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http://www.nytimes.com/interactive/2014/08/15/magazine/bad-paper-debt-collector.html?_r=0
Wow, that's a huge amount of debt:
"From 2006 to 2009, for example, the nation’s top nine debt buyers purchased almost 90 million consumer accounts with more than $140 billion in “face value.”
And they bought at a steep discount. On average, they paid just 4.5 cents on the dollar"
Very interesting article!
@pizzadude wrote:
Wow, that's a huge amount of debt:
"From 2006 to 2009, for example, the nation’s top nine debt buyers purchased almost 90 million consumer accounts with more than $140 billion in “face value.”
And they bought at a steep discount. On average, they paid just 4.5 cents on the dollar"
Very interesting article!
So they spent 6.3B on a total debt of 140B.
Consumer spending for the last quarter is estimated at 10910.5B, or ~11T.
The article's number may be shock and awe for an individual, it's trivial when we're talking aggregate economy. Looked at sloppily estimating 200M adults, that's $700 in debt each that went to the buyers: I know average isn't the right way to likely do this, but we're also talking a lot of paper that's way beyond SOL too hence the substantial discount. Just doesn't seem like a large problem compared to other consumer debt metrics?
Wouldn't surprise me if we had a larger value than that in unclaimed / abandoned financial assets.
Agreed is an interesting look at it, thank you for posting pipeguy!
Now I am going to have nightmares:
Larry told me that he had often made deals in his car in which the buyer gave him cash, and he handed the buyer a thumb drive with a spreadsheet containing the names, addresses, Social Security numbers, credit-card balances or loan amounts of several thousand debtors.