I hear it all the time: "You should pay your debts." ...and... "But you promised!"
And that was just for the "benefit" of my clients. I got far worse. For 20 years, I had a firm that at its height, raked in over $3 million per year in fees assisting thousands of small businesses and consumers settle a combined average of a million dollars of debt monthly at about 35 cents on the dollar.
Go suck on it.
Believe I enabled deadbeats all you like. ...It was cool, see. I had this knack for getting people who won't pay their debts to pay my fees, and additionally, pay creditors 2-3 times as much to settle. And all when they were paying zero already.
I work miracles.
In one particular memorable case, a startup company that had the tech to make DLP (digital light projection) real and in your living room (which was and is, now) got fucked over by Intel for over a million—as a startup. Yep, Intel decided to dabble with the idea of making high-end computer monitors. Then when they decided otherwise, and this startup was already into it for $1.2 million between them and vendors to develop, with prototypes and all, Intel had two words for them beyond losing interest in the idea and then not paying: "sue us."
Welcome to hard-nosed business, pussies.
So, I basically went in and settled the whole deal with all the vendors at around 30 cents on the dollar—everybody got something. I got maybe $200K out of it for a few solid hours of work, and they always had someone drive over with my checks. In the end, the company made it, sold their tech, and employees and investors made off damn well. I still pat myself on the back over that one.
But it wasn't a moral issue on any level. Children: it's called: a contract.
It's hilarious to me...and even your little whore in the White House—aka "Da President"—engages in the guilting schtick. Back when the bubble burst, do you recall him assigning moral weight to paying your mortgage payments vs. walking away from a house encumbered to the tune of $300K, but worth maybe a hunerd on a bright spring day? I sure do. Church & State: bedfellows.
Allow me to hold school on your ignorant asses.
Contracts are not moral bonds. Contracts (as we know them, now) are state machinations (enforced by force) that serve to simulate moral obligations but really only carry the weight of legal enforcement by either side.
"I've got your back, bro." "I'll take care of it, mom." "Whatever you need, let me know." These are moral obligations, and the cost of not seeing to them is that it's data for the one you promised, as whether to ever seek you out or rely on you again, and whether or not your status in the family or circle of friends goes up, or down. Anarchy begins at home. It always, always begins at home: until such point as the home is just an extension of the state; and that experiment failed on that level in about 1990.
When you get married—that church crap is just for show—you're entering into a state enforced contract, the terms of which can change under your feet. It doesn't matter when or in what state you got married. Divorce proceedings are highly different now than 30 or 40 years ago and if you got married 50 years ago with certain expectations, then, well, you're shit out of luck, lover boy.
It was only moral pretend. That minister or priest whore for the government did his job. Solemnity ends at the door of edifice.
Similarly with the most common form of consumer debt: CCs. You have one single, inviolable right in every single credit card contract. Want to know what it is? Ready?
- Use it, or don't.
The only other right you have is that the bank uphold their end under the continuously modifiable terms, and I can assure you that it's their business to do so. Class-action lawsuits that get you a check for $2.35—and millions for the attorneys—are mere mosquito bites. When you get a credit card, you're signing a contract that allows the issuing bank to modify the terms (interest, late fees, overlimit fees, penalty fees, you didn't let your dog out to pee before 8am fees, and all the other fees they can come up with a name for) any time they want. You also signed up for the fact that all they have to do is email or smail you something in 4-pt type and once you use the card again, you've enthusiastically agreed to the modification that makes the blood of your firstborn son collateral for your loan—or anything else they've come up with, in bounds of the statutes their DC Lobbying Law firms have come up with dutifully, with your "duly elected representatives." ...It's rumored that your representatives really give 'em hell over those 4-martini, poached Maine lobster lunches.
Let me boil it down for you, especially those hung up on the "morality" of paying your "obligations:" All commercial and consumer contracts are meant to be enforced by one of the parties to the contract, in league with the State. Guess who it's being enforced against? The other party; i.e., you. So tell me about "your case," again. You know, that one where the banks are screwing you over as though it's an amazingly new thing and you're shocked they'd do that. I'm more interested in entertaining the banality of that car dweller in the local convenience store parking lot who's just one ticket or a dozen scratchers away from winning the lottery.
Here's the essential point, though; it's the take home: You're all living in and playing in a game with rules. The rules are adjudicated by the game maker. But it has nothing at all to do with moral obligations, i.e., the strength of your character. You violate the rules? There's an app for that. And that goes for both sides.
The essential nature of a contract is that it affords rights to both parties. For example, the essential aspect of a mortgage or deed of trust is that so long as you pay, it's your house. If you don't, they get to take it back, and most of the time, with no other recourse. It's elegant, actually. Unsecured debts like credit cards can be far more messy. Your only right is to use it, or not, but you still have to pay any balance. If you don't, they have all sorts of recourse in terms of attacking assets, levying bank accounts, garnishing wages, etc.
And get this: if you live in a community property state, they can even go after your spouse or registered domestic partner's assets, even if they had zero to do with the debt. Indeed, even if they had not one single clue about it.
More later. I'm just getting started.