Chapter Summary
Chapter One: Borrowing to Make Ends Meet
Why are so many Americans so deep in debt? Not from splurging on giant-screen TVs and Jacuzzis. Ordinary people are borrowing to pay for the basics--transportation, energy, health care, higher education, and housing. Underfunded social programs have turned debt into our "de facto safety net."
Chapter Two: An Industry Run Amok
Loans are more expensive and more treacherous because of deregulation. It was supposed to expand choice and competition. Instead, it created an environment in which the worst lenders have gradually dragged others down to their level.
Chapter Three: Gotcha!
From the Diners Club to $35 late fees and "universal default"--a short history of the credit card industry, with a guide to its many tricks and traps.
Chapter Four: Mortgage Mayhem
Subprime mortgages--what were they and where did they come from? With case studies of high-flying brokers and busted borrowers. The aftermath in Detroit, Cleveland and other "pockets of pain."
Chapter Five: Asleep at the Switch
Where were the watchdogs? Some were asleep. Others were looking out for the lending industry and Wall Street.
Chapter Six: The Debt-for-Diploma System
Student loans--underneath today's scandal lies the continuing scandal of a financial-aid system that saddles the young with huge debts and propels many into the clutches of private, unregulated lenders who have gamed the system for huge profit.
Chapter Seven: Sticking to the Stick
Is health care the next big profit opportunity for the lending industry? More and more often, getting sick means going into life-threatening debt.
Chapter Eight: The McSharks
What do payday lenders, auto title lenders, rent-to-own stores and "buy here pay here" car lots have in common? They make credit cards seem like a bargain.
Chapter Nine: The End of the Rope
Debt collectors, debt counselors, and the road to bankruptcy. Debt collection has become a "sexy business," and there's serious money to be made in debt counseling, too.
Chapter Ten: Addressing the Debt Crisis
What can be done? Measures to reform the lending industry and strengthening economic security are a good start.