Florence, whose blog Ruminations, is on my blogroll, left a comment on my last post, with a link to a great and cautionary tale
From an economist.
From an economist who writes for the NY Times!
Who writes about money!
Who clearly did NOT take his own advice.
So, here's the link, upfront in the blog: My Personal Credit Crisis
And here's to Florence who provided it.
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5 comments:
I read this! At first I thought it was a bit strange that he was admitting to this being that it his profession, but as you can see, he has a book coming out....to document it all! Hopefully it will help him pay down his huge mortgage!
You know the Howie Mandel game show, "Deal or No Deal"? My hubby calls it "Greed or No Greed".
This guy was a classic example of the kind of person who goes on that show and gets greedy.
He actually *wrote* cautionary articles about these kinds of mortgages and other related financial issues and he *still* thought he was the exception to the rule.
Once you get on that downhill spiral it's pretty hard to even slow down, let alone get off so I'm not too surprised by how the story progressed. I'm just wondering what he's done with the rest of his finances in the 8 months since he stopped paying his mortgage.
Sooner or later Chase will get around to him and he'll likely lose the house. But what has he done about that $50K in cc debt now that he isn't trying to come up with over $3K every month to pay on his house? Oh right. He rolled all that cc debt in with his mortgage.
So what's he doing with all the money that *would* have gone towards cc debt or mortgage payments or whatever in the past? Is he still spending like there's no tomorrow or has he cut back? Is he putting money away in savings (since he apparently can't pay down his debt at this point because of how the process works)?
There are actually a variety of things he could have done. I wonder if he's even tried to renegotiate the child support with his first wife or considered taking in roomies or renting a room to college students or homestay students. He could have cut down on unnecessary expenses and socked away every penny possible with a view to putting it towards the house debt when they either renegotiate it or start foreclosure proceedings.
Or has he run up new cc debt in the meantime? I wonder.
@Sharon
Of course he's written a book about it. It's another quick fix for him.
http://meganmcardle.theatlantic.com/archives/2009/05/the_road_to_bankruptcy.php
Thanks to anon for another cite that references Andrews' article and book. It's an interesting read--about a few significant facts about his wife that he left out when he wrote.
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