In my pre-Bankers Anonymous days, one of my primary investing activities was purchasing charged-off consumer debt.
If you have no idea what that means, I recommend reading this New York Times Magazine article from last weekend.
Few people have written about this niche of the financial world.
While Jake Halpern’s account is a bit sensationalistic compared to everyday debt-buying life – most days did not involve gun-toting shakedowns and ex-cons – he captures a good amount of the stress and uncertainty about investing there.
Some day, I’ll write the book describing the highs and mostly lows of charged-off debt buying.
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