United States and compare it to the current trend, which emphasizes spending and discourages saving, showing both the positive and negative aspects of materialism and spending.

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