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Walking Away From Secured Debt

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Megan McArdle writes that while working on a piece about consumer credit for The Atlantic print edition (which will be out around the first of the year, reminding us of how quaint print production cycles are), she began to notice that "a lot of people seem to think that they can walk away from their secured debt nearly for free."

"I've been following various personal finance boards and shows for months now, and you're suddenly seeing a lot of people sort of casually saying they don't want to use a windfall to pay down the HELOC, because they might let it go in a short sale next year, and they'd rather have the cash. Or people saying they're thinking of just letting the car be repo'd."
SOURCE:   The Atlantic