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SOCI201 (256)
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Lecture 17

SOCI201 Lecture 17: Debt 17

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Debt 17 • Religious reservations- discouraging debt o Catholic church took interest in lending money being a sin § one of the reasons why jews were against catholic doctrine o Max Weber- Protestantism is encouraged in complex capital societies § Says debt was an important part in all of that § Reformation- protestant accepted lending at interest (usury becomes defined as excessive interest rates) o Debters prisons § Where debters were held until they paid off their debts § Mostly respectable people were put in because they had money and lost it § Modern version: Access to credit becomes central determinant of life chances • Individuals with higher credit scores are more likely to form relationships • Lending, borrowing, and risk o Low risk borrower- Charged lower rate of interest because they are likely to pay back loans o Higher risk borrower- Charged higher rate of interest because they are less likely to repay loans • Thrift o Value of thrift is celebrated less in a credit society • Home ownership is celebrated o Government wants you to buy a home o Post WW2 policies enoucraged home ownership- principal form of wealth for most people o Housing bubble- expansion of homebuying credit higher risk borrowers § You don’t borrow from a bank in the early 21 century, you borrow from a broker o Bubble pops § Homeowner ship at 60%, spikes to 70%, then plumits § People owe more money then their houses are worth • Marriage advantage o 80.3% of married couples own their own homes o 48.4% of non married households own their own homes • Consumer credit o Credit cards start in late 1960s o Delaware becomes one of the first st
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