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Debtor nation
Before the twentieth century, personal debt resided on the fringes of the American economy, the province of small-time criminals and struggling merchants. By the end of the century, however, the most profitable corporations and banks in the country lent money to millions of American debtors. How did this happen? The first book to follow the history of personal debt in modern America,Debtor Nationtraces the evolution of debt over the course of the twentieth century, following its transformation from fringe to mainstream--thanks to federal policy, financial innovation, and retail competition.
How did banks begin making personal loans to consumers during the Great Depression? Why did the government invent mortgage-backed securities? Why was all consumer credit, not just mortgages, tax deductible until 1986? Who invented the credit card? Examining the intersection of government and business in everyday life, Louis Hyman takes the reader behind the scenes of the institutions that made modern lending possible: the halls of Congress, the boardrooms of multinationals, and the back rooms of loan sharks. America's newfound indebtedness resulted not from a culture in decline, but from changes in the larger structure of American capitalism that were created, in part, by the choices of the powerful--choices that made lending money to facilitate consumption more profitable than lending to invest in expanded production.
From the origins of car financing to the creation of subprime lending,Debtor Nationpresents a nuanced history of consumer credit practices in the United States and shows how little loans became big business.
eBook
The Value of Debt in Building Wealth
The book of financial wisdom that your future self will thank you for readingFor many adults under 40, 'debt' is a four-letter word—something that should be avoided but is all too often unavoidable. In The Value of Debt in Building Wealth, bestselling author Thomas J. Anderson encourages you to rethink that. You'll walk away from this book with an understanding of how you can use debt wisely to secure the financial future you envision for yourself and your family. Student loans, mortgages, lines of credit, and other forms of debt are all discussed in detail, with a focus on smart planning for those who are accumulating assets—and debt—now. Should you rent or buy? How important is liquidity? What is good versus bad debt? How much debt should you have? What debt-to-income and debt-to-asset ratios should you aim for? Fixed debt or floating debt? What's the best way of saving for college and retirement? These are big questions that deserve thorough answers because the choices you make now could influence the course of your life. This thought-provoking book will open your eyes to savvy financial strategies for achieving your goals faster and with healthier bank accounts. Explore strategies for smart debt management, explained by one of the nation's top financial advisorsGain an understanding of investment basics and key financial concepts you'll need to achieve your long-term goalsUnderstand the risks of having debt and the potential risks of being debt-freeMake financial decisions now that will maximize your wealth, freedom, and opportunity laterThis book is not about buying things you cannot afford. It is about liquidity, flexibility and optimizing your personal balance sheet. The Value of Debt in Building Wealth is full of ideas you can apply to your own situation—no matter what your current asset level. Read this book today and thank yourself later.
eBook
Hidden cameras show questionable sales tactics at alternative lenders
For many Canadians with poor credit, getting a loan from a bank isn't easy. That's where alternative lenders come in, offering quick cash, but at a high cost. CBC's Marketplace went undercover to investigate how these loans are being sold to Canadians.
Streaming Video
Determinants of Default in P2P Lending
This paper studies P2P lending and the factors explaining loan default. This is an important issue because in P2P lending individual investors bear the credit risk, instead of financial institutions, which are experts in dealing with this risk. P2P lenders suffer a severe problem of information asymmetry, because they are at a disadvantage facing the borrower. For this reason, P2P lending sites provide potential lenders with information about borrowers and their loan purpose. They also assign a grade to each loan. The empirical study is based on loans' data collected from Lending Club (N = 24,449) from 2008 to 2014 that are first analyzed by using univariate means tests and survival analysis. Factors explaining default are loan purpose, annual income, current housing situation, credit history and indebtedness. Secondly, a logistic regression model is developed to predict defaults. The grade assigned by the P2P lending site is the most predictive factor of default, but the accuracy of the model is improved by adding other information, especially the borrower's debt level.
Journal Article
Personal debt in Europe : the EU financial market and consumer insolvency
Personal debt remains an important factor in many economic models because it encourages people to use debt to finance consumption. Whether this model is sustainable for individuals or the countries in which they reside is an ongoing question of great complexity and many social and economic implications, not only for the burdened individuals and their countries, but also for the EU as a whole. In Personal Debt in Europe, Federico Ferretti and Daniela Vandone examine the 'dark side' of personal debt, or over-indebtedness, in social and economic terms. They employ cross-country consumer-level data to present the latest empirical studies on the problem, analyse these findings to better understand its nature and causes, and discuss the merits of proposed insolvency legislation and harmonisation initiatives in the EU.
Book
The 21-Day Financial Fast: Day 14
Day 14: Don’t cosign your life awayI asked my Big Mama to cosign on a car loan for me and let me tell you, I thought I was going to cry. She turned me down. ME! The precious granddaughter who modeled her financial life after her own and here she was telling me no. She was so wrong for that. But she was also absolutely right. Many see cosigning as a way to help out a friend or family member who is in need. Part f the reason so many can’t proser is because they are recklessly giving to others in spite of their own financial wellness. Before you agree to cosign, I want you to truly understand what that means and taking the proper measures to protect yourself in the case of a loan gone bad.
Streaming Video