Broke, USA

[Angio333]

I am reading a great book called Broke, USA by Gary Rivlin. Its about the whole industry that makes huge money off of the poor - check cashing stores, subprime lenders, etc.

Its really informative. and written in an entertaining way. Its similiar to the style of the book and documentary Maxed Out.

Cherck it out!

Amazon.com: Broke, USA: From Pawnshops to Poverty, Inc. - How the Working Poor Became Big Business: Gary Rivlin: Books

[krantcents]

I have not read the book, however I always wonder why something is not done regarding the ridiculous fees these check cashing stores charge. The rates or fees are similar to those you see in the movies attributed to organized crime.

[ppiclaims]

could be a brilliant read this, going to get it now

[Slug]

Originally Posted by krantcents

I have not read the book, however I always wonder why something is not done regarding the ridiculous fees these check cashing stores charge. The rates or fees are similar to those you see in the movies attributed to organized crime.

Actually a lot is done to limit the rates. Everything is very clearly displayed in the stores in terms of what you pay. The stores stay in business because there are people that need and use them in spite of what a bad deal it seems to the rest of us.

[Frugal]

Thanks for sharing. might check this one out!

[snafu]

If you buy groceries in large chain stores the lower soci/economic district, you will see they charge more for most food than charged in other districts.

[nick__45]

Originally Posted by snafu

If you buy groceries in large chain stores the lower soci/economic district, you will see they charge more for most food than charged in other districts.

Are you sure about this? I know inner city slum grocery stores charge more than suburb stores of the same companies but that has more to do with location and rental cost. However, I doubt that the same store can charge more down the slum than up the street where high earners live. al sharpy and jesse jackal would be all over it if that was the case.

[ppiclaims]

This is true they do clearly show the APR or return rate they will get, but to a laymen or a person in desperate need for drugs money etc... these things do not matter and thats what these companies cash in on! desperation!

[Eric80]

So many people have told me about this! I think I may have to give this a try