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'In a perfect world it would be great if they didn't exist': how Australians experience payday loans
journal contribution
posted on 2023-05-21, 08:36 authored by Marcus BanksMarcus Banks, Marston, G, Russell, R, Karger, HIn the last few decades, payday lending has mushroomed in many developed countries. The arguments for and against an industry which provides small, short-term loans at very high interest rates have also blossomed. This article presents findings from an Australian study to contribute to the international policy and practice debate about a sector which orients to those on a low income. At the heart of this debate lies a conundrum: Borrowing from payday lenders exacerbates poverty, yet many low-income households rely on these loans. We argue that the key problem is the restricted framework within which the debate currently oscillates.
History
Publication title
International Journal of Social WelfareVolume
24Pagination
37-47ISSN
1369-6866Department/School
TSBEPublisher
Wiley-Blackwell Publishing Ltd.Place of publication
United KingdomRights statement
2014 The Author(s). International Journal of Social WelfareRepository Status
- Restricted