I was curious about the markets you described--mortgage and payday. You're right about mortgages being a huge market($10.3 trillion in mortgage debt). [0]
Payday loans:
> In fact, U.S. consumers borrow almost $90 billion every year in short-term, small-dollar loans that typically range from $300 to $5,000, according to a 2018 report from the Office of the Comptroller of the Currency (OCC). [1]
> “Right now, 80 percent of payday loans are taken out within two weeks of a previous payday loan.” [1]
Much smaller by comparison, but yeah, the moral context is still there and it's egregious.
Payday loans:
> In fact, U.S. consumers borrow almost $90 billion every year in short-term, small-dollar loans that typically range from $300 to $5,000, according to a 2018 report from the Office of the Comptroller of the Currency (OCC). [1]
> “Right now, 80 percent of payday loans are taken out within two weeks of a previous payday loan.” [1]
Much smaller by comparison, but yeah, the moral context is still there and it's egregious.
[0] https://www.magnifymoney.com/blog/mortgage/u-s-mortgage-mark...
[1] https://www.bloomberg.com/news/articles/2019-02-14/expensive...