IB,

I am not defending someone for defaulting; dead opposite. I am saying if you take out a loan, then you need to pay that loan back. I did. I couldn't have defaulted if I tried, they'd have gone after my Parents and there is no way I'd stick them with the bill. Loans aren't guarantees, If I take out a mortgage (loan) on a house I plan on selling later as an investment; and when I go to sell the house it is worth half of what I paid for it; the bank doesn't say "oh, well, how could you have seen the housing crises coming, this loss isn't your fault; no need to pay us."

I may have not been clear, I was defending your position that it was not OK to default, and was amazed by all the flak you took for paying yours back and your circumstances vs the number of people defending others that default.

Ah, caught by the good old "clear as mud" Internet trap; sorry. Thanks for the defense. I agree, I too am shocks that folks are so snippity about paying back what I borrowed. You should have seen the deleted comment.

I caught it which was one reason I chimed in...

Back on '09 ish I received 2 letters from 2 separate banks i saying "we know you have good credit but in order to offer credit to other customers we have to increase your rate." 2 phone calls and 2 cancelled credit cards because yes, it is passed on to other consumers.

FWIW, every employer I've ever worked for pulled a credit report.

Right or wrong, a bad credit report probably results in bad employment opportunities. It is a legal way of discriminating against the irresponsible (or unfortunate).

The irony is that two of my employers declared bankruptcy to avoid obligations they had entered into. The stigma of "not paying your bills" may have ended with my generation when our employers began strategically declaring bankruptcy to avoid pension obligations while richly rewarding their favored executives. It is now more of a legal issue than a moral concern (and the World is worse off for it).

And you believe everything a bank executive tells you?

Morality and accountability don't apply to corporate "personhood," only to us plebes.

Yes, I'm very glad that is what you got out of my post (sarcasm).
Basic economics...if the banks lose money on someone, they get their money back from someone else. If you don't believe that, you probably also argue for "free" healthcare.

I'm defaulting on all of my loans from now on. I read on the internet you were paying my loans for me, so I figured screw it. Enjoy paying back my loans.:)