Must read!
April 8, 2010 | industry, research | Comments (0)A new study by the Hispanic Institute, “Thinking Outside the Bank.” Link can be found here. Some highlights:
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Using the term ―predatory‖ for an industry that serves working class families makes no more sense than saying that stores located in malls prey on suburban families.
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Calling fees excessive is also a subjective term, because in our view, there is also no accepted demarcation line of where a fee starts or stops being excessive. It can generally be understood that ―excessive‖ is a relative term. In economic terms, this is the opportunity cost, ―the value of the next-highest-valued alternative use of that resource.
- Consumers make rational decisions based on their circumstances and within the context of their environment, ―street smarts
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