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Why I Defaulted on My Student Loans

Discussion in 'Sports and News' started by YankeeFan, Jun 9, 2015.

Page 9 of 26
  1. Songbird

    Songbird Well-Known Member

    Is Brian Kelly cool with that?
     
    Songbird, Jun 10, 2015
    #97
  2. bigpern23

    bigpern23 Well-Known Member

    Did he? I see nothing in that article stating that he never intended to repay the debt. It appears he realized some years after graduating college that he was overburdened with the debt and made the decision to sacrifice his good credit to keep cash in hand.

    As Dick said, it appears he made a logical business decision that he would achieve greater financial stability by defaulting on the loans. Agree or disagree with the decision, but don't get caught up moralizing on his intent to defraud the lenders because it doesn't appear that intent existed.
     
    bigpern23, Jun 10, 2015
    #98
    Songbird likes this.
  3. cranberry

    cranberry Well-Known Member

    When I was 20 and my grandfather died I went to Macy's and purchased an off-the-rack suit knowing that I could, according to store policy, return it within 30 days and that I absolutely would return it because I would never want to wear it again. You think I was well within my rights to have done that. I believe I acted dishonorably and in bad faith.
     
    cranberry, Jun 10, 2015
    #99
  4. Dick Whitman

    Dick Whitman Well-Known Member

    Did Macy's pull through that, then?
     
    Dick Whitman, Jun 10, 2015
    #100
  5. cranberry

    cranberry Well-Known Member

    Why does it matter whether Macy's survived? What I did was wrong.
     
    cranberry, Jun 10, 2015
    #101
  6. Songbird

    Songbird Well-Known Member

    You know what, that's the marketplace. You wore it. You returned it within the alotted time frame.

    And then Macy's probably discounted it for someone who bought it at a lesser price. No one was hurt, even financially.

    It really isn't worth agonizing over? Guilt is a helluva drug but it ain't worth overdosing on.
     
    Songbird, Jun 10, 2015
    #102
  7. cranberry

    cranberry Well-Known Member

    Somehow I have the ability to recognize that my behavior on a specific occasion was morally and ethically wrong without it causing tremendous feelings of guilt. I'm a survivor.
     
    cranberry, Jun 10, 2015
    #103
    YankeeFan likes this.
  8. LongTimeListener

    LongTimeListener Well-Known Member

    Macy's completely expects people to do that and prices it into its suits.

    Many of the people who intend to take the suit back don't end up doing that. Big score for Macy's.
     
    LongTimeListener, Jun 10, 2015
    #104
  9. The Big Ragu

    The Big Ragu Moderator Staff Member

    When you sign a promissory note, you make a promise. You either intend to make good on that promise or you don't. You either make a good faith effort to follow through on your word or you don't. It's not, "Sure, I intend to make good if you ask me today. ... but if I change my mind tomorrow, my signature on this paper is meaningless."

    No one is arguing that he benefits financially (he actually didn't argue that) or psychically by not having to pay back what he borrowed. But in terms of the moralizing you are talking about, of course this is about his intent to defraud the people whose money he took. He wrote about that intent and then gave a zillion rationalizations about why he thinks he is justified!

    He wrote a whole piece about how he borrowed money under certain terms and then decided he didn't like the terms anymore, so he decided not to pay back what he agreed to. What intent does he have (whether he changed his mind after an hour, a day, or after 20 years), OTHER than to defraud the lenders out of the money?
     
    The Big Ragu, Jun 10, 2015
    #105
  10. cranberry

    cranberry Well-Known Member

    Yep, if I were running a giant retail operation, I would certainly project a certain amount of theft and fraud.
     
    cranberry, Jun 10, 2015
    #106
  11. Songbird

    Songbird Well-Known Member

    Thank god. I was about to light a Yahrzeit candle in your memory.
     
    Songbird, Jun 10, 2015
    #107
  12. Dick Whitman

    Dick Whitman Well-Known Member

    How is Scrooge McDuck morally justified giving $400 million to Harvard instead of to the poor?
     
    Dick Whitman, Jun 10, 2015
    #108
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