Debt for Sale

A Social History of the Credit Trap

The business of giving credit is a very lucrative one indeed. Banks and lending institutions often go the extra mile in trying to hand you that credit card or loan facility.

But today, they have ventured beyond the usual clientele of middle class workers and convenience users. What has proven to be more aggressive is making loans to those who do not deserve credit in the first place – the poor, uneducated and financially imprudent. By offering loans to these usually marginalised strata, banks have the excuse to charge a higher interest rate to compensate for the heightened risks involved.

This system of predatory lending is taking its root deep into the American society and author Brett Williams is right on the money with her thorough analysis and insightful interviews. Highly recommended read.