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Author: Brett Williams
Publisher: University of Pennsylvania Press
ISBN: 0812200780
Category : Social Science
Languages : en
Pages : 161
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Book Description
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.
Author: Brett Williams
Publisher: University of Pennsylvania Press
ISBN: 0812200780
Category : Social Science
Languages : en
Pages : 161
Get Book Here
Book Description
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.
Author: Jake Halpern
Publisher: Macmillan + ORM
ISBN: 0374711240
Category : True Crime
Languages : en
Pages : 193
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Book Description
The Federal Trade Commission receives more complaints about rogue debt collecting than about any activity besides identity theft. Dramatically and entertainingly, Bad Paper reveals why. It tells the story of Aaron Siegel, a former banking executive, and Brandon Wilson, a former armed robber, who become partners and go in quest of "paper"—the uncollected debts that are sold off by banks for pennies on the dollar. As Aaron and Brandon learn, the world of consumer debt collection is an unregulated shadowland where operators often make unwarranted threats and even collect debts that are not theirs. Introducing an unforgettable cast of strivers and rogues, Jake Halpern chronicles their lives as they manage high-pressure call centers, hunt for paper in Las Vegas casinos, and meet in parked cars to sell the social security numbers and account information of unsuspecting consumers. He also tracks a "package" of debt that is stolen by unscrupulous collectors, leading to a dramatic showdown with guns in a Buffalo corner store. Along the way, he reveals the human cost of a system that compounds the troubles of hardworking Americans and permits banks to ignore their former customers. The result is a vital exposé that is also a bravura feat of storytelling.
Author:
Publisher:
ISBN: 9781602482104
Category : Consumer credit
Languages : en
Pages : 0
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Book Description
Author: Dave Ramsey
Publisher: Thomas Nelson
ISBN: 1595555285
Category : Business & Economics
Languages : en
Pages : 266
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Book Description
Do you want to build a budget that actually works for you? Are you ready to transform your relationship with money? This New York Times bestseller has already helped millions of people just like you learn how to develop everyday money-saving habits with the help of America's favorite personal finance expert, Dave Ramsey. By now, you've already heard all of the nutty get-rich-quick schemes and the fiscal diet fads that leave you with a lot of quirky ideas but not a penny in your pocket. If you're tired of the lies and sick of the false promises, Dave is here to provide practical, long-term help. The Total Money Makeover is the simplest, most straightforward game plan for completely changing your finances. And, best of all, these principles are based on results, not pie-in-the-sky fantasies. This is the financial reset you've been looking for. The Total Money Makeover: Classic Edition will give you the tools and the encouragement you need to: Design a sure-fire plan for paying off all debt--from your cars to your home and everything in between using the debt snowball method Break bad habits and make lasting changes when it comes to your relationship with money Recognize the 10 most dangerous money myths Secure a healthy nest egg for emergencies and set yourself up for retirement Become financially healthy for life Live like no one else, so later you can LIVE (and GIVE) like no one else! This edition of The Total Money Makeover includes new, expanded "Dave Rants" that tackle marriage conflict, college debt, and so much more. The Total Money Makeover: Classic Edition also includes brand new back-of-the-book resources to help you make The Total Money Makeover your new reality.
Author: Michael Pellegrino
Publisher: Simon and Schuster
ISBN: 1510715215
Category : Business & Economics
Languages : en
Pages : 263
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Book Description
With this nuts-and-bolts guide, both savvy and novice investors can discover the secrets to profiting from personal and corporate debt, including municipal tax liens, defaulted credit card debt, discount promissory notes, mortgage foreclosures, and micro loans. Anyone can participate in these investments, but not all of these options are as easy as calling a broker – they require some legwork and research – so many of these opportunities often go untapped. While there are many books on alternative investment ideas, none provide this level of practical information and advice. How To Invest in Debt provides everything readers need to capitalize on these investments. Readers will discover: How to find and purchase debt at a deep discount How to do effective due diligence and pick the ones that are most likely to pay off How to collect debt, and the secrets to making short-term high interest loans Buying future streams of cash flow Overcoming what could go wrong before it happens And much more. Dozens of charts, table, forms, spreadsheets, and diagrams empower readers to get started right away, with all the tools they will need to collect and analyze data and pursue the most profitable opportunities. How To Invest in Debt shows that if you're willing to do the work, you can profit from debt.
Author: United States
Publisher:
ISBN:
Category : Law
Languages : en
Pages : 1722
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Book Description
Author:
Publisher:
ISBN:
Category : Finance
Languages : en
Pages :
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Book Description
Author: Dave Ramsey
Publisher: Thomas Nelson
ISBN: 1418572276
Category : Business & Economics
Languages : en
Pages : 253
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Book Description
A simple, straight-forward game plan for completely making over your money habits! Best-selling author and radio host Dave Ramsey is your personal coach in this informative and interactive companion to the highly successful New York Times bestseller The Total Money Makeover. With inspiring real-life stories and thought-provoking questionnaires, this workbook will help you achieve financial fitness as you daily work out those newly defined money muscles. Ramsey will motivate you to immediate action, so you can: Set up an emergency fund (believe me, you're going to need it) Pay off your home mortgage?it is possible. Prepare for college funding (your kids will love you for it) Maximize your retirement investing so you can live your golden years in financial peace Build wealth like crazy! With incentive exercises that really do exercise your spending and saving habits, Ramsey will get your mind and your money working to make your life free of fiscal stress and strain. It's a no-nonsense plan that will not only make over your money habits, but it will also completely transform your life.
Author: Frank N. Newman
Publisher: Hillcrest Publishing Group
ISBN: 1626520380
Category : Business & Economics
Languages : en
Pages : 105
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Book Description
America is unjustly worried about "national debt," believing it can no longer do the many things that mark it as a great nation. Discussions of national undertakings including infrastructure repair, jobs programs, military modernization, and disease prevention - have all been stifled through fear of insolvency. America has convinced itself that it can no longer afford, as a nation, to do many of the productive things that it has done so well over its history. That's a great shame, because America remains a nation of tremendous resources in every sense, and the underlying assumptions about U.S. government financial instruments are not correct. America can never face the debt problems of nations like Greece, thanks to its fundamentally different financial system. This short book explains why such fears should not hold back America, and why even the expression "national debt" is neither meaningful nor appropriate for the United States.
Author: Alexander Wakelam
Publisher: Routledge
ISBN: 0429647921
Category : Business & Economics
Languages : en
Pages : 261
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Book Description
Throughout the eighteenth century hundreds of thousands of men and women were cast into prison for failing to pay their debts. This apparently illogical system where debtors were kept away from their places of work remained popular with creditors into the nineteenth century even as Britain witnessed industrialisation, market growth, and the increasing sophistication of commerce, as the debtors’ prisons proved surprisingly effective. Due to insufficient early modern currency, almost every exchange was reliant upon the use of credit based upon personal reputation rather than defined collateral, making the lives of traders inherently precarious as they struggled to extract payments based on little more than promises. This book shows how traders turned to debtors’ prisons to give those promises defined consequences, the system functioning as a tool of coercive contract enforcement rather than oppression of the poor. Credit and Debt demonstrates for the first time the fundamental contribution of debt imprisonment to the early modern economy and reveals how traders made use of existing institutions to alleviate the instabilities of commerce in the context of unprecedented market growth. This book will be of interest to scholars and researchers in economic history and early modern British history.
