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Is settling your debt for a smaller amount immoral?

Do you think it's immoral to settle your debt for a smaller amount?

  • Yes, always.

    Votes: 2 5.1%

  • No, never.

    Votes: 16 41.0%

  • It depends on if you can afford to pay it or not.

    Votes: 14 35.9%

  • Other

    Votes: 7 17.9%
  • Total voters
    39
lizzie said:
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.
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Interesting response. Frightening, but interesting.
 
justabubba said:
what do you find frightening?
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Ultimately it is because I believe that goodness is more important than commerce. (and yes, this is an entirely subjective opinion).

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.
 
Blackdog said:
It depends. If the person is paying the actual debt and not ridicules interest rates, I don't see it as being out of line.
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I got in a situation where I owed 1,000. It quickly grew to 4,000 at 29% interest. They then let me make monthy payments at 5% I did so for a year and got it down to 2,000. Then hard times hit again and when a payment was missed it went back to 29%. Soon I owed 6,000 and it was still growing. I finally got it settled at 2,000. A very expensive 1,000 dollars. I didn't feel guilty about it. Oh yea, when you settle for less, you have to claim the difference as income on your taxes.
I no longer use credit cards. It feels good being debt free!
 
Hatuey said:
.... since when did capitalists care about morality?
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All the time, it's not like they're liberals or socialists or any of the other believers in criminality who care only about stealing money from the people who earn it.
 
Scarecrow Akhbar said:
All the time, it's not like they're liberals or socialists or any of the other believers in criminality who care only about stealing money from the people who earn it.
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Yeah, they just want people to work harder and longer in order to earn it.
 
No, never.

If you settle your debt, it's perfectly moral, as you had to agree with the lender on a settlement. If they accept it, they are fine with it.

Didn't read the thread.
 
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