Cagey B: Some lenders say borrowers have a moral obligation to pay their debts even if they are no longer legally responsible.

Hey look, a bank talking about moral obligations.

Yeah, I let out an audible "HA!" when I read that.

"It was totally worth it," he said. Having no credit cards made Mr. Carpenito feel "like dirt," he said, especially when out on dates.

try a visa or mastercard DEBIT card, you tool!

FlashHarry: "It was totally worth it," he said. Having no credit cards made Mr. Carpenito feel "like dirt," he said, especially when out on dates.

try a visa or mastercard DEBIT card, you tool!

Who was he dating? If my date paid in cash, I'd certainly not think any less of them than if they pulled out a card (debit or credit). What a strange value judgment to make.

I sat in on some of the cases here in WV that are mentioned in the article. The banks in question were doing some shady, evil shiat.

/ this is not a legal opinion
// IANAL

Random Anonymous Blackmail: They have been doing this for awhile, nothing new.

Indeed. I've heard of this some years ago, I want to say the Sherman group was doing it but I don't remember for sure. I cannot imagine this is EVER a good idea for someone to sign up for.

Debt collectors should get the death penalty merely for being debt collectors.

Debeo Summa Credo: The bigger question is why do these debts legally expire?

It's not so much expired as the the statute of limitations on suing you for it has passed.

Bob16: I was pleasantly surprised on how easy it was for me to fark a creditor.

And the collection agency that tried to collect was quite the joke too. So you're gonna keep calling. Big friggin deal. I'll keep hanging up.

My house is paid off. I don't need anymore credit in this life. Go ahead and ruin my credit rating if that makes you happy. I'm not using it.

Hope you aren't at risk for garnishment. I wish I had the article handy, but some poor sap in Cleveland paid the equivalent of something like 25% of the thousands he owed over the course of several years of garnishment. The problem was that the creditor was applying it to interest. So he only ended up paying down 3% of the principal.

Debeo Summa Credo: Of course they have a moral obligation to repay the debt they willingly took out. It's absurd to suggest they don't have such an obligation.

The bigger question is why do these debts legally expire?

Same reason we don't allow states to prosecute you for most crimes after a certain period of time. There is a notion that if you didn't bother to collect on the debt after a significent period of time, you don't get to surprise someone with it out of the blue.

Plus, do you have every receipt, check, bank record, and invoice from 7 years ago (hell, even 3 or 5)? I keep my tax returns, but that's about it.

FinFangFark: Here's an idea...

don't spend money you don't have, you farking fools.

Hopefully you never lose your job or have a business go sour for a few months/years.

When I was a debt collector *ducks* we were trained to guilt trip survivors of dead family members who died with credit card debt.

"I understand you are going through a rough time, but it's been almost a year since your father died. He made regular payments for 30 years with this company. Now his name is in collections. Clearly, he valued his reputation as a good customer by always staying current. Don't you think he might have wanted you to finish what he started?"

Lots of showering and drinking back then. Mostly drinking.

serpent_sky: Who was he dating? If my date paid in cash, I'd certainly not think any less of them than if they pulled out a card (debit or credit). What a strange value judgment to make.

My guess is that he didn't have enough cash, but still wanted to take his date someplace nice, and out of his price range, like olive garden.

obvious tag unavailable?

Debeo Summa Credo: Of course they have a moral obligation to repay the debt they willingly took out. It's absurd to suggest they don't have such an obligation.

I don't see it that way. It's just business. That's how banks look at it, why should anyone else feel differently? Deciding whether or not to pay off old debt is a business decision, just like extending you credit and accepting that risk was a business decision. Why take it personal? It may or may not be in a consumer's interest to pay back bad debt, that depends on the circumstances, but when it isn't, wouldn't you be rather foolish to waste money on it?

This thread sums of the mindset of the average farker in so many ways.

Wait, am I supposed to feel bad because I only have a debit card?

jst3p: I do think the best way to "win" would be to die at a ripe old age hundreds of thousands of dollars in debt

Considering I am not having kids, that's my plan!

jst3p: I do think the best way to "win" would be to die at a ripe old age hundreds of thousands of dollars in debt.

That's how the Boomers see it.