A Matter of Life and Debt. Jabulani Leffall.
by Leffall, Jabulani; ProQuest Information and Learning Company.
Series: SIRS Enduring Issues 2004Article 27Business. Publisher: Dollars and Sense, 2003ISSN: 1522-3191;.Subject(s): African American consumers | Banks and banking -- Corrupt practices | Check cashing services | Citigroup Inc | Discrimination in mortgage loans | Household International | Loans -- Law and legislation | Predatory lendingDDC classification: 050 Summary: "Think of it as a word problem. Problem is the operative word: If 'company A' lends $50,000 to 'consumer F' at an interest rate 7 points above the prime rate, charging finance fees equal to 10% of the loan and a prepayment penalty, how long would it take for consumer F to pay back the interest, let alone the principal? Sound complicated? Well it is and that's how the lenders want it to be." (DOLLARS AND SENSE) This article discusses the "complex equation...known as predatory lending--loans made with abusive terms like hidden or excessive fees and foreclosure defaults" aimed mostly at the black community.| Item type | Current location | Call number | Status | Date due |
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High School - old - to delete | REF SIRS 2004 Business Article 27 (Browse shelf) | Available |
Articles Contained in SIRS Enduring Issues 2004.
Originally Published: A Matter of Life and Debt, March/April 2003; pp. 28+.
"Think of it as a word problem. Problem is the operative word: If 'company A' lends $50,000 to 'consumer F' at an interest rate 7 points above the prime rate, charging finance fees equal to 10% of the loan and a prepayment penalty, how long would it take for consumer F to pay back the interest, let alone the principal? Sound complicated? Well it is and that's how the lenders want it to be." (DOLLARS AND SENSE) This article discusses the "complex equation...known as predatory lending--loans made with abusive terms like hidden or excessive fees and foreclosure defaults" aimed mostly at the black community.
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