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. #461
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    Re: Are you morally obligated to repay a loan that you take?

    Moderator's Warning:
    Are you morally obligated to repay a loan that you take?[W:461]The personal comments need to stop now. Stick to the topic which is not other posters or accusations of violations.
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  2. #462
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    Re: Are you morally obligated to repay a loan that you take?

    Quote Originally Posted by polgara View Post
    Good morning, radcen.

    In some cases, such as when the ability to repay a loan becomes impossible because of job loss or illness, or because a "teaser" interest rate was used and the real rate kicks in at a later date, I can understand walking away when you know you aren't going to be able to keep your word. You're still responsible and your credit rating will suffer even though you didn't mean for it to happen.
    Hello polgara.

    I have sympathy for people who lose their jobs, experience a significant illness, or some other unforeseen sucky event. No problem there. Sometimes life kicks you in the teeth and you do the best you can.

    I don't have sympathy for people who sign a loan with a teaser rate then act surprised when the real rate kicks in. That is easily foreseen. IMO, and this is partly the lender's fault too (the blame is equally shared, lender and borrower), but a person should be qualified for a loan based on a worst case scenario for what payments will ultimately be. If you cannot afford the ultimate payment, you cannot afford the loan. Period. A big reason we had the housing bust and the "great recession" is because too many people knowingly took out mortgages they knew they could not ultimately afford. They were hoping to continually re-fi into another teaser rate forever. Well, any thinking and non-selfish person knows stuff like that doesn't last forever. It catches up eventually.
    Last edited by radcen; 01-24-15 at 02:44 PM.
    If you claim sexual harassment to be wrong, yet you defend anyone on your side for any reason,
    then you are a hypocrite and everything you say on the matter is just babble.

  3. #463
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    Re: Are you morally obligated to repay a loan that you take?

    Quote Originally Posted by justabubba View Post
    Quote Originally Posted by Papa Bull
    Quote Originally Posted by Papa bull View Post
    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.
    [emphasis added by bubba]

    i hear you

    NO way did the lender have the CHOICE to deny the requested loan

    Attachment 67179381
    So with this sarcasm, are you asserting that it's OK to default on the loan because the lender could have refused to make it? Try to explain the reasoning there because that makes it sound like anyone stupid enough to loan someone else money deserves what they get if that person refuses to repay the loan.
    You can't reason anyone out of a position they didn't reason themselves into in the first place.

  4. #464
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    Re: Are you morally obligated to repay a loan that you take?

    Quote Originally Posted by Papa bull View Post
    Indeed. It turns out that over 25% of all the mortgage defaults that fueled "The Great Recession" were "strategic defaults" where the homeowner COULD have paid and simply decided to walk away from their obligations because their "investment" wasn't worth what they thought it was going to be worth. They stuck everyone else with the cost of cleaning up the mess for their unprofitable "investment" decision and they did it willingly and by choice despite having the funds to make good.

    I ended up cashing out some of my 401K to pay the difference when I had to sell the home I bought in 2004 for 192,000 (After making every single mortgage payment for 8 years) for only 160,000. It cost me a lot of money because the house had lost so much value. I suppose I could have just "walked away" since I bought the home I live in now with cash from the early IRA distribution (that cost me a bundle, too), but I'm not a thief and I agreed to the mortgage in good faith and even though it was hard, I did have the means to discharge my obligation. It cost me thousands and thousands of dollars but how can people put a price on their honesty and integrity? I don't know. I just know that somehow a lot of parents failed to teach their children about values and morals and this country and this generation will end up taking the wheel and steering the ship soon. It's not something to be optimistic about.
    Right. Almost everybody got hurt with that boondoggle, even people who did everything correctly. That's what shortsightedness and selfishness gets us. Even *if* it wasn't immoral, it was most certainly irresponsible.
    If you claim sexual harassment to be wrong, yet you defend anyone on your side for any reason,
    then you are a hypocrite and everything you say on the matter is just babble.

  5. #465
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    Re: Are you morally obligated to repay a loan that you take?

    Quote Originally Posted by sangha View Post
    There is a national interest in keeping homelessness as low as possible and home ownership rates as high as possible because neighborhoods with low ownership rates tend to suffer from a number of social ills (ex crime, substance abuse, etc)
    well, now it's getting a bit convoluted, as your "national interests" are seemingly based on your morals concerning social issues.... those are morals we all tend to share, so it's not like you're weird or anything... but it seems there actually is a moral component to the issue of foreclosures.


    as a side note, I wonder if we all operating on the same understanding of "morals" here.... that's probably something that should have been fleshed out earlier.. but I think it's a possibility some of us are in more of an agreement than it seems.

  6. #466
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    Re: Are you morally obligated to repay a loan that you take?

    Quote Originally Posted by tacomancer View Post
    Exactly, national and societal interest guides my moral feelings and actions far more than some institution that only exists to make money.

    Thank you for mentioning that very important point.
    so , in your own way, you've assigned a moral obligation to pay those bills?... it might not be a moral obligation to the bank itself, but instead to society?

  7. #467
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    Re: Are you morally obligated to repay a loan that you take?

    Quote Originally Posted by CanadaJohn View Post
    It matters little how often you repeat this bull****, it's still bull****. The sad part is you're fully aware it's bull**** and you continue to troll it out there.
    It matters little how often you call it BS - it's still fact
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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 Papa bull View Post
    Judging by the numbers, most liberals try to avoid public polls, too. Or at least THIS public poll.

    Did you find it surprising that so few respondents that said "no, they don't feel morally obligated to repay debts" voted while logged in as registered members? I was a bit surprised but in retrospect, I guess I shouldn't be. I think most people know that it's a moral obligation to do that and it's not surprising that people would be embarrassed to be on record publicly as one who has no such moral compunction.
    don't judge any polls arouind here on the numbers... some idiots is still gaming them

    there are 3 people whom have voted "no".. not 56

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

    Yes.....no doubt!


    It's not because John McCain doesn't care. It's because John McCain doesn't get it.
    Barack Obama
    At Democratic Party's Denver convention, August 2008.

  10. #470
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    Re: Are you morally obligated to repay a loan that you take?

    Quote Originally Posted by Thrilla View Post
    don't judge any polls arouind here on the numbers... some idiots is still gaming them

    there are 3 people whom have voted "no".. not 56
    Which is why I didn't bother picking a poll choice. I'll just participate in the discussion instead.

    If I had picked a poll choice, though, it would have been: "If you borrow money, you are morally obligated to repay it.", (with a mental asterisk for unforeseen dire circumstances).
    If you claim sexual harassment to be wrong, yet you defend anyone on your side for any reason,
    then you are a hypocrite and everything you say on the matter is just babble.

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