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Unbanked But Not Unwise

Mon, 10 Apr 2017 05:00:37 GMT

Tribal Finance Lisa Servon has written a clever, accessible and pin-point clear piece of ethnographic research. It looks at how an underserved and underappreciated tribe, without access to regular financial services, has developed ways and means of coping in their absence. It's also a damning indictment of the organizations that claim to offer them these services. The tribe, of course, is middle class America, and the organizations are the banks that fail to serve them. Many Prices Over here in the UK we've seen a surge in the use of non-traditional, short-term financial lenders - payday loans is the most common form, but we've also seen a rise in the use of pawnbrokers. The typical view of the investing class I occasionally hang out with is that these companies are predators, feeding off the stupidity and poverty of the poorest and most desperate in our society. When I tried to compare the fees charged by these lenders with those offered by mainstream banks I discovered something...