View Poll Results: Is there a moral obligation to repay money you borrow?

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  • If you borrow money, you are morally obligated to repay it.

    110 34.48%
  • I feel no moral obligation to repay loans I've taken out

    209 65.52%
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Thread: Are you morally obligated to repay a loan that you take?[W:461]

  1. #11
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    Re: Are you morally obligated to repay a loan that you take?

    Quote Originally Posted by Papa bull View Post
    If you borrow money, do you feel there is a moral obligation to repay the money you borrowed?
    Only if you respect yourself. Otherwise, lie, cheat and steal your way through- not like anyone will be surprised.
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  2. #12
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    Re: Are you morally obligated to repay a loan that you take?

    Quote Originally Posted by sangha View Post
    The govt pays back all of the money it borrows. It does not default on its' debt (though the immoral republicans are doing everything they can to change that)

    Then it turns around and borrows again.
    Is that what he is trying to get at, government debt? Why can't people actually ask what they want to ask and instead try and ask about something else as if it was the same thing...
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    Re: Are you morally obligated to repay a loan that you take?

    Quote Originally Posted by TeleKat View Post
    I'd say it's economically efficient and fiscally smart to repay loans, because of credit ratings and such, but I'm not so sure I'd call it a "moral obligation."
    Do you not consider truthfulness a moral issue?

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    Re: Are you morally obligated to repay a loan that you take?

    Quote Originally Posted by Papa bull View Post
    LOL. That's what I figure most lefties would say. "screw 'em, let them keep the house (or car or TV or furniture) since it isn't worth what I paid for it".
    Why do banks demand collateral if not to recoup losses from defaults? Why should borrowers pay for the banks mistakes? I thought they were being paid interest because they are "taking risks"?

  5. #15
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    Re: Are you morally obligated to repay a loan that you take?

    Quote Originally Posted by Redress View Post
    Is that what he is trying to get at, government debt? Why can't people actually ask what they want to ask and instead try and ask about something else as if it was the same thing...
    No. I'm talking about borrowing money (say for a house) and then if the house goes down in value, walking away in a "strategic default" and letting the bank get what they can for the house and taking the credit hit instead of paying for a house that has negative equity for you.
    You can't reason anyone out of a position they didn't reason themselves into in the first place.

  6. #16
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    Re: Are you morally obligated to repay a loan that you take?

    Quote Originally Posted by iguanaman View Post
    Why do banks demand collateral if not to recoup losses from defaults? Why should borrowers pay for the banks mistakes? I thought they were being paid interest because they are "taking risks"?
    The banks don't get all their money back from selling the house. It was YOUR choice to buy the house. Reneging on the deal later just because it doesn't suit you any more is about the same as stealing money. You take money with the condition that you pay it back and you decide not to live up to your end of the bargain because it's more profitable for you if you don't. That's basically stealing.
    You can't reason anyone out of a position they didn't reason themselves into in the first place.

  7. #17
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    Re: Are you morally obligated to repay a loan that you take?

    Quote Originally Posted by Declan View Post
    Yes for so long as my situation allows me to repay it.
    That is a good answer. You are morally obligated to try, but circumstances may arise that cause you to fail.
    “The reasonable man adapts himself to the world: the unreasonable one persists to adapt the world to himself.
    Therefore all progress depends on the unreasonable man.” ― George Bernard Shaw, Man and Superman

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    Re: Are you morally obligated to repay a loan that you take?

    Quote Originally Posted by Grand Mal View Post
    Only if you respect yourself. Otherwise, lie, cheat and steal your way through- not like anyone will be surprised.
    Couldn't have said it better, myself. It's not surprising that people who lie, cheat and steal their way through life would see no problem with welshing on a loan.
    You can't reason anyone out of a position they didn't reason themselves into in the first place.

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    Re: Are you morally obligated to repay a loan that you take?

    Quote Originally Posted by Declan View Post
    Do you not consider truthfulness a moral issue?
    Morality isn't that black & white.

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    Re: Are you morally obligated to repay a loan that you take?

    Quote Originally Posted by Papa bull View Post
    No. I'm talking about borrowing money (say for a house) and then if the house goes down in value, walking away in a "strategic default" and letting the bank get what they can for the house and taking the credit hit instead of paying for a house that has negative equity for you.
    In that case, why didn't you say so?

    The answer is, one has no moral obligation to repay a bank loan. It's business, all business. I expect the bank to do whatever is in its' own interests to do as long as it is legal, and they should expect the same from me.
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