America’s Middle Class Is Addicted to a New Kind of Credit

Bloomberg
Bloomberg
Published in
6 min readOct 29, 2019

By Christopher Maloney and Adam Tempkin

The payday-loan business was in decline. Regulators were circling, storefronts were vanishing and investors were abandoning the industry’s biggest companies en masse.

And yet today, just a few years later, many of the same subprime lenders that specialized in the debt are promoting an almost equally…

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