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Payday lending into the UK: the regul(aris)ation of the evil that is necessary?

Среда, 6 января 2021

Payday lending into the UK: the regul(aris)ation of the evil that is necessary?

Abstract

Concern concerning the increasing usage of payday financing led great britain’s Financial Conduct Authority to introduce landmark reforms in 2014/15. While these reforms have actually generally speaking been welcomed as an easy way of curbing ‘extortionate’ and ‘predatory’ lending, this paper presents a far more nuanced image centered on a theoretically-informed analysis for the development and nature of payday financing coupled with initial and rigorous qualitative interviews with clients. We argue that payday financing has exploded because of three major and inter-related styles: growing earnings insecurity for folks both in and away from work; cuts in state welfare supply; and financialisation that is increasing. Present reforms of payday financing do absolutely nothing to tackle these causes. Our research additionally makes a major share to debates concerning the ‘everyday life’ of financialisation by concentrating on the ‘lived experience’ of borrowers. Читать новость полностью…


 
 
   
 

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