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Your argument doesn’t sound very convincing. People declare bankruptcy now all the time; it’s quite easy actually if you really have no assets and don’t mind yo
by pb7 6y ago
Your argument doesn’t sound very convincing. People declare bankruptcy now all the time; it’s quite easy actually if you really have no assets and don’t mind your credit ruined for 7 years or less.
You haven’t actually stated under what conditions you would be allowed to discharge your debt, you’re just trying to convince me that it wouldn’t be abused and also that we really need this to happen. Again, not very convincing.
There’s a reason student debt was made undischargeable right around the same time that the government started guaranteeing loans.
- ryandrake 6y agoIsn't the risk of default/bankruptcy part of what justifies charging interest? If there is no risk for lenders, how do they justify charging interest?
- plorkyeran 6y agoNot being able to discharge a debt in bankruptcy doesn't make the loan zero risk. Even if you can garnish someone's income there's no guarantee that they'll ever make enough money for that to repay the loan. The risk also isn't the only thing that justifies interest. Why would they let you borrow some of their money if they weren't getting some benefit from doing so?