DOI: / Payday Lending

Transcription

1 DOI: / Payday Lending

2 Other Palgrave Pivot titles Lisa Lau and Om Prakash Dwivedi: Re-Orientalism and Indian Writing in English Chapman Rackaway: Communicating Politics Online G. Douglas Atkins: T.S. Eliot s Christmas Poems: An Essay in Writing-as-Reading and Other Impossible Unions Marsha Berry and Mark Schleser: Mobile Media Making in an Age of Smartphones Isabel Harbaugh: Smallholders and the Non-Farm Transition in Latin America Daniel A. Wagner: Learning and Education in Developing Countries: Research and Policy for the Post-2015 UN Development Goals Murat Ustaoğlu and Ahmet İncekara: Islamic Finance Alternatives for Emerging Economies: Empirical Evidence from Turkey Laurent Bibard: Sexuality and Globalization: An Introduction to a Phenomenology of Sexualities Thorsten Botz-Bornstein and Noreen Abdullah-Khan: The Veil in Kuwait: Gender, Fashion, Identity Vasilis Kostakis and Michel Bauwens: Network Society and Future Scenarios for a Collaborative Economy Tom Watson (editor): Eastern European Perspectives on the Development of Public Relations: Other Voices Erik Paul: Australia as US Client State: The Geopolitics of De-Democratization and Insecurity Floyd Weatherspoon: African-American Males and the U.S. Justice System of Marginalization: A National Tragedy Mark Axelrod: No Symbols Where None Intended: Literary Essays from Laclos to Beckett Paul M. W. Hackett: Facet Theory and the Mapping Sentence: Evolving Philosophy, Use and Application Irwin Wall: France Votes: The Election of François Hollande David J. Staley: Brain, Mind and Internet: A Deep History and Future Georgiy Voloshin: The European Union s Normative Power in Central Asia: Promoting Values and Defending Interests Shane McCorristine: William Corder and the Red Barn Murder: Journeys of the Criminal Body Catherine Blair: Securing Pension Provision: The Challenge of Reforming the Age of Entitlement Zarlasht M. Razeq: UNDP s Engagement with the Private Sector, James Martin: Drugs on the Dark Net: How Cryptomarkets Are Transforming the Global Trade in Illicit Drugs Shin Yamashiro: American Sea Literature: Seascapes, Beach Narratives, and Underwater Explorations Sudershan Goel, Barbara A. Sims, and Ravi Sodhi: Domestic Violence Laws in the United States and India: A Systematic Comparison of Backgrounds and Implications Gregory Sandstrom: Human Extension: An Alternative to Evolutionism, Creationism and Intelligent Design DOI: /

3 Payday Lending: Global Growth of the High-Cost Credit Market Carl Packman Independent Researcher, London, UK DOI: /

4 payday lending Copyright Carl Packman, Softcover reprint of the hardcover 1st edition All rights reserved. First published in 2014 by PALGRAVE MACMILLAN in the United States a division of St. Martin s Press LLC, 175 Fifth Avenue, New York, NY Where this book is distributed in the UK, Europe and the rest of the world, this is by Palgrave Macmillan, a division of Macmillan Publishers Limited, registered in England, company number , of Houndmills, Basingstoke, Hampshire RG21 6XS. Palgrave Macmillan is the global academic imprint of the above companies and has companies and representatives throughout the world. Palgrave and Macmillan are registered trademarks in the United States, the United Kingdom, Europe and other countries. ISBN: PDF ISBN: Library of Congress Cataloging-in-Publication Data is available from the Library of Congress. A catalogue record of the book is available from the British Library. First edition: doi: /

5 DOI: / For Katherine O Brien

6 Contents Acknowledgments vii Introduction 1 1 The History and Development of High-Cost Credit and Payday Lending 4 2 Payday in the UK 36 3 The European Directive to Consume 55 4 The Australian SACCs Appeal 73 5 Back in North America 98 6 Discussion Points Conclusion and Recommendations 133 Index 140 vi DOI: /

7 Acknowledgments I am especially grateful to Jialan Wang at the Consumer Finance Protection Bureau, Stan Keyes at the Canadian Payday Loan Association, Nathan Groff at Veritec Solutions, Phil Johns at the National Financial Services Federation, Gerard Brody at the Consumer Action Law Group, Jodi Gardner at the University of Oxford, Johnna Montgomerie at Goldsmiths University, Professor Paul Ali at the Melbourne Law School, and the many others who I ve spoken to over the years and who have shaped my thinking on the issue of high-cost credit. I would also like to thank my publisher Palgrave Macmillan for allowing me to write this volume. DOI: / vii

8