Friday, November 11, 2011

Another tell-all from a financial advisor

Several years ago the Times featured a economics columnist's tell-all about his own struggles with overextension during the housing crisis, and I blogged about it here. And now here is another such story from a financial advisor. For me, the highlight was the discussion of his feelings of moral obligation to pay his debts, contrasted against an friend's point that his moral obligation was to his family, while his debts were a contractual obligation. The author also cites some perspectives of professor of law Brent White, who is said to have advocated that consumers approach debt more like how corporations do.