Re:'Bad Paper' Explores the Underworld of Debt Collection
by alexqgb on Friday October 10, 2014 @10:35PM
(#8441031)
This is especially true when your insolvency is the direct product of a criminal enterprise conducted by the lenders on such a massive scale that it threatened to wreck the entire global economy.
In other words, my obligation to pay is contingent on your not demolishing my ability to pay.
If some personal or professional tragedy affected my ability to pay, there is a pecking order of things I will pay for, at that point, too bad, I'm insolvent.
There's no moral hazard if you borrowed money in good faith. It's not immoral to fail to repay a credit card if the alternative is to leave my family without some necessity.