Professor Howard Karger
“[Payday lenders] are targeting the financially strapped middle class - those with incomes who are asset poor and debt rich… There is a trend to opening stores in suburban malls.”
Professor Howard Karger, author of Shortchanged : Life and Debt in the Fringe Economy, warns that payday loan shops are spreading into middle class neighborhoods…
According to an article by Gail Liberman and Alan Lavine, payday lenders are appearing in affluent, middle-class neighborhoods such as North Palm Beach, Fla., and trendy areas of Houston.
Professor Karger notes that some payday loan shops sport bank-like appearances to match their middle-class surroundings:
“Some resemble well-appointed banks, complete with faux leather business chairs.”
Howard Karger is Professor of Social Policy at the University of Houston.
Source: Courting the Cash-Strapped - Bank Alternatives Look for Big Payday in Middle America by Gail Liberman and Alan Lavine (MarketWatch)
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