The poverty premium and debt

Sara Davies and Andrea Finney

Chapter 8 in Debt and Austerity, 2020, pp 175-193 from Edward Elgar Publishing

Abstract: This chapter explores the relationship between the poverty premium, debt and austerity. The poverty premium describes the extra costs incurred by someone accessing essential services through being poor and/or in receipt of a low income. These could include use of costly rent-to-own providers to purchase white goods or being charged to spread the cost of insurance payments. Through examining the current knowledge of the causes of the poverty premium, we detail the mix of financialised market practices, structural circumstances, particularly those magnified by the policies of austerity, and behavioural factors that can lead to the most financially vulnerable paying disproportionately and unfairly. This understanding allows us to demonstrate ways in which business practices and regulation could reduce or eliminate the poverty premium and help impact on the inequality experienced during austerity.

Keywords: Economics and Finance; Geography; Law - Academic; Sociology and Social Policy (search for similar items in EconPapers)
Date: 2020
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