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Bad Paper: Chasing Debt From Wall Street To The Underworld (2014)

by Jake Halpern(Favorite Author)

3.76 of 5 Votes: 4

ISBN

0374108234 (ISBN13: 9780374108236)

languge

English

genre

Nonfiction

publisher

Farrar, Straus and Giroux

review 1: I'm not sure how widespread the interest is in the workings of the underbelly of our credit dominated society but if you have an interest, this is a good guide. Some interesting personalities, interesting situations, and a tale broadly told of debt being chased then sold and re-sold from the perspective of regulators, collection agencies - fair and foul - and from the people trapped in the world of payday loans, credit cards accruing huge penalties and punitive interest rates who were crushed in the recent recession. Despite the deceitful tactics of some collectors who threaten legal action (especially on bad paper past the statute of limitation) only attorneys can threaten and follow through with legal action. One interesting tactic that got many cases thrown out and dism... moreissed? Show up and ask for proof. Often they don't have it, but if the debtor does not show up they may find their wages and bank accounts garnished even on debts that have long been paid off or written off. Lot of hard work and research by the author but easy to read. Three and half stars!
review 2: With a title like 'Bad Paper,' one expects a provocative look into the seedy back-alley dealings of debt-- and the book delivers. However, it turns out that Halpern has a struggle to fulfill the promise of the title because debt simply isn't that sexy or exciting. Halpern deserves mad credit because he doesn't push the narrative to compensate, sticking to solid and thorough reporting instead. Frankly, this story would've worked much better as an hour-long episode of a podcast. Then we could've neatly wrapped up the point: if you go into debt, show up to your court date. less

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