{"id":421234,"date":"2021-12-07T08:00:00","date_gmt":"2021-12-07T08:00:00","guid":{"rendered":"http:\/\/radiofree.asia\/?guid=3d63a066ac3d5e1b0784cc5f3e01c90f"},"modified":"2021-12-07T08:00:00","modified_gmt":"2021-12-07T08:00:00","slug":"the-hidden-costs-of-banking-while-poor-with-mehrsa-baradaran-and-cate-blackford-2","status":"publish","type":"post","link":"https:\/\/radiofree.asia\/2021\/12\/07\/the-hidden-costs-of-banking-while-poor-with-mehrsa-baradaran-and-cate-blackford-2\/","title":{"rendered":"The hidden costs of banking while poor (with Mehrsa Baradaran and Cate Blackford)"},"content":{"rendered":"\n

The average family earning $25,000 a year in the U.S. spends about $2,400 on financial transactions. Whether it\u2019s the astronomical interest rates of a payday loan or the costs that come with being unbanked, the extractive practices of the financial services industry are effectively keeping the poor in poverty. Lawyer and author Mehrsa Baradaran and economic mobility expert Cate Blackford join Nick and Steph this week to explain why banking while poor is so expensive, and what states can do to rein in the people who profit from it. This episode was originally released in February 2020.<\/p>


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Mehrsa Baradaran is a professor of law at UC Irvine. She writes about banking law, financial inclusion, inequality, and the racial wealth gap. Her scholarship includes the books How the Other Half Banks <\/em>and The Color of Money: Black Banks and the Racial Wealth Gap<\/em>.\u00a0<\/p>


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Twitter: @MehrsaBaradaran<\/a><\/p>


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Cate Blackford was the Director of Outreach and Donor Development at the Bell Policy Center when we recorded this episode, but she is now the Public Policy Director at Maine People\u2019s Alliance. She was the Co-Chair of the 2018 Proposition 111 campaign in CO to limit the interest lenders could charge on payday loans and eliminate fees from payday lending products, which passed with 75% of the vote.\u00a0<\/p>


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Twitter: @catetiller<\/a>\u00a0<\/p>


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Further reading:\u00a0<\/p>

Capitol One to end overdraft penalties as CFPB takes aim at \u2018exploitative junk fees\u2019: https:\/\/www.washingtonpost.com\/business\/2021\/12\/01\/capital-one-overdraft-fees\/<\/a>\u00a0<\/p>


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How the Other Half Banks: https:\/\/www.hup.harvard.edu\/catalog.php?isbn=9780674983960<\/a><\/p>


<\/p>

The Color of Money: https:\/\/www.hup.harvard.edu\/catalog.php?isbn=9780674237476<\/a><\/p>


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If the U.S. Government Treated Poor People as Well as It Treats Banks: https:\/\/www.theatlantic.com\/business\/archive\/2015\/10\/if-the-us-government-treated-poor-people-as-well-as-it-treats-banks\/410614\/<\/a><\/p>


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CO\u2019s Prop 111 explained: https:\/\/coloradosun.com\/2018\/10\/22\/proposition-111-colorado-2018-explained\/<\/a><\/p>


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Briefed by the Bell - Predatory Economy: https:\/\/www.bellpolicy.org\/2018\/09\/10\/predatory-economy\/<\/a><\/p>


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How Do Payday Loans Work? https:\/\/www.incharge.org\/debt-relief\/how-payday-loans-work\/<\/a><\/p>


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Website: http:\/\/pitchforkeconomics.com\/<\/a><\/p>

Twitter: @PitchforkEcon<\/a><\/p>

Instagram: @pitchforkeconomics<\/a><\/p>

Nick\u2019s twitter: @NickHanauer<\/a><\/p>\n \n

This post was originally published on Pitchfork Economics with Nick Hanauer<\/a>. <\/p>","protected":false},"excerpt":{"rendered":"

The average family earning $25,000 a year in the U.S. spends about $2,400 on financial transactions. Whether it\u2019s the astronomical interest rates of a payday loan or the costs that come with being unbanked, the extractive practices of the fina…<\/p>\n","protected":false},"author":1577,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"_links":{"self":[{"href":"https:\/\/radiofree.asia\/wp-json\/wp\/v2\/posts\/421234"}],"collection":[{"href":"https:\/\/radiofree.asia\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/radiofree.asia\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/radiofree.asia\/wp-json\/wp\/v2\/users\/1577"}],"replies":[{"embeddable":true,"href":"https:\/\/radiofree.asia\/wp-json\/wp\/v2\/comments?post=421234"}],"version-history":[{"count":1,"href":"https:\/\/radiofree.asia\/wp-json\/wp\/v2\/posts\/421234\/revisions"}],"predecessor-version":[{"id":421235,"href":"https:\/\/radiofree.asia\/wp-json\/wp\/v2\/posts\/421234\/revisions\/421235"}],"wp:attachment":[{"href":"https:\/\/radiofree.asia\/wp-json\/wp\/v2\/media?parent=421234"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/radiofree.asia\/wp-json\/wp\/v2\/categories?post=421234"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/radiofree.asia\/wp-json\/wp\/v2\/tags?post=421234"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}