Going Broke: Why Americans (Still) Can't Hold On To Their Money

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Stuart Vyse (Psychologist and author of Believing in Magic: The Psychology of Superstition, Psychologist and author of Believing in Magic: The Psychology of Superstition, Connecticut College)

Going Broke

Why Americans (Still) Can't Hold On To Their Money

Stuart Vyse (Psychologist and author of Believing in Magic: The Psychology of Superstition, Psychologist and author of Believing in Magic: The Psychology of Superstition, Connecticut College)

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English

Oxford University Press Inc
12 September 2018

Psychology; Social, group or collective psychology; Behavioural economics

Over the last four decades, debt, bankruptcy, and home foreclosures have risen to epidemic levels, and the personal savings rate has sunk dangerously low. Why, in the richest nation on earth, can't Americans hold on to their money?

First published in 2008, Stuart Vyse's Going Broke described the epidemic of personal debt that existed in the years leading up to the Great Recession, and anticipated the home mortgage crisis that started it. Ten years later, a fully-updated new edition tackles the post-recession era of economic recovery. Today total household debt has actually surpassed pre-recession levels, and some of the same problems that preceded the crash are back again. But the shape of our troubles has changed: the new face of financial failure features auto repossession, bankruptcy, eviction, wage garnishment, and being sued for unpaid bills. Vyse offers a unique psychological perspective on the financial behavior of the many Americans today who find they cannot make ends meet, illuminating these and other causes of our wildly self-destructive spending habits. But he doesn't entirely blame the victim, arguing instead that the mountain of debt burying so many of us is the inevitable byproduct of America's turbo-charged economy together with social and technological trends that undermine our self-control. This new edition illuminates everything from the rise of the credit card and ballooning student loan debt, to the expansion of new shopping opportunities provided by social media, revealing how vast changes in American society over the last 40 years have greatly complicated our relationship with money. Vyse concludes with both personal advice for the individual who wants to achieve greater financial stability and with pointed recommendations for economic and social change that will help promote the financial health of all Americans.

By: Stuart Vyse (Psychologist and author of Believing in Magic: The Psychology of Superstition Psychologist and author of Believing in Magic: The Psychology of Superstition Connecticut College)
Imprint: Oxford University Press Inc
Country of Publication: United States
Edition: 2nd Revised edition
Dimensions: Height: 155mm, Width: 234mm, Spine: 20mm
Weight: 448g
ISBN: 9780190677848
ISBN 10: 0190677848
Pages: 344
Publication Date: 12 September 2018
Audience: General/trade , ELT Advanced
Format: Paperback
Publisher's Status: Active

Acknowledgements Foreword Preface Chapter 1: The Open Drain Chapter 2: Making Sense of Financial Failure Chapter 3: The Road to Ruin Chapter 4: Self-Control and Money Chapter 5: A Different Road to Ruin Chapter 6: New Ways of Wanting Chapter 7: New Ways of Spending Chapter 8: Thinking About Money Chapter 9: How Not to Go Broke Notes Resources A Note About the Interviews Index

Stuart Vyse is a behavioral scientist, teacher, and writer. He holds PhD and MA degrees in psychology and BA and MA degrees in English Literature. He taught at Providence College, the University of Rhode Island, and Connecticut College, where he was Joanne Toor Cummings '50 Professor. Vyse's book Believing in Magic: The Psychology of Superstition won the 1999 William James Book Award of the American Psychological Association and has been translated into Japanese, German, and Romanian.

Reviews for Going Broke: Why Americans (Still) Can't Hold On To Their Money

"""With deep compassion and penetrating insight, Stuart Vyse turns the lens of science to uncover the reasons so many people cannot save what they earn...Vyse's program on how to avoid debt should be printed on the back of every credit card application form."" --Michael Shermer, author of Why People Believe Weird Things and The Mind of the Market Praise for the First Edition ""In this compelling and wide-ranging work, Vyse explores the history of lending in America, the invention of the shopping cart, the evolution of self-service discount shopping, and the explosion of branding and advertising."" -- Michelle Singletary, The Washington Post"