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. #261
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    Re: Are you morally obligated to repay a loan that you take?

    Quote Originally Posted by Lursa View Post
    Pretty much what I was saying.

    But the OP is about morality which a person can have, or not, outside of the legal sytem and contracts and agreements.
    And I maintain that morality does not require the paying back of loans made by banks or other financial institutions.

    When I take a loan, I create an obligation to adhere to the terms of the contract - which I do. However, the terms do not require that I pay back the loan. At least, none of the loans I've ever taken require that. They have all contained provisions that allow me to not pay back the loan and there's nothing immoral about taking a course of action that the contract has defined
    Quote Originally Posted by matchlight View Post
    Justice Thomas' opinions consistently contain precise, detailed constitutional analyses.
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    the vast majority of folks that need healthcare are on Medicare.. both rich and poor..

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

    Quote Originally Posted by Ockham View Post
    And your argument fails as I've already pointed out since if a persons morality is flexible and default can be justified, they'll do that to regular people with the same justification.
    I dont know. His posts clearly show that he doesnt recognize that such actions, multiplied by many defaults or fraud, affect the other customers that deal with an institution (rather than an individual). He doesnt recognize it and takes no responsibility and feels no guilt. So no, I'd say that some people do make a false distinction in order to justify it and make themselves feel better.
    Quote Originally Posted by Bucky View Post
    I have felt pain when I was in the womb. So when you say they are incapable of feeling pain, that is based on junk science.
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  3. #263
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    Re: Are you morally obligated to repay a loan that you take?

    Quote Originally Posted by Henrin View Post
    You don't round costs. What something costs is what it costs. If something costs .99 cents and there is no tax it will cost me .99 cents and if I give the cashier a dollar they will give me back a penny. They're not just going to go, well, .99 cents rounds up to a dollar, so no change for you. What you cost the system is just that, no more or less. Everything you cost the system someone else has to pay no matter the amount.
    When its less than a penny you kind of have to unless the treasury decides on some new sub penny coin

  4. #264
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    Re: Are you morally obligated to repay a loan that you take?

    Quote Originally Posted by sangha View Post
    And I maintain that morality does not require the paying back of loans made by banks or other financial institutions.

    When I take a loan, I create an obligation to adhere to the terms of the contract - which I do. However, the terms do not require that I pay back the loan. At least, none of the loans I've ever taken require that. They have all contained provisions that allow me to not pay back the loan and there's nothing immoral about taking a course of action that the contract has defined
    Neither do I personally because the penalty will be weighed against me, like it or not. However it does not remove the fact that my default does affect others to whom that default (magnified by others defaulting as well) affects. That is built into the business model and does indeed impact others.

    To me, it is a moral deficiency for someone to not take that into consideration. Has nothing to do with the business itself.
    Quote Originally Posted by Bucky View Post
    I have felt pain when I was in the womb. So when you say they are incapable of feeling pain, that is based on junk science.
    Quote Originally Posted by applejuicefool View Post
    A murderer putting a bullet through someone's brain is a medical procedure too.

  5. #265
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    Re: Are you morally obligated to repay a loan that you take?

    Quote Originally Posted by Lursa View Post
    Agreed. The business also has its recourse. Business is business. And it is not immoral for it to carry it out if it is the terms stated in the contact/agreement that a borrower knowingly signed.
    Correct

    I'm certain that none of the sanctimonious posters in this thread were in a tizzy when banks foreclosed on homes and caused families with children to become homeless.

    It's business.
    Quote Originally Posted by matchlight View Post
    Justice Thomas' opinions consistently contain precise, detailed constitutional analyses.
    Quote Originally Posted by jaeger19 View Post
    the vast majority of folks that need healthcare are on Medicare.. both rich and poor..

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

    The 99% are as "morally" obligated as any CEO, or Mega Rich in the USA is to replaying a loan....................

    "Executives at the restaurant chain, known for its toasted sandwiches, agreed to a restructuring plan that will reduce its debt by more than $400 million"

    Quiznos files for bankruptcy - Mar. 14, 2014

    Just one example of thousands each year.

    Of course, the REAL question is, why should you repay a usery loan?

    There are many different ways to calculate annual percentage rate of a loan. Depending on which method is used, the rate calculated may differ dramatically. E.g., for a $15 charge on a $100 14-day payday loan, it could be (from the borrower's perspective[6]) anywhere from 391% to 3733%.[7]

    http://en.wikipedia.org/wiki/Payday_loan
    Free Trade Doesn't Work: What Should Replace It and Why,
    Ian Fletcher

    https://www.numbersusa.org/

  7. #267
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    Re: Are you morally obligated to repay a loan that you take?

    Quote Originally Posted by sangha View Post
    Correct

    I'm certain that none of the sanctimonious posters in this thread were in a tizzy when banks foreclosed on homes and caused families with children to become homeless.

    It's business.
    ....and I bought one of them. ChaChing!!!!!

  8. #268
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    Re: Are you morally obligated to repay a loan that you take?

    Quote Originally Posted by Lursa View Post
    Neither do I personally because the penalty will be weighed against me, like it or not.
    The same here, but the important point is that we don't do so because of self-interest

    However it does not remove the fact that my default does affect others to whom that default (magnified by others defaulting as well) affects. That is built into the business model and does indeed impact others.

    To me, it is a moral deficiency for someone to not take that into consideration. Has nothing to do with the business itself.
    The rate of default does have an effect on others but the rate is not the result of any individuals' decision so no individual can be held responsible for the rate. The rate is the result of economic factors far beyond the control of any ordinary citizen, but if you want to find one to blame, blame bush* whose policies resulted in the largest # of mortgage defaults in the history of the USA. He certainly bares more of the blame than some Joe Schmo who defaulted on his ARM.
    Quote Originally Posted by matchlight View Post
    Justice Thomas' opinions consistently contain precise, detailed constitutional analyses.
    Quote Originally Posted by jaeger19 View Post
    the vast majority of folks that need healthcare are on Medicare.. both rich and poor..

  9. #269
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    Re: Are you morally obligated to repay a loan that you take?

    Quote Originally Posted by tacomancer View Post
    When its less than a penny you kind of have to unless the treasury decides on some new sub penny coin
    Sigh. If you cost me less than penny that is what you cost. It doesn't matter if the treasury has anything for that amount.

  10. #270
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    Re: Are you morally obligated to repay a loan that you take?

    Quote Originally Posted by sangha View Post
    Correct

    I'm certain that none of the sanctimonious posters in this thread were in a tizzy when banks foreclosed on homes and caused families with children to become homeless.

    It's business.
    [/thread]









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