Into the debt abyss

Engaging tale from one of the economic writers of the NY Times on his own part in the credit crisis.

But it's troubling that the story begins by him borrowing what he can't afford and barely moves on from there. Instead, he implicates the banks, his credit card and his mephistophelian mortgage broker, not really taking responsibility for his own actions. He squeezes whatever he can from an unsustainable (and finally, broken) system, right up to the last when he waits out a 90-day default so Chase Bank will accept a negotiated settlement.

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