LEADER 04717nam 22006615 450 001 9910781881003321 005 20210315212135.0 010 $a1-283-21125-4 010 $a9786613211255 010 $a0-8122-0078-0 024 7 $a10.9783/9780812200782 035 $a(CKB)2550000000051259 035 $a(OCoLC)759158277 035 $a(CaPaEBR)ebrary10492033 035 $a(SSID)ssj0000645442 035 $a(PQKBManifestationID)11446470 035 $a(PQKBTitleCode)TC0000645442 035 $a(PQKBWorkID)10682738 035 $a(PQKB)11107796 035 $a(DE-B1597)449226 035 $a(OCoLC)979575934 035 $a(DE-B1597)9780812200782 035 $a(MiAaPQ)EBC3441576 035 $a(EXLCZ)992550000000051259 100 $a20190708d2011 fg 101 0 $aeng 135 $aur|||---||||| 181 $ctxt$2rdacontent 182 $cc$2rdamedia 183 $acr$2rdacarrier 200 10$aDebt for Sale $eA Social History of the Credit Trap /$fBrett Williams 210 1$aPhiladelphia :$cUniversity of Pennsylvania Press,$d[2011] 210 4$dİ2004 215 $a1 online resource (161 p.) 300 $aBibliographic Level Mode of Issuance: Monograph 311 $a0-8122-1886-8 320 $aIncludes bibliographical references (pages 133-147) and index. 327 $tFront matter --$tContents --$t1 Don't Charge This Book! --$t2 Calling All Convenience Users --$t3 Rustling Up Revolvers --$t4 Seducing Students --$t5 Pummeling the Poor --$t6 Search for Solutions --$tNotes --$tIndex --$tAcknowledgments 330 $aCredit 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 1970's 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$8trillion 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. 606 $aConsumer credit$zUnited States 606 $aDebt$zUnited States 610 $aAnthropology. 610 $aBusiness. 610 $aEconomics. 610 $aFolklore. 610 $aLinguistics. 610 $aPolitical Science. 610 $aPublic Policy. 615 0$aConsumer credit 615 0$aDebt 676 $a332.7/43 700 $aWilliams$b Brett$01575518 801 0$bDE-B1597 801 1$bDE-B1597 906 $aBOOK 912 $a9910781881003321 996 $aDebt for Sale$93852549 997 $aUNINA