Moral Duty of Debt

In: Business and Management

Submitted By robcarroll4
Words 1054
Pages 5
Robert Carroll
Econ 394
Essay 2

Moral Duty of Debt

When thinking of debt as a “promise to pay” it is only natural to feel the obligation to fulfill that promise. However, not all debts are the same and the sense of duty to repay different debts can certainly vary. The type of debt, reason for the debt, and who the lender can all affect the willingness to pay the debt back. Some debts may seem unfair, while others are clearly the result of your own conscious decision to take it on. There are many factors that can affect one's willingness to pay back a debt, whether it be penalties on defaulting or just a sense or a moral obligation to keep that promise. Although most people intend to pay back their debts, there are certainly some circumstances that I wouldn't absolutely pay back a debt.
There are certain debts that I believe should absolutely be paid back. I would absolutely pay back any debts that are the result of my own conscious decision to borrow money for assets. For example, I would always pay back car loans. If I am buying a car that requires a loan, the chances are I could find one that is more affordable. However if I wanted to buy a more expensive car and take out a loan for it, I would make it my obligation to pay the loan back. The reason for this is not only a moral obligation but also for the sake of society's ability to borrow at all. If everyone decided to borrow money for things and not pay it back, our economy would collapse and no one would loan out money. I believe that I am personally responsible for keeping my promise in this regard. Penalties also act as motivation to pay back any documented loans. Although high interest rates of credit cards and the extremely high costs of tuition may seem unfair, both of these debts were the result of my decision to attend college or buy things with my credit card. Also, penalties for not…...

Similar Documents

Fiduciary Duties

...FIDUCIARY DUTIES AND OTHER RESPONSIBILITIES OF CORPORATE DIRECTORS AND OFFICERS Morrison & Foerster LLP Christopher M. Forrester Celeste S. Ferber RR DONNELLEY EZ START XBRL We Tag. You Validate. We File. With the release of the proposed rule, the SEC will require the use of XBRL for financial reporting starting as early as 2009 for some companies. RR Donnelley is uniquely qualified to give you guidance on how your company can prepare for the SEC mandate. As the market leader in XBRL filings, we have been helping leading companies successfully tag and file XBRL financials since the inception of the SEC Voluntary Filing Program. RR Donnelley’s proven EZ Start XBRL full-service solution is designed to save you crucial time. With EZ Start, we do the initial tagging for you, reducing the time spent mapping and validating XBRL tags to under ten hours. Our goal is to transfer knowledge to your financial team to ensure a firm understanding of the taxonomies, mapping process and SEC requirements. To learn more, visit FIDUCIARY DUTIES AND OTHER RESPONSIBILITIES OF CORPORATE DIRECTORS AND OFFICERS MORRISON & FOERSTER LLP Christopher M. Forrester Celeste S. Ferber RR Donnelley Global Capital Markets Copyright© 2008 Morrison & Foerster LLP (No claim to original U.S. Government works) All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, electronic...

Words: 49138 - Pages: 197


...Debt Maxed Out was a very informational movie to me especially because I learn things about debt that will help me. My family has problems with debt and credit card using so I wish by watching this movie I may help them with those problems. Some of the things that I heard and saw on this movie, I never knew about. Maxed Out gave me an advantage over most college students who are prone and vulnerable to credit cards and debt. College Students usually are the most vulnerable to credit cards and debt. When you go to school on your first day you see many stands with credit card companies or banks who are offering to take you in to their company. They don’t do it because they want to help but because they know that they can get money from student. When you are in college you may not have a lot of money and so you get a credit card and use it because you think it won’t hurt you. Therefore they get the student with the interest which they can not pay because if they had extra money then they wouldn't have had to use the credit card. Credit card companies also have another type of people that they target and maybe more than college students which is people who have already filed for bankruptcy. They go after people who have filled for bankruptcy because once you file for it once then you can’t do it again. Of course the reason most people are bankrupt in the fist place is because of debt with credit cards or loans. So then they already no that they get addicted......

Words: 615 - Pages: 3


...less experience in teaching, or use a wrong method to teach a student, that will be affect the student doesn’t understand or no idea at all what the teacher teaching in class. For example, some lazy teacher, their just give the student copy a note and never explain it, when exam is come, teacher just give an answer to the student. The result of the exam is excellent, but that not the real result of the student, this will make a student be a lazy student, just wait a answer from teacher when exam, never try by own self. Besides that, the attitude of the teacher also is a factor of influence the academic achievement. The duty of teachers everyday in school is teaching the student, not only on academic, but also on how to became a good student, how to thing and also open their mind. But some teacher take their duty like nothing, they be irresponsible for their duty. For example, teacher always absents, no in lesson, and some teacher attends the lesson, but no teaching, just let student do the thing they own self. Their no care about the achievement of the student, their just come to school and take the salary every month. In Negeri Sembilan, a father complain the English teacher who teaching his son English, because of the result of the English exam of his son from grade A drop until grade E. After the principal of that school investigate, the English teacher had be fire, because of always absent to school, and every day in class no for teaching, cause the result of student......

