From Pawnshops to Poverty, Inc. How the Working Poor Became Big Business by ... Paste Magazine
Is the story of the poverty industry, the network of subprime mortgage brokers, pawnbrokers, and payday lenders who keep poor Americans poor by charging exorbitant fees and usurious interest rates for services their customers otherwise wouldn’t have at all. People living paycheck to paycheck may pay monthly fees to carry credit cards with interest of 29 percent. They may buy appliances and furniture through a rent-to-own store, making small payments that add up over time to two or three times what the items are worth. They may sell their future tax refunds at a steep discount, like Esau begging for a mess of pottage. They may pawn their guitars, their jewelry, or the titles to their cars.Or they may, in effect, pawn their next paychecks. Rivlin says, “Payday lending was a late entry in the Poverty, Inc. phenomenon—the first payday lender didn’t go public until 2004—but it is at once more pervasive than any of its scruffy, low-rent cousins and far more controversial.” shows us what the controversy is made of, visiting the Las Vegas trade show of FiSCA, the Financial Service Centers of America, “a rebranding at once more respectable and opaque.”
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Matheny lost his home in legal fight with bank over business debt He owns a 400-acre farm in West Virginia, a house for his parents in Ohio, and, at least as recently as 2009, interest in a Long Island real estate development project, according to court records. Matheny also runs a charitable organization, and more » |