Climbing the ladder
The Atlantic talks to the author of a new book, The Unbanking of America, about why people with less money pay steep fees for payday lending and other “alternative financial products.” She finds that most people who use these services are well aware they’re paying more than they should for the services. And plenty have credit cards they could use. But those options just don’t fit their immediate needs. Click through for plenty of examples.
Settling discrimination claims
JP Morgan Chase will reportedly pay $55 million to settle allegations that it discriminated against minority mortgage borrowers. The Washington Post reports the lawsuit alleged the bank charged at least 53,000 black and Hispanic borrowers more than white borrowers with the same credit scores. The Post talks to one expert who says the settlement amount is “small.” And JP Morgan Chase didn’t admit guilt.
“American” by flickr user Thomas Hawk, CC by-NC.