Wednesday, May 01, 2002
HOW DOES A PERSON GET $600,000 IN DEBT?
Having 70 Credit Cards Helps
We can't help but wonder how a person, a married couple actually, can rack up $585,000 of debt. Particularly difficult to understand is how this same couple managed to juggle 70 credit cards on which their balances, prior to declaring bankruptcy, reached $200,000.
That's the financial situation faced by Jorge and Joanne Lopes, a New Jersey couple who won $58.9 million in the April 16 Big Game lottery. Opting for a one-time, lump-sum payment, the Lopeses will take in $43 million after taxes, enough to repay their debt 73 times over.
The report about the couple's Chapter 13 proceeding, carried in today's Philadelphia Inquirer, did not provide details of the $385,000 of non-credit-card debt.
The credit-card lenders will recoup their balances, but a rational argument could be made that any bank willing to extend credit to this exceedingly over-extended couple should have been forced to eat the loss a long time ago.
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JAMES MARTIN CAPOZZOLA
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James Martin (Jim) Capozzola launched The Rittenhouse Review in April 2002, TRR: The Lighter Side of Rittenhouse, HorowitzWatch, and Smarter Andrew Sullivan in July 2002, and Bulldogs for Kerry-Edwards in October 2004. He is also a contributing member of President Boxer.
He received the 2002 Koufax Award for Best Post> for "Al Gore and the Alpha Girls" (published November 25, 2002). Capozzola's record in the Koufax Awards includes two additional nominations for 2002 (Best Blog and Best Writing), three nominations for 2003 (Best Blog, Best Series, and Best Writing), and two finalist nominations in 2004 (Best Blog and Best Writing).
Capozzola’s experience beyond the blogosphere includes a lengthy career in financial journalism, securities analysis, and investment research, and in freelance writing, editing, ghost-writing, and writing instruction.
He earned his bachelor's degree in political science from the University at Albany and a master's in foreign affairs from the University of Virginia.
Capozzola lives in Philadelphia with his bulldog, Mildred.
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