It depends on if you can afford to pay it or not.
Each party is responsible for their own crap. Just as much as companies shouldn't spike everyone's interest rates to make up for their oversight and poor judgment - people shouldn't skip out of the debt that they agreed to pay.
In general everyone should be more responsible with their money . . . if they don't consider their actual limits when applying for a mortgage or loaning money to someone else then it's really their own problem.
Last edited by Aunt Spiker; 04-29-10 at 08:10 PM.
A screaming comes across the sky.
It has happened before, but there is nothing to compare it to now.Pynchon - Gravity's Rainbow
the morality isn't an issue since both parties to the agreement must consent to any revision of loan terms before those changes become binding
but if any of you attempt to negotiate such a compromise of debt obligation, one of the items to negotiate is that the lender will not issue a 1099 for the amount written down. otherwise that 1099 reports the writedown as unearned income, taxable by the IRS
The credit companies are investing when they give credit, nothing more, nothing less. The higher the risk, the more they expect in return, thus they charge higher interest rates.
They are the only one's responsible for what they do with their money, nobody else.
What they are doing is allowing you to spend their money, in the hopes that they can turn a very tidy profit when you pay the price for spending their money.
If they let an irresponsible person spend their money, then they are idiots and they deserve to lose on their investment. It's their duty to make sure they pick responsible people to spend their money. they dont do that. They target irresponsible people because they tell people the lie that it's a shared responsibility.
Example: I invest in a company that looks fro all intents and purposes that it is going to fail. Then, lo and behold, the company fails as one would expect. The company is not responsible for my stupid investment. I am. I deserve to lose my money for making a stupid investment.
The same is true of credit companies. If they make stupid investments, they deserve to lose money. Abso-friggin-lutely.
And when lenders make stupid decisions, we all lose because the economy gets ****ed. They want to take risks, fine. But they deserve to lose money when they take stupid risks. That's how it works.
Tucker Case - Tard magnet.
"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
There are many businesses based right here in this country that do give a fair wage etc. So again your point is a gross over exaggeration that AGAIN accomplishes little.
No Lives Matter
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.
I agree with Tucker Case. The 'agreement' people make includes not just the contract you sign, but also the 'surrounding' law that applies to the agreement. Everyone (should) know what all this law is before signing on, and the creditors certainly do. The entirety of the agreement provides for certain consequences if the borrower opts not to pay. As long as the borrower is willing to bear those consequences, there is nothing 'wrong' about it.
Businesses who borrow money from other businesses frequently opt not to pay their debts because it is in the best interest of those businesses not to do so. Nobody asks if the business is 'immoral' for not paying its debts. If, as a borrower, it is no longer in your best interests to pay, then stop paying.
Borrowing money is a business arrangement, not a moral one.
The cessation of payments and the attendant consequences are PART of the entire agreement, and it is within the borrowers rights to exercise that part of the agreement.
That said: It is almost always best to keep paying, unless you owe a high amount of money compared to your income to lenders who charge ridiculous interest.