Words: 8071 - Pages: 33

Duties of an Nco

...As a noncommissioned officer, you have duties, responsibilities and authority DUTY: A duty is something you must do by virtue of your position and is a legal or moral obligation. For example, it is the supply sergeant's duty to issue equipment and keep records of the unit's supplies. It is the first sergeant's duty to hold formations, instruct platoon sergeants and assist the commander in supervising unit operations. It is the duty of the squad/section/team leader to account for his soldiers and ensure that they receive necessary instructions and are properly trained to perform their jobs. A noncommissioned officer's duties are numerous and must be taken seriously. An NCO's duty includes taking care of soldiers, which is your priority. Corporals and sergeants do this by developing a genuine concern for their soldiers' well-being. Leaders must know and understand their soldiers well enough to train them as individuals and teams to operate proficiently. This will give them confidence in their ability to perform well under the difficult and demanding conditions of battle. Individual training is the principle duty and responsibility of NCOs. No one in the Army has more to do with training soldiers than NCOs. Well trained soldiers will likely succeed and survive on the battlefield. Well trained soldiers properly do the tasks their NCOs give them. A good leader executes the boss's decisions with energy and enthusiasm; looking at their leader, soldiers will believe the......

Words: 1247 - Pages: 5

Moral Relativism vs Moral

...Moral relativism vs Moral absolutism Moral Relativism Moral relativism is the insight that there are no obvious ethical truths and that moral facts are only relative to a given individual. According to this theory what is morally good for one person or culture might be morally bad for another, and vice versa: there are no moral absolutes. Moral relativism holds that ethical truths are of this latter kind. According to moral relativism, ethical truths are subjective rather than objective. This means that whether lying is wrong, for example, can vary from person to person or from culture to culture. It may be that for some people, or in some cultures, it is wrong, but that for other people, or in other cultures it isn‘t. In one mild form, moral relativism can seem obvious. Of course different people have different moral obligations: I have a duty to pay my credit card bill; you do not. Each of us is in different circumstances, and those circumstances affect what we ought and ought not to do. Morality is therefore relative to circumstances. Moral truths are relative to people or groups of people. Moral relativism holds that two different people in identical circumstances can, for no other reason than that they are different people, have different obligations. This is a much stronger claim than that morality is relative to circumstances. Moral absolutism Moral absolutism is the ethical theory which believes that there are always absolute rules of which moral questions can be......

Words: 506 - Pages: 3


...Chapter 7 : Moral Issues 7. 1 The Environment 7. 2 Life 7. 3 Rearmament and War 7. 4 Business Ethics 7. 5 Sexuality and the Family 7. 6 Discrimination 7. 7 Freedom of Information 7. 8 Science and Technology Chapter Overview This chapter will discuss the contemporary moral issues. There are eight main sub-headings and examined in turn. Students may not only learn about moral facts, principles and theories, but also some important moral issues so that they will kept in phase with current issues in facing the challenge out there. This chapter also encourages students to ...

Words: 28274 - Pages: 114


...Can one be moral and not believe in God? Student’s Name Title of Course Instructor’s Name Date Can one be moral and not believe in God? The question as to whether one can have moral values and still believe there is no God is seemingly a puzzling query. In essence, it is proficient to commence with defining what moral values are. Morals are simply defined as the principles of wrong and right behaviors. An individual with high moral values knows the right things, and literally does and says the right things at the right time, with the right person, and utilizing the right materials. Believing in God or spiritual being is when an individual devotes their commitment to God or supernatural being in faith, expressions, worship, and conscientiousness. When one believes in God or a spiritual being, such could potentially play a great role on their moral behaviors. On the other hand, many people suppose that if one does not believe in a spiritual being or God, it is very hard for them to have moral values. However, there are also other people that suppose that having moral values do not necessarily require one to believe in God or spiritual beings[1]. What’s more, there also other people that suppose that believing in God or spiritual beings is not necessarily required for one to have moral values, but all they require is to belief in oneself, practice good ethics, as well as the knowledge of knowing and distinguishing......

