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Full Description
Publisher's Weekly Top 10 Fall Release in Business and Economics
A consumer credit industry insider-turned-outsider explains how banks lure Americans deep into debt, and how to break the cycle.
Delinquent takes readers on a journey from Capital One's headquarters to street corners in Detroit, kitchen tables in Sacramento, and other places where debt affects people's everyday lives. Uncovering the true costs of consumer credit to American families in addition to the benefits, investigative journalist Elena Botella—formerly an industry insider who helped set credit policy at Capital One—reveals the underhanded and often predatory ways that banks induce American borrowers into debt they can't pay back.
Combining Botella's insights from the banking industry, quantitative data, and research findings as well as personal stories from interviews with indebted families around the country, Delinquent provides a relatable and humane entry into understanding debt. Botella exposes the ways that bank marketing, product design, and customer management strategies exploit our common weaknesses and fantasies in how we think about money, and she also demonstrates why competition between banks has failed to make life better for Americans in debt. Delinquent asks: How can we make credit available to those who need it, responsibly and without causing harm? Looking to the future, Botella presents a thorough and incisive plan for reckoning with and reforming the industry.
Contents
Contents
List of Illustrations
Preface
A Note
PART I THE PRINCIPAL ARGUMENT
1. The Time before the Debt Machine
2. How the Machine Was Built
3. The Debtor Class
4. A Broken Net
5. The Quickest Levers
PART II THE INTEREST ARGUMENT
6. Divergent
7. A Fair Deal
PART III THE FUTURE
8. The Last Frontier
9. Transformational Lending
Acknowledgments
Appendix A: About My Research Process
Appendix B: Advice for Consumers
Notes
Index
