Every world has the good, the bad, and the ugly. This includes the financial world. This week we share Paper Boys, a Wolf of Wallstreet style article written by Jake Halpern about the dark, lucrative world of consumer debt collection. This article is about two hustlers who make millions of dollars off debt from people like you.
– Not long after getting out of prison, Wilson took a job as a debt collector. He proved quite good at it, and soon he bought some paper and opened his first agency. Later, he also became a debt broker or dealer, a type of role he knew quite well: “I used to buy pounds of weed, all right, and then break it down and sell ounces to the other guys, who were then breaking it down and selling dime bags on the corner, right? Well, that’s what [I’m] doing in debt.” – Paper Boys by Jake Halpern.
The full article is accesable at: Paper Boys by Jake Halpern