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"flat defaults and goes to jail" - the following isn't a joke question: do you actually mean that people go to prison for defaulting on a loan? I thought debto
by kgrin 16y ago
"flat defaults and goes to jail" - the following isn't a joke question: do you actually mean that people go to prison for defaulting on a loan? I thought debtors' prisons were... a concept we got past around the Victorian era?
- bradleyland 16y agoSorry, no. That was hyperbole. You're not in jail in a traditional sense, but there are a laundry list of bad things that will happen, making it seem like you are. I'm talking things like wage garnishment and draining bank accounts. It's difficult to live a life based on cash (as in green paper), so at some point, the banks will catch up with you and drain your accounts. It's next to impossible to lead a normal life when you can't even save up enough money to pay cash for a $5000 car. The impact of wage garnishment on employment are significant as well. How motivated would you feel to show up to work, knowing that you'll never see the majority of your wages. This drives a lot of people to do stupid things like commit fraud, which can result in jail time if you repeatedly break the law. You literally end up on the run from your debt. That's not a life you want to live.