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I have a twist on this that may or may not have been discussed already.
Suppose you have a loan with a co-signer - are you morally obligated to keep up with payments on that loan so as not to negatively impact the co-signer?
Of course. Unlike the mortgage lender, the cosigner of the loan didn't sign his or her name to maximize profits but as a personal favor to the borrower. So it would be immoral to take a "what's best only for me" approach to defaulting on that loan when the person guaranteeing YOUR loan takes an uncompensated personal financial risk on your behalf.
However, when our clients asked us about making personal loans or cosigning loans we always said, fine, but you should treat the loans and the amount guaranteed as a gift, and if you get repaid or don't have to make good on the guarantee, a financial windfall.
Now if the co-signor was one of the idiots who rented out their good credit to deadbeats, they ought to know the people on the other end of that transaction aren't going to behave "morally"..... Got Good Credit? Rent It Out For Cash!