What if all debt was forgivin, no new credit issued?, page 2

Originally posted by SuperSecretSquirrel
It is immoral to be charged outrageous amounts of interest on loans.

If you signed on the dotted line, you made a promise, a commitment, and you should keep to it.

To be taken advantage of because you couldn't understand how badly you were getting ripped off signing those papers.

When has stupidity ever been a valid excuse. And, who in the heck can't understand simple math? And, why would anyone sign something they didn't understand? Sorry, stupidity should never be allowed to become a valid excuse, because then everyone will claim they are too stupid to take care of themselves.

Your neighbors wouldn't pay for the debt because the debt was made null. If nobody is taking away from you, what is your issue with this?

You can not nullify debt without burning those whose money was borrowed! I have money in the bank. The bank loans that money at an agreed percentage, and I get a cut of that percentage because it is my money they are loaning. If that debt is forgiven, how would I get my savings back?

The vast majority of those that would lose out is the financial institutions.

WHAT? Where do you think those financial institutions get that money from? Financial institutions are merely the managers of other peoples savings, their nest eggs, their retirement savings, their pension funds, etc. Again, if debt is forgiven, everything everyone else that saved because THEY have lived a life within their means becomes jack .. and, it's even worse than that, because banks loan out more than what they have on deposit, so you're also screwing over your entire nation.

God knows, I don't want them to know what its like to be out a ton of money.

If you had money in the bank that you worked most your life for, and the bank loaned it to your neighbor, and then that debt was forgiven, your money is GONE. Don't you understand how all this works? Would you like to see your entire retirement savings that you worked so hard for all your life be given to your neighbor so they ended up with a free home, and a house full of free stuff they also bought on credit?

And, what about those that live in apartments? While everyone with a home that has a mortgage suddenly doesn't have to worry about housing costs, do the folks that rent have to keep paying rent, or do they get to STEAL their apartment from those that actually own it?

I've heard this debt forgiveness thing come up a lot, and it always seems to be mentioned by those that haven't a clue how the economy works, which is probably why they are having such a difficult time with their financial issues. The best thing they can do for themselves is to take some college class on economics and math, ha.

The best solution is to get everyone to pay back what they owe and then eliminate ALL consumer credit! In other words, FORCE everyone to live within their means. If you want a fancy new home entertainment center, you should EARN IT FIRST .. not come begging at the bank to borrow your neighbors money they have in the bank! Credit should be a thing use ONLY for emergencies, such as medical expenses. If we eliminated consumer credit, and the irresponsible folks were not paying double or triple for something they couldn't afford in the first place, maybe they could use that money they would have wasted on interest to pay for their own medical insurance and we could solve that problem too.