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. #51
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    Re: Is settling your debt for a smaller amount immoral?

    Quote Originally Posted by Tucker Case View Post
    The banks willingly take the risk.
    The banks sign legal contracts with individuals to allow them to use credit, with the express agreement that it will be paid back according to the legal terms signed by both parties. Is it a risk? Certainly. Does that mean they deserve to lose? Hell no.
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    Re: Is settling your debt for a smaller amount immoral?

    Quote Originally Posted by Tucker Case View Post
    See, I look at it differently, I see no problem with the credit card companies being punished (by the defaults they accrue) for their poor judgment in the way that they toss their money around, i.e. allowing irresponsible people to overspend it in the hopes of turning a profit off of the irresponsible people.
    that's a shared responsibility. The company should watch their bottom line - don't overlend, respect the customers, don't spike or screw over, etc - good business practices and common business sense. People should watch their bottom line - never getting in too deep and watching their credit card use and do proper research before buying a vehicle, etc. It's just as wrong for an overlent company to spike everyone's rates to make up for their oversight as it is for the borrower to try to bail on their debt.

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

    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
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  4. #54
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    Re: Is settling your debt for a smaller amount immoral?

    Quote Originally Posted by Aunt Spiker View Post
    that's a shared responsibility.
    That's the lie they tell you, but it is a lie.

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

    Quote Originally Posted by Cephus View Post
    The banks sign legal contracts with individuals to allow them to use credit, with the express agreement that it will be paid back according to the legal terms signed by both parties. Is it a risk? Certainly. Does that mean they deserve to lose? Hell no.
    They deserve to lose when they take stupid risks. In the past that has been a large portion of the credit market: stupid risks.
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    Re: Is settling your debt for a smaller amount immoral?

    Quote Originally Posted by Hatuey View Post



    Oh but it does. Morality and capitalism are incompatible. It is as simple as that.
    It depends on one's definition of, and beliefs in morality.
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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?
    People should pay whatever the market for credit will bear.

  8. #58
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    Re: Is settling your debt for a smaller amount immoral?

    Quote Originally Posted by Hatuey View Post
    This is irrelevant. Even an 'impure' capitalism like ours has no place for morality. All those things I mentioned still exist in a system of 'impure capitalism'. So my comment stands.
    Makes it no less a gross and unfair generalization. All you did was post businesses in other countries etc. that have a different system to our own. In fact some of those country's like China, are Communist. No capitalism at all. That pretty much makes your point irrelevant.

    Quote Originally Posted by Hatuey View Post
    Oh but it does. Morality and capitalism are incompatible. It is as simple as that.
    Maybe in your liberal little world.

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

    Quote Originally Posted by 1984 View Post
    Are you implying that you're NOT a capitalist? In other words, you reject private property rights and wage labor?
    'Capitalists' refers to people who exercise the most power within capitalist economic systems. That is, who owns the most of the capital.
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  10. #60
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    Re: Is settling your debt for a smaller amount immoral?

    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.

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