Eight Creating a legacy of long-term indebtedness: the toxic impact of payday loans in Wolverhampton
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Steve Iafrati
Abstract
Morals and markets is the theme in Chapter Eight, which examines the rise of payday loans as a means to satisfy financial needs outside the realms of statutory provision. In the context of the geographically uneven incidence of poverty and the multiple economic disadvantages faced by deindustrialised locales in the UK, this chapter focuses attention on the essential problems of household strategies to deal with poverty, but in particularly challenging times, given the combination of cost-of-living increases, frozen benefit levels and reduced eligibility for housing support. While payday loans have been the subject of much recent policy and media attention, the case study of Wolverhampton presented in this chapter demonstrates the inadequacy of supply-led regulation in the face of increasing demand, and a lack of willingness on the part of policy makers to recognise the structural causes of this demand. The final discussion further reflects on the alternative possibilities for policy within the limits of ‘responsible capitalism.’
Abstract
Morals and markets is the theme in Chapter Eight, which examines the rise of payday loans as a means to satisfy financial needs outside the realms of statutory provision. In the context of the geographically uneven incidence of poverty and the multiple economic disadvantages faced by deindustrialised locales in the UK, this chapter focuses attention on the essential problems of household strategies to deal with poverty, but in particularly challenging times, given the combination of cost-of-living increases, frozen benefit levels and reduced eligibility for housing support. While payday loans have been the subject of much recent policy and media attention, the case study of Wolverhampton presented in this chapter demonstrates the inadequacy of supply-led regulation in the face of increasing demand, and a lack of willingness on the part of policy makers to recognise the structural causes of this demand. The final discussion further reflects on the alternative possibilities for policy within the limits of ‘responsible capitalism.’
Kapitel in diesem Buch
- Front Matter i
- Contents iii
- List of figures and tables v
- Notes on contributors vii
- Introduction 1
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The British welfare state
- Economic crisis, work–life balance and class 11
- Towards a fairer pension system for women? Assessing the impact of recent pension changes on women 29
- Warehouse, marketise, shelter, juridify: on the political economy and governance of extending school participation in England 47
- The political economy of taxation in the 21st-century UK 65
- Occupational and fiscal welfare in times of crisis 85
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The Social Policy Association Conference 2013
- Better to satisfy the coroner than the auditor: social policy delivery in challenging times 103
- Social Impact Bonds: shifting the boundaries of citizenship 119
- Creating a legacy of long-term indebtedness: the toxic impact of payday loans in Wolverhampton 137
- No future to risk? The impact of economic crises and austerity on young people at the margins of European employment and welfare settings 155
- Aristotle on the front line 181
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Towards integrated services? The integration of social policies and other policy domains
- Integration of social and labour market policy institutions: towards more control and responsiveness? 201
- Decentralised integration of social policy domains 221
- Rescaling inequality? Welfare reform and local variation in social assistance payments 239
- The competition–collaboration dilemma: the perverse effects of mixed service integration policy approaches in Queensland 259
- Developing integration of health and social care in England 279
- Index 295
Kapitel in diesem Buch
- Front Matter i
- Contents iii
- List of figures and tables v
- Notes on contributors vii
- Introduction 1
-
The British welfare state
- Economic crisis, work–life balance and class 11
- Towards a fairer pension system for women? Assessing the impact of recent pension changes on women 29
- Warehouse, marketise, shelter, juridify: on the political economy and governance of extending school participation in England 47
- The political economy of taxation in the 21st-century UK 65
- Occupational and fiscal welfare in times of crisis 85
-
The Social Policy Association Conference 2013
- Better to satisfy the coroner than the auditor: social policy delivery in challenging times 103
- Social Impact Bonds: shifting the boundaries of citizenship 119
- Creating a legacy of long-term indebtedness: the toxic impact of payday loans in Wolverhampton 137
- No future to risk? The impact of economic crises and austerity on young people at the margins of European employment and welfare settings 155
- Aristotle on the front line 181
-
Towards integrated services? The integration of social policies and other policy domains
- Integration of social and labour market policy institutions: towards more control and responsiveness? 201
- Decentralised integration of social policy domains 221
- Rescaling inequality? Welfare reform and local variation in social assistance payments 239
- The competition–collaboration dilemma: the perverse effects of mixed service integration policy approaches in Queensland 259
- Developing integration of health and social care in England 279
- Index 295
