“Investing in Our Future”
Historically, minority children face daunting barriers to upward mobility, and their prospects have been further eroded by the Great Recession. However evidence shows us that low-income households escape poverty by saving and investing in assets, an essential message to transmit to their children.
- By David Stoesz, Virginia Commonwealth University and policyAmerica
August 9, 2010
Rapid growth of the “fringe economy”—check-cashers, payday lenders, buy-here-pay-here auto sales, refund anticipation loans, rent-to-own furniture and appliances, auto title loans, and pawnshops—has precipitated a volatile debate about whether such financial services represent an adaptive response to the credit needs of low- and moderate-income families or predatory exploitation of economically hard-pressed consumers.