View Poll Results: Do you think it's immoral to settle your debt for a smaller amount?

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  • Yes, always.

    5 10.87%
  • No, never.

    18 39.13%
  • It depends on if you can afford to pay it or not.

    16 34.78%
  • Other

    7 15.22%
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Thread: Is settling your debt for a smaller amount immoral?

  1. #11
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    Re: Is settling your debt for a smaller amount immoral?

    Quote Originally Posted by MyOwnDrum View Post
    It depends on many things. Credit companies bear a responsibility for their relentless marketing too.

    I do find those type of ads offensive to my moral sensibilities, but the credit companies are predatory in my opinion, and lure people into irresponsible spending, so are partially to blame.
    This is joke post, right? The only thing responsible for your money is you.
    Wow. Am I awesome or what?

  2. #12
    Sage

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    Re: Is settling your debt for a smaller amount immoral?

    Was the debtor pissing off money on luxury items like expensive dinners or were they trying to just put food on the table?

  3. #13
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    Re: Is settling your debt for a smaller amount immoral?

    Quote Originally Posted by stekim View Post
    This is joke post, right? The only thing responsible for your money is you.
    Of course I'm not joking, it was hardly a funny post. I feel that companies bear responsibility for aggressive marketing. Credit cards have been irresponsibly marketed, and should be held accountable for that.

    Spending addiction does similar things to the brain as drugs, on a biological level. People get a 'high' from it, and feel compelled to repeat that experience when the high wears off. Credit card companies are like pushers, in my opinion.

  4. #14
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    Re: Is settling your debt for a smaller amount immoral?

    Nope. The debt a person has is an investment made by a company.

    Investment carries risk. They knew that when they got into it, which is why they charge interest.

    If they make a bad investment, they deserve to lose on that investment just like I would if I made a bad investment.
    Tucker Case - Tard magnet.

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    Re: Is settling your debt for a smaller amount immoral?

    Quote Originally Posted by Tucker Case View Post
    Nope. The debt a person has is an investment made by a company.

    Investment carries risk. They knew that when they got into it, which is why they charge interest.

    If they make a bad investment, they deserve to lose on that investment just like I would if I made a bad investment.
    That is an excellent point, Tucker.

  6. #16
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    Re: Is settling your debt for a smaller amount immoral?

    Is it immoral? I think so, yes. It isn't illegal though, so if people don't care if they maintain their moral stance, they're perfectly able, within the constraints of the law, to try to get away with paying less than the full amount owed.

    Morality and legality rarely have anything to do with each other.
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  7. #17
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    Re: Is settling your debt for a smaller amount immoral?

    I don't know if it's immoral or not. It has a lot to do with the situation. If a person is paying for ridiculous interest, then no, it's not immoral to negotiate a different interest rate or reduction.

  8. #18
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    Re: Is settling your debt for a smaller amount immoral?

    I see nothing immoral at all about bartering (which is essentially what that is). If I barter with someone and they accept my offer, how in the world is that immoral?

    What's immoral is gathering a debt from someone and then just giving them a big '**** you' when it comes due.

  9. #19
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    Re: Is settling your debt for a smaller amount immoral?

    Quote Originally Posted by stekim View Post
    "Settling" your debts is fine because both parties agreed to change the terms of the agreement. Just not paying is not fine.
    Quote Originally Posted by jallman View Post
    I don't know if it's immoral or not. It has a lot to do with the situation. If a person is paying for ridiculous interest, then no, it's not immoral to negotiate a different interest rate or reduction.
    Credit card companies know a certain percentage of people risk default in advance, they use risk models similar to other financial institutions so naturally they are willing to lose the interest to regain the principle. There's nothing immoral about the situation, and has been said, both parties enter into a reduced payment agreement so I don't see what the problem is either.
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    Re: Is settling your debt for a smaller amount immoral?

    Quote Originally Posted by rivrrat View Post
    What's immoral is gathering a debt from someone and then just giving them a big '**** you' when it comes due.
    I've done that once in my life and it was to WellsFargo. I had a checking account with them and I deposited my paycheck every Tuesday. One week, they decided for some reason to hold my paycheck for 7 days. They didn't tell me when I deposited it, they had never done it before and I never did get an answer as to why they did it. On Saturday of that week, I had a debit decline. When I went into the bank on monday to find out why the ATM said I was 536.00 in the hole, I found out about the check being held and the 13 overdraft charges at 32.00 apiece. They paid all the charges and called it overdraft protections. I discussed calmly with the banker at first, wanting to know why a 7 day hold was put on my payroll check for the first time in 2 years and without them telling me. I figured since all the charges had been paid, they would just see the mistake and reverse their bank charges, refunding me my money.

    Things got a little more heated when the banker told me that the best he could do for me was to show me how to balance my check register. That was the end of my banking with WellsFargo. When the collector called about it, I told him that I was glad he called because I wanted to know where to present my 438.19 bill for repayment of the money WellsFargo took illegally. They have never called back and it has never shown up on my credit report.

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