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. #31
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    Re: Is settling your debt for a smaller amount immoral?

    Quote Originally Posted by jallman View Post
    It's not even negotiation when a credit card company jacks interest rates up with no warning, fails to process payments and jacks your rate up punatively for their mistakes, or just decides to cut credit lines.

    If a person can renegotiate with a credit card company, by all means let them do it. It's not like the cc companies have exactly been fair and ethical in their treatment of customers, either.
    Bank of America tried to jack the rate on a card that I had for years and was never late on a payment, never over my limit and there was no change to my score.

    And I mean really jack the rate so that the payments more than doubled.

    I called them and told them that they had two options: 1. return the rate to where it was or 2. be the proud owners of my defaulted credit because they weren't getting a single payment from me and that they'd lose a helluva lot more money if I stopped paying than the money they'll make if they returned the interest rate to what it was and received timely payments as usual.

    They made the smart choice.
    Tucker Case - Tard magnet.

  2. #32
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    Re: Is settling your debt for a smaller amount immoral?

    Quote Originally Posted by Mellie View Post
    I heard a commercial on the radio the other day about a debt settlement company. One of the scenarios was a guy who owed $30,000 in credit card debt and settled with $12,000. Do you think it's immoral to do this and not pay the entire amount?
    I think in most cases they would still be making a profit.

    In answer to your question, no. There has been a feedback error in creditor-debtor relations in the United States for a long time. That feedback error is great for creditors when it works, but they are willing to settle for less when it gets out of control.
    Last edited by Morality Games; 04-29-10 at 03:47 PM.
    If you notice something good in yourself, give credit to God, not to yourself, but be certain the evil you commit is always your own and yours to acknowledge.

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  3. #33
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    Re: Is settling your debt for a smaller amount immoral?

    One may consider it immoral based on their own moral beliefs, but it's not a question of morality since it's a business deal.
    "God is the name by which I designate all things which cross my path violently and recklessly, all things which alter my plans and intentions, and change the course of my life, for better or for worse."
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  4. #34
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    Re: Is settling your debt for a smaller amount immoral?

    Quote Originally Posted by lizzie View Post
    One may consider it immoral based on their own moral beliefs, but it's not a question of morality since it's a business deal.
    Are businesses deals not subject to moral considerations?

  5. #35
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    Re: Is settling your debt for a smaller amount immoral?

    I don't think it's immoral. What's immoral is having a 20%+ interest rate on debts. There is nothing wrong with settling your debt to a lower amount.

  6. #36
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    Re: Is settling your debt for a smaller amount immoral?

    Quote Originally Posted by Tucker Case View Post
    Bank of America tried to jack the rate on a card that I had for years and was never late on a payment, never over my limit and there was no change to my score.

    And I mean really jack the rate so that the payments more than doubled.

    I called them and told them that they had two options: 1. return the rate to where it was or 2. be the proud owners of my defaulted credit because they weren't getting a single payment from me and that they'd lose a helluva lot more money if I stopped paying than the money they'll make if they returned the interest rate to what it was and received timely payments as usual.

    They made the smart choice.
    Wow, I may have to try that. The same thing happened to me, and it really pissed me off, but I thought I had no recourse.
    "God is the name by which I designate all things which cross my path violently and recklessly, all things which alter my plans and intentions, and change the course of my life, for better or for worse."
    -C G Jung

  7. #37
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    Re: Is settling your debt for a smaller amount immoral?

    Quote Originally Posted by megaprogman View Post
    Are businesses deals not subject to moral considerations?
    To the extent society's good tastes and willpower require them to.

    Not much.
    If you notice something good in yourself, give credit to God, not to yourself, but be certain the evil you commit is always your own and yours to acknowledge.

    St. Benedict

  8. #38
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    Re: Is settling your debt for a smaller amount immoral?

    Quote Originally Posted by jallman View Post
    It's not even negotiation when a credit card company jacks interest rates up with no warning, fails to process payments and jacks your rate up punatively for their mistakes, or just decides to cut credit lines.

    If a person can renegotiate with a credit card company, by all means let them do it. It's not like the cc companies have exactly been fair and ethical in their treatment of customers, either.

    That is certainly the truth.
    Wow. Am I awesome or what?

  9. #39
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    Re: Is settling your debt for a smaller amount immoral?

    Quote Originally Posted by megaprogman View Post
    Are businesses deals not subject to moral considerations?
    No. Business deals are contractural agreements. Granted, lenders do rely on the moral and ethical standards of customers to help ensure the contract is fully lived up to, but the contractural agreement is contained on the piece of paper it's printed on.
    "God is the name by which I designate all things which cross my path violently and recklessly, all things which alter my plans and intentions, and change the course of my life, for better or for worse."
    -C G Jung

  10. #40
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    Re: Is settling your debt for a smaller amount immoral?

    Quote Originally Posted by Hatuey View Post
    .... since when did capitalists care about morality?
    Are you implying that you're NOT a capitalist? In other words, you reject private property rights and wage labor?

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