In joining together the вЂregime of accumulation’ and вЂfinancialisation of everyday life’ approaches to the analysis of payday financing we also draw on conversation for the emergence of a вЂshadow’ welfare state (Fairbanks, 2009; Gottschalk, 2000). This pertains to the assorted sourced elements of help people depend on through the blended economy of credit (credit from different sources such as the personal sector, their state, family and friends and non-government microfinance schemes) alongside the blended economy of welfare (Karger, 2005; Marston and Shevellar, 2014). The subprime lending industry paid out more money (by a factor of four to one) to poor families (in the form of loans) than was paid out by the state in the form of Temporary Assistance for Needy Families and the Earned Income Tax Credit combined (Committee on Ways and Means, 2008; Marston and Shevellar, 2014; Rivlin, 2011) in the US, for example, even before the global financial crisis took hold. The UK, has also experienced a major increase in HCSTC at a time of welfare state cuts while these trends may be particularly pronounced in the United States. Continue reading “The rise of payday financing in the united kingdom. In joining together the вЂregime of accumulation’ and вЂfinancialisation of everyday activity’”