Anne Fleming's City of Debtors: A Century of Fringe Finance
Reviewed by Erin Cully
The commercial streets in Flatbush are dotted with storefronts advertising rent-to-own furniture sets and appliances. Pawnbrokers and payday lenders call out to passersby, promising “dollars now” in exchange for gold or a paycheck. Many Americans are accustomed to buying consumer goods by swiping a credit card, but for low-income families in New York and elsewhere, access to credit is limited. Small-sum lenders, pawnbrokers, and furniture stores offering installment plans are often the only recourse for households whose economic circumstances threaten to deny them access to the consumption habits that have defined American freedom for most of the twentieth century. These forms of credit have a high price tag, and goods purchased can end up costing several times more than if bought in cash. Families denied access to conventional forms of credit know all too well how “extremely expensive it is to be poor,” as James Baldwin put it.
