Moral Duty of Debt

In: Business and Management

Submitted By robcarroll4
Words 1054
Pages 5
Robert Carroll
Econ 394
Essay 2
10/28/15

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…...

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