Working Poor - The Working Poor as Prey Where loan sharks...

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
The Working Poor as Prey Where loan sharks and con men once ruled, big business is making a killing. Froma Harrop (is a columnist for the Providence Journal) The working poor make great victims. They are often trusting and financially unsophisticated, and with wages stagnant, they're desperate for cash. These folks hold jobs, so they have a money stream and possibly equity in their homes - all ripe for plunder. Corporate America has decided there's gold in draining the low-income masses of what little they have. Loan sharks and con artists once dominated this territory, but big businesses have moved in and are proving to be far smoother than the mugs who break legs. Their legal fine print can trap the uneducated in outrageous debt contracts without rousing the authorities. You've all heard of J.D. Byrider, the used-car chain with the jaunty jingle. In 2005, Roxanne Tsosie, a home health-care aide in Albuquerque, N.M., went there and bought a Saturn with 103,000 miles for $7,922. She borrowed the entire amount at an interest rate of nearly 25 percent.
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 09/13/2011 for the course LEARNING L 110 taught by Professor Afrancis during the Spring '11 term at Community College of Philadelphia.

Page1 / 2

Working Poor - The Working Poor as Prey Where loan sharks...

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online