DOI: 10.1057/9781137361103.0001 Payday Lending
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Payday Lending: Global Growth of the High-Cost Credit Market Carl Packman Independent Researcher, London, UK DOI: 10.1057/9781137361103.0001
payday lending Copyright Carl Packman, 2014. Softcover reprint of the hardcover 1st edition 2014 978-1-137-37280-2 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 10010. 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 785998, 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: 978-1-137-36110-3 PDF ISBN: 978-1-349-47631-2 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: 2014 www.palgrave.com/pivot doi: 10.1057/9781137361103
DOI: 10.1057/9781137361103.0001 For Katherine O Brien
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 114 7 Conclusion and Recommendations 133 Index 140 vi DOI: 10.1057/9781137361103.0001
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: 10.1057/9781137361103.0002 vii