Discussion Paper
Quick Credit
The Fringe Economy, the Great Recession, and the Welfare State
- 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.
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