It depends on if you can afford to pay it or not.
Thanks for the other.
Not all men have equal financial abilities and intelligence.
Should they be thrown into the poor house for this?
They are, of course, already living in poor conditions(mobile homes,row houses).People should at all times make honest effort to pay their debt and those who lent the money in the first place should accede to their responsibilities..
This may fly in the face of those who hold "privacy" so dear.
If you had had access to perfect information, you would have very likely made a completely different decision. But, because you and countless others did not have access to this information, a bubble formed, directly due to the imperfect information.
It is my view that one of the few moral imperatives in a free market system is this: That all parties to a transaction/agreement fully, actively and voluntarily disclose all information they know that pertains to the transaction/agreement.
My reasoning is this: If you are going to be an advocate and participant in a free market system of economic exchange, it is your duty to see that it runs as efficiently and as prosperously as that system possibly can. People and entities (corporations) who seek to take advantage of imperfect distribution of information are causing the system that they claim to espouse to break down.
So many people have the misguided notion that taking advantage of the imperfect distribution of information is an eminently capitalistic/free market activity. I differ with these people. I think it is entirely anti-capitalistic, anti-free market.
I am well aware that I am probably in the minority. But, back to your specific situation:
The banks sought to take advantage of this imperfect information, and you are not responsible for what you had no opportunity to have discovered. As I have indicated, the only ones with any moral failing in this situation are the banks.
I think you can walk away with a clear conscience. I would certainly do so if the consequences on balance are in favor of it.
This is spot on.They receive other consequences that are pre-set into the system. i.e. credit score damage, inability to get future loans, etc.
Why is it OK to absolve the lenders of their CHOICE to make a stupid investment?
Yes, I agree with Dezaad's point - you couldn't possibly have known who else they were giving loans to - and foresee the inevitable future.
A screaming comes across the sky.
It has happened before, but there is nothing to compare it to now.Pynchon - Gravity's Rainbow
I won't give myself a free pass since there were ways for me to learn about their existence through simple research on my part.
But I never performed any research into things before I bought. Instead, I made many assumptions, all of which were incorrect.
Thus, I firmly believe I was incorrect to make my decisions based on my ignorance.
Now, I may very well have made the same decision if I had all of the information that was publicly available at the time or I might have made different decisions. I cannot say for sure whether I would have done things differently.
What I can say for sure is that I know I didn't put forth enough effort to make myself informed.
That alone means I can't shirk my own culpability in the matter. I didn't live up to an all-important obligation to myself which only I have control over: informing myself of every available fact before making major decisions and to never base my decisions upon assumptions and ignorance.
Tucker Case - Tard magnet.
Don't get me wrong though, I think commerce is very important since it is one of the engines of our society and our well-being, but I think its main use is to serve that well-being of our society as a whole, which it does a very good job at. And, it should be promoted as much as is reasonable for that purpose, at least until we can come up with something better that would serve people in a greater capacity.
Ultimately, capitalism is a tool for the betterment of man though, but man is always more important than the tools.
Again, entirely subjective opinion. I fear that if mistake our tools for our purpose, we will be able to more easily justify atrocity since it promotes the ideas of social darwinism.
I no longer use credit cards. It feels good being debt free!
"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