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Uncle Leo

Ethics and morals in debt

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let's look at it this way...


I have an item you want...


a widget...


it sells regularly for 600 dollars...that's it's "worth"...I can sell as many as I can get ahold of for that price


you agree to buy it for 600



BUT...I later decide to sell it to you for 500...


is it morally or ethically right for you to only pay me 500?



Same goes with an agreement to pay a credit card...


it's "worth" 1500


but if I'm willing to "sell you" the "agreement" for 800...how is that different?

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pryan brings an excellent point as well. If there is a concrete value on what you owe then why do creditors sell the debt for less???? If they can do it why cant you?? If a creditor is willing to take 500 from ME or the CA then they are the ones who are putting a value on it, not me.

Do you have a moral obligation to pay full price on a sale item? I bet not. Just imagine your debt on sale.

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