Comments on: “Is it Wrong To Negotiate Your Debts Down?” Edition of Weekend Links

By: Roger

Roger — Sat, 16 Jan 2010 00:55:27 +0000

No way. It is immoral to run up debt because you can’t control yourself with credit cards and then bankrupt on them or negotiate the balance down. I have over $45K in CC debt and while it’s tempting to call one of the many places that offer debt relief, I got into it and I’ll get myself out.

By: Ways To Love Well

Ways To Love Well — Fri, 13 Nov 2009 16:19:35 +0000

VRy interesting to read it

By: Cheaters Should be Taught a Lesson

Cheaters Should be Taught a Lesson — Tue, 10 Nov 2009 03:10:55 +0000

http://reform-network.net/?p=2366

By: Financial Samurai

Financial Samurai — Tue, 20 Oct 2009 01:47:49 +0000

Neal – good points. I used to be annoyed and angry with people who game the system. Not anymore, b/c it’s a never ending cycle and therefore, you’ll have never ending annoyance! Instead, I’ve come to accept the way things are, and try to learn from these guys who got themselves out of debt by any means possible.

Who knows, I may fall into difficulties in my future, so it’s always good to learn new things. This guys action sets a precedent for future cases.

Best, FS

By: Neal

Neal — Mon, 19 Oct 2009 13:06:45 +0000

Financial Samurai,

OK….you make some really strong points about self-interest. I get your point about the blogs advertising saying one thing and the editorial saying another.

I do think there is a huge difference between that and getting $165k for “free” but I do see your point.

I don’t really feel envious at all…..quite the opposite. I feel really fortunate not to be in the same position.

Maybe it’s all about self-interest but who is to say that living up to your promises and responsibilities isn’t consistent w/that?

By: Financial Samurai

Financial Samurai — Fri, 16 Oct 2009 22:17:41 +0000

Neal – There is totally nothing wrong with negotiating down your debt by $165,000! In fact, BRAVO to him for being able to rack up that much CC debt and get the rest forgiven!

Wouldn’t we all love to have a free $165,000? Is is those people who care about fixing their finances who work on gaming the system, and doing everything they can to free themselves.

Now he is monetizing his success through a book. It’s much like so many personal finance blogs who are pimping credit card deals or debt consolidation services while talking about the evils of credit cards! Everybody is in it for their own good, and nobody has the right to tell them how to run their personal finance lives.

I read a lot of blogs, but the ones that hock this trading account or that credit card too much, I begin to stay away. It’s a free market. There’s lots of us out there, and we shouldn’t feel envious of this guys personal bailout at all!

Hope to see you at FS one day.

Best

By: Neal Frankle

Neal Frankle — Fri, 16 Oct 2009 22:09:11 +0000

I’d have to agree completely with Mike.

By: Mike

Mike — Fri, 16 Oct 2009 21:08:17 +0000

To Daniels comment about cable TV or home phone price negotiations…As long as the price is agreed upon from the start, them I’m ok with it. When you negotiate down a CC after the fact, one side is getting less/more for their money. If I agree to sell you a service at a certain price because we agreed upon it after negotiation, what’s to complain about? Both parties chose to participate in that negotiation, and both partied felt good about the agreed upon price.

By: Neal

Neal — Fri, 16 Oct 2009 19:47:48 +0000

Monevator,

Congratulations! Now…to the point.

Ken (the man I interviewed) ran up his CC debts because of a failed business.

But, why should that relive him of the responsibility? Again, I’m not trashing him. I don’t know what I’d do in his place. But we have a system that allows for success and failure.

If people can start a business without having the consequence of paying for it failing…..where are we? Everyone would try it and waste tremendous resources.

I think the reason why the USA is (or should I say has been) successful is because we allow people to benefit by being brilliant and we allow them to fail too (regardless of who is at fault).

I think we have to look at ALL the fall out from allowing (even business owners) to walk away.

This is just my opinion. Not trying to convince anyone. I think it’s an issue that many of us secretly stew over.

By: Neal

Neal — Fri, 16 Oct 2009 19:43:55 +0000

Susan,

I think you bring up a very valid issue. The CC companies have gone nuts. They’ve abused the system. I have no sympathy for them in the least.

But at the same time, I just think it’s really important for each of us to take responsibility. I’m sure you agree w/me. So, bottom line, it’s another one of those tricky subjects.