Words: 1389 - Pages: 6

Introduction to Human Rights and Duties

...TO HUMAN RIGHTS AND DUTIES UNIVERSITY OF PUNE INTRODUCTION TO HUMAN RIGHTS AND DUTIES Dr.T. S.N.Sastry Professor & Head Department of Law University of Pune Foreword His Excellency Shri. K. Sankaranarayanan Hon'ble Governor of Maharashtra Preface Dr. R. K. Shevgoankar Vice Chancellor University of Pune Published by : Dr. Manik Jadhav Registrar, University of Pune, Ganeshkhind, Pune - 411 007. Printed at : University of Pune Press Ganeshkhind, Pune - 411 007. © University of Pune First Edition 2011 No part of this book or the slides shall be reproduced in any manner without the prior permission of the University of Pune. University of Pune Press has no responsibility for the persistence or accuracy of URLs for external or third-party internet website referred to in this publication, and does not guarantee that any content on such websites is, or will remain, accurate or appropriate. August 2011. Contents: Forward Preface Acknowledgments INTRODUCTION UNIT I BASIC CONCEPTS 1 Significance of Value 1 2 Human Values 2 3 Dignity 3 4 Liberty 4 5 Equality 5 6 Justice 6 7 Ethics and Morals 7 8 Unity in Diversity 8 9 Meaning and Significance of Human Rights Education 8 10 Objectives of Human Rights Education 9 (A) Summary 10 (B) 11 Multiple Choice Questions UNIT II Perspective of Rights and Duties PART......

Words: 36043 - Pages: 145

Moral Duty

...Business organizations need to have the moral duty that extend well beyond serving the interest of its owners or stockholders, and these duties consist of more than simply obeying the law. That way businesses have to stand up to their own actions. It is the belief that a business has moral responsibilities to stakeholders including employees, customers, vendors, the local community and society as a whole. With this concept understood, it remains that business organizations can conform and be successful while practicing ethical behavior. Which what makes the business stand out from others. With saying that let me explain Dell’s ethical procedures. The characteristics that underpin the soul of Dell include trust, integrity, honesty, judgment, respect, courage and responsibility. As these characteristics imply, Dell places great priority on honoring its commitment of excellence to one another as well as its many stakeholders. Dell prides itself in adhering to stringent standards of ethical behavior in every facet of its elaborate business structure. Known throughout the organization as the Soul of Dell, their shared global culture is built on a foundation of personal and professional integrity (Dell, 2008). As Dell employees, we are committed to acting responsibly, honestly and with integrity in all dealings with our suppliers, customers, partners, shareholders, government regulators and competitors. Dell is committed to working with socially responsible entities that comply...

Words: 269 - Pages: 2

Kellers Filial Duty

...SUMMERISE KELLERS SPECIAL GOODS THEORY OF FIFIAL DUTY AND THE MAIN ARGUMENTS IN SUPPORT OF IT. CHOOSE ONE OF THESE ARGUMENTS AND CHALLENGE IT Filial duty can be divided into three separate theories which rely on distinct concepts of duty: the debt account, the gratitude account and the friendship account. In Keller’s view none of the three existing accounts are able to explain why exactly children have certain duties in relation to their parents/vice versa. This is due to the fact that each of these three theories is based on the integration of the “moral relationship between parent and child to some independently understood concept of duty”. This concept becomes more understandable through the observation that this special kind of relationship differs from other relationships in how it is structured and what it contains; To argue the accounts of filial duty Keller introduces a fourth account, the ‘special goods theory’, which recognizes the uniqueness of the parent-child relationship and thus can appropriately asses its duty relations. Due to the specific bond which is the parental-filial bond, the moral relationship found in such cases cannot be understood by comparison to other kinds of relationships. Keller’s alternative theory of special goods is rooted in two presuppositions: (1) Filial duty should be thought of as distinct from other duties in its terms and (2) different forms of duty can be related to different kinds of goods and consequently understood......

Words: 1125 - Pages: 5

Duty Based

...Duty-Based and Outcome-Based Ethics Ethical reasoning is the process by which an individual examines a situation according to his or her moral convictions or ethical standards. Fundamental ethical reasoning approaches include: Duty-based ethics and Outcome-based ethics. Duty-based ethics weigh the end of an action against the means used to attain the end. Duty based ethics are based upon an underlying concept of duty regardless of the consequences of action taken or forsworn in keeping with duty. It generally arises from religious belief of philosophy reasoning. Ethical standards based on duty may also be derived from philosophical principles such as the Kantian philosophy. A central postulate in kantian ethics is that it should evaluate their actions in light of the consequences that follows if everyone in society acted in the same way. In duty-based ethics the categorical imperative can be applied to any action when deciding whether an action is ethical. To determine whether an action is ethical one should consider what the effect would be if everyone similarly situated acted in the same way. Categorical imperative ethics maintains that a decision should be made without trying to predict whether an action will create the greatest balance of good over evil. Ethics in the categorical imperative sense is a function of moral rules and principles and does not involve any calculation of the consequences. Although a duty cannot exist without a corresponding right,......

