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What about all the people who were responsible and managed their debt?
by psadri 7y ago
What about all the people who were responsible and managed their debt?
- dredmorbius 7y agoThey will benefit from a non-crashed economy. A benefit based on average debt load might be an alternative or component. Pay off what you owe, or bank the excess. Long-term structural fixes are also clearly required. As your recent comment notes, unwinding loans and debt based on invalid assumptions through courts and bankruptcy is slow and painful. A debt jubilee cuts the Gordian knot. https://news.ycombinator.com/item?id=22649583 https://news.ycombinator.com/item?id=22649583
- muzani 7y agoI do contracting work. Many of my clients pay late, not so much because they want to pay late, but because they have a lot of debt to juggle. They end up taking loans, which messes up their cash flow and makes them prioritize paying off banks over contractors. So as a result, people end up owing me tens of thousands of dollars. I've stopped contracting, because it was pointless to do this and not get paid, and settled for a less productive, full time job. If people just had more money, I think they could actually pay more. We probably have to clamp down more on debt afterwards, though. It's only a way for rich people to get richer. It would be ideal if banks acted like VCs and shared the risk.