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Reflections on the Art of Going Broke (Singles Classic)

3.4/5 ( ratings)

We owe $6,000 to Citibank Preferred Visa. We owe $4,000 to Discover. We owe $5,000 to BankAmericard Visa, $400 on an old Chase Visa card, $1,700 on a Chase overdraft account . We owe about $3,000 to department stores such as Macy's, Bloomingdale's, Brooks Brothers, The Bon Ton, Ikea, Eddie Bauer, Sears. We each have one of those alumni credit cards, with $8,000 between them. The consumer credit-card debt comes to more than $28,000 overall, the interest rolling on, like Woody Guthrie's Columbia River.

In Reflections on the Art of Going Broke, Vince Passaro tells the story of how he and his wife, and their three children, found themselves $63,000 in debt. Terrifyingly dire and painfully spot-on, Passaro reveals, a prescient ten years before the global financial meltdown, how even a family with a $100,000 yearly income goes broke and lives under a mountain of debt.

Originally published in Harper’s Magazine, the piece provided grist for scores of newspaper articles and several broadcast appearances, and took the record at the time for most Letters to the Editor the 150-year-old magazine had ever received. It is as relevant for today's middle class as it was at the time of publication. Harper's Magazine , August 1998.

Cover design by Adil Dara.

Language: English

Pages: 15

Format: Kindle Edition

Reflections on the Art of Going Broke (Singles Classic)

3.4/5 ( ratings)

We owe $6,000 to Citibank Preferred Visa. We owe $4,000 to Discover. We owe $5,000 to BankAmericard Visa, $400 on an old Chase Visa card, $1,700 on a Chase overdraft account . We owe about $3,000 to department stores such as Macy's, Bloomingdale's, Brooks Brothers, The Bon Ton, Ikea, Eddie Bauer, Sears. We each have one of those alumni credit cards, with $8,000 between them. The consumer credit-card debt comes to more than $28,000 overall, the interest rolling on, like Woody Guthrie's Columbia River.

In Reflections on the Art of Going Broke, Vince Passaro tells the story of how he and his wife, and their three children, found themselves $63,000 in debt. Terrifyingly dire and painfully spot-on, Passaro reveals, a prescient ten years before the global financial meltdown, how even a family with a $100,000 yearly income goes broke and lives under a mountain of debt.

Originally published in Harper’s Magazine, the piece provided grist for scores of newspaper articles and several broadcast appearances, and took the record at the time for most Letters to the Editor the 150-year-old magazine had ever received. It is as relevant for today's middle class as it was at the time of publication. Harper's Magazine , August 1998.

Cover design by Adil Dara.

Language: English

Pages: 15

Format: Kindle Edition

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