GhettoEconomics
The Hidden Price of Living without a Cushion
Why does someone who lives in an apartment drive a Hummer?
An eight-year-old asked that question in a parking lot. It took his father twenty years to answer it.
Phil Georges has spent his career on the collecting end of the poverty premium. He bought foreclosed homes, sold two-dollar-a-day phone plans that cost more than the monthly plan on the same wall, and spent forty years as a landlord watching tenants pay a late fee every month rather than ever get one month ahead.
What he found is a surcharge built into American life.
Rent-to-own, check cashing, weekly payments, late fees: none of them is priced by risk. They're priced by the fact that the customer can't walk away.
Ghetto Economics is the story of what it really costs to live with no cushion, told by someone who has stood on both sides of the transaction.
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