Monday, January 2, 2012
Read this part :
"Some lenders say borrowers have a moral obligation to pay their debts even if they are no longer legally responsible."
I didn't know that debts had a statue of limitations from 3 to 10 years. So after that time they had to stop collecting from you. So the lenders say borrowers have a moral obligation? What if the roles were reversed? Does a lending company have any moral obligations to do something once the statue of limitations has run out? Would they do it?
It's interesting that some people feel the need for a credit card rather than a debit card, it must be a cultural thing because I still hate using a credit card to pay for stuff because I know I'm increasing my debt.
Also interesting is those rates, 19% for these new cards, and a national average of 13%. Even with the high rate that cards is still lower than the one I recently got to consolidate my debt, which is 22%. Everytime I hear those rates in the US I wonder if people here in Honduras ever get out of debt or just move it from one place to another until they leave the country or disappear into the informal sector of the economy.
I hope you are starting 2012 with no debt or at least on your way to debt free life.
Posted by AJ at 5:04 PM