Like Visiting An Old Friend – Bad Debt Buying

bad_debt_buyingIn 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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I founded Bankers Anonymous because, as a recovering banker, I believe that the gap between the financial world as I know it and the public discourse about finance is more than just a problem for a family trying to balance their checkbook, or politicians trying to score points over next year’s budget – it is a weakness of our civil society. For reals. It’s also really fun for me.

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The Financial Rules for New College Graduates: Invest Before Paying Off Debt--And Other Tips Your Professors Didn't Teach You

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