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good_creon's review against another edition
4.0
An interesting look at an industry most people instinctively hate but know little about. Buying and collecting debt is a whole convoluted economy in and of itself, and the book presents a window into how they operate and the variety of agencies and the tactics they use to collect
mschlat's review against another edition
3.0
I picked this up expecting something like a [a:Michael Lewis|776|Michael Lewis|https://images.gr-assets.com/authors/1317447168p2/776.jpg] book --- a highly detailed piece on the economics of debt. There's some of that, but Halpern is much more interested in the characters involved in selling and collecting consumer debt (also known as "paper"). Because of the often shady nature of the debt collection business (and the desire for "tough talk" collectors), there's a ton of ex-convicts in the profession, and Halpern loves contrasting the Wall Street types with the former bank robbers and drug dealers. I loved the section where Halpern contrasts the moral codes of different debt collectors: one prides himself on never buying stolen paper, another will buy stolen paper but will never use unlawful intimidation to collect, and another will do both of the above.
The structure of the book is a little confusing. Halpern follows two characters in the business for about half the book before leaving them to cover a series of vignettes. To be honest, the last portion of the book I found the most powerful. Halpern follows some people whose debt has been sold and shows the cost of being poor (e.g., the car dealerships that charge the credit challenged more because their money simply isn't as good). I didn't finish the book with a sense of closure, but I did appreciate the focus in the latter half.
The structure of the book is a little confusing. Halpern follows two characters in the business for about half the book before leaving them to cover a series of vignettes. To be honest, the last portion of the book I found the most powerful. Halpern follows some people whose debt has been sold and shows the cost of being poor (e.g., the car dealerships that charge the credit challenged more because their money simply isn't as good). I didn't finish the book with a sense of closure, but I did appreciate the focus in the latter half.
ury949's review against another edition
4.0
This book gives you and idea of just what is debt in America. For me, I've never had debt, nor has anyone in my immediate family, so I found it fascinating and at times horrifying. Sure everyone knows how debt begins and how it grows - but here we learn that it is owned by collectors, and they can buy and sell debt similar to buying and selling property. Only it's very loosely regulated and nearly everyone in the business is a former criminal; this book makes the profession akin to criminal activity, but legal.
Anyhow, I didn't know anything about this and am always interested to learn about the ways our country operates. The author mainly follows two principal characters, a small-time debt seller and collector, and then expands on the people they interact with to capture a large photo of all the aspects of the paper business. He does a lot of research and interviewing, coming up with true individual stories which represent the countless unnamed participants in the mind-numbing mouse trap that is debt collection.
Anyhow, I didn't know anything about this and am always interested to learn about the ways our country operates. The author mainly follows two principal characters, a small-time debt seller and collector, and then expands on the people they interact with to capture a large photo of all the aspects of the paper business. He does a lot of research and interviewing, coming up with true individual stories which represent the countless unnamed participants in the mind-numbing mouse trap that is debt collection.
umflintlibrary's review against another edition
4.0
Paul S. says, "A gritty look into the world of buying and selling debt."
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