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Going BrokeWhy Americans Can't Hold On To Their Money$
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Stuart Vyse

Print publication date: 2008

Print ISBN-13: 9780195306996

Published to Oxford Scholarship Online: March 2012

DOI: 10.1093/acprof:oso/9780195306996.001.0001

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The Open Drain

The Open Drain

(p.2) (p.3) 1 The Open Drain
Going Broke

Stuart Vyse

Oxford University Press

This chapter discusses expenses that may lead to financial problems. The combination of high levels of debt, no savings, and a strained household budget is a formula for disaster. The United States has the highest gross domestic product of any nation. Bankruptcy and foreclosure are concrete examples of financial failure, but even for those who are able to avoid these end points, negotiating the troubling waters of money and debt can be a substantial strain. The aim of this chapter is to gain a better understanding of these problems. The chapter presents a story of bankruptcy.

Keywords:   foreclosure, money, debt, financial failure

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