About 1.5 million households filed bankruptcy in the last year,
making bankruptcy as common as college graduation and divorce. The
recession has pushed more and more families into financial
collapse--with unemployment, declines in retirement wealth, and
falling house values destabilizing the American middle class.
"Broke" explores the consequences of this unprecedented growth in
consumer debt and shows how excessive borrowing undermines the
prosperity of middle class America.
While the recession that began in mid-2007 has widened the scope of
the financial pain caused by overindebtedness, the problem predated
that large-scale economic meltdown. And by all indicators, consumer
debt will be a defining feature of middle-class families for years
to come. The staples of middle-class life--going to college, buying
a house, starting a small business--carry with them more financial
risk than ever before, requiring more borrowing and new riskier
forms of borrowing. This book reveals the people behind the
statistics, looking closely at how people get to the point of
serious financial distress, the hardships of dealing with
overwhelming debt, and the difficulty of righting one's financial
life. In telling the stories of financial failures, this book
exposes an all-too-real part of middle-class life that is often
lost in the success stories that dominate the American economic
narrative.
Authored by experts in several disciplines, including economics,
law, political science, psychology, and sociology, "Broke" presents
analyses from an original, proprietary data set of unprecedented
scope and detail, the 2007 Consumer Bankruptcy Project. Topics
include class status, home ownership, educational attainment,
impacts of self-employment, gender differences, economic security,
and the emotional costs of bankruptcy. The book makes judicious use
of illustrations to present key findings and concludes with a
discussion of the implications of the data for contemporary policy
debates.
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