Words: 474 - Pages: 2


...Consumer rights and duties Consumerism, what is? Consumerism is the protection of the rights and interests of the general pool of buyers, or an obsession with buying material goods or items. Consumer Rights * Right to satisfaction of basic needs: The consumer has the right to goods and services to ensure their survival: adequate food, clothing, adequate housing, health care, education and sanitation. * The right to protection of health and physical safety: Life, health and consumer physical security can’t be compromised by the goods and services at our disposal. * Right to choose: Consumers should be able to choose products and services at competitive prices, with a satisfactory quality assurance. * Right to quality of goods and services: Goods and services must comply with quality requirements set by the law for each of them, fulfilling the purpose for which they are intended. * Right to training and education for consumption: The state should promote training activities, primarily integrated into school curricular and programs, creating consumer attitudes critical and selective. * Right to information for consumption: The supplier of goods and service are required to provide true and complete information to the consumer. In the case of goods and essential services, companies that operate on an exclusive basis has the obligation to inform in advance the consumer cuts or interruptions of supply, unless unforeseen cases. * Right to protection......

Words: 399 - Pages: 2

Moral Duty?

...Patricia Sanchez Philosophy 105 Intro to Ethics Question 2 of 2 Do we have a moral duty to help starving people on the other side of the world, who we will never meet? To aid hungry nations or not, is a complex issue. One that, I myself, have had some trouble even formulating an idea. Initially, when I think of this, I immediately say “Yes, we help!” But after reviewing some of the literature, case studies and political views on the subject, I am not so sure. As human beings, I believe that we have an inherent duty to help others who are in need. I prefer not to mention things I have done to help others, but in this context I believe it to be imperative. If someone is hungry, I have gone out of my way to feed them; the consequences are of no value to me, whether it was financial repercussions on my part or the part of an establishment, made no matter to me. If a person is hungry, you feed them. A family one time, had hit a deer on their way home to Flagstaff, I already had a full lodge and house with guests in town for a wedding; I called and asked my mother to oblige these people, who had a small child and baby. She refused, stating, “She couldn’t manage the extra stress right now.” I was appalled. Eventually a place was offered and the family was provided a place to sleep that night. However, my animosity towards my own Mother grew intensely. This scenario has been repeated over and over in my life. I truly believe that virtues are implanted in us, and......

Words: 823 - Pages: 4


...Debt Ceiling Crisis This essay is intended to provide a breakdown of the debate concerning the debt ceiling. As the house debates, the debts increases and the issue continues to become complicated. The nation is in a crisis along with complex issues. President Obama along with the rest of the house is at odds deciding if the debt ceiling should be raised. The debate on Capitol Hill has been going on for few months now, as the August 2, deadline nears. The democratic and Republican Party both agree it is imperative that the ceiling needs to be raised but the issues surrounding the debt separates congress. The current debt ceiling stands at 14 trillion dollars and continues to grow. This debate has divided the nation’s citizens as well. It is not just a situation of more money to spend, if the ceiling is not raised the money would have to come from social security and Medicare. The Democratic Party supports raising the debt ceiling. The democrats know that if the ceiling is not passed there would be a dramatic downward spiral in the nation’s economy. This act would cut social security and Medicare. The democrats acknowledge the monies borrowed must be repaid but not at the expense of taking away from the elderly. “Understand - raising the debt ceiling does not allow Congress to spend more money. It simply gives our country the ability to pay the bills that Congress has already racked up. In the past, raising the debt ceiling was routine. Since the 1950s, Congress has......

Words: 669 - Pages: 3


...------------------------------------------------- Debt A debt is an obligation owed by one party (the debtor) to a second party, the creditor; usually this refers to assets granted by the creditor to the debtor, but the term can also be used metaphorically to covermoral obligations and other interactions not based on economic value.[citation needed] A debt is created when a creditor agrees to lend a sum of assets to a debtor. Debt is usually granted with expected repayment; in modern society, in most cases, this includes repayment of the original sum, plus interest.[1] In finance, debt is a means of using anticipated future purchasing power in the present before it has actually been earned. Some companies and corporations use debt as a part of their overall corporate finance strategy. ------------------------------------------------- Debtor A debtor is an entity that owes a debt to another entity. The entity may be an individual, a firm, a government, a company or other legal person. The counterparty is called a creditor. When the counterparts of this debt arrangement is a bank, the debtor is more often referred to as a borrower. ------------------------------------------------- Accounts receivable Accounts receivable also known as Debtors, is money owed to a business by its clients (customers) and shown on its Balance Sheet as an asset.[1] It is one of a series ofaccounting transactions dealing with the billing of a customer for goods and services that the......

Words: 783 - Pages: 4