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A Different Take on Debt

Commented Jun 22, 2012 at 09:06:31 in Business

“I think this is an interesting take. However, I am not sure that someone not repaying money they actually owe is honest. You borrowed a certain amount on a signature loan you should honor you agreement, not try to get out of it or pay less than you actually took. While my train of thought my be "old school" I think you should be responsible for what you took in agreeance with the terms you took it.”

hp blogger Steve Rhode on Jun 23, 2012 at 14:34:04

“I completely understand that point of view. But isn't it possible to look at the situation based on what is realistic and affordable to keep you safe while you dig yourself out?

Sometimes bankruptcy gives you the most protection. Don't forget, there is nothing that says you can't file bankruptcy for the legal protection or agree with your creditors to pay less and still volunteer to repay your creditors to honor your promises.

Do you feel the couple in the original story did the more honorable thing even though it cost them the time away from their children and possibly $500,000 for retirement. Is honor best accomplished by sacrificing your future to repair the past or learn from the situation and do better moving forward?

Each person has to answer that question for themselves.”