I can see the reasoning for both sides of this, well done Helchops for coming in /playing Devil's Advocate.
There are other sides to most stories..
I think most of us are just taking the basic premise that someone has racked up debt (perhaps to have luxuries), has no intention of paying it off now they see an escape to Oz.
Each situation has it's own merits and minus points I am sure, I feel sorry for those caught in the debt trap through no fault of thier own.
For those taking out credit willy nilly with no thought to the future - shame on you.
Do without something !!
In our business history a good few years back we expanded rapidly,we had to keep going onward or loose very profitable territory to competition.
The bank called us in and said they would start bouncing any issued cheques and would fold us in two weeks if we did not come up with a plan.
For a couple of years we literally drove death traps,ate the cheapest food possible, lived in a real dump we were renovating (in 2 bad winters).
Life was awful but there was light at the end of the tunnel and we were patient, I kept hearing the words of my old Dad "A Pound saved now is worth 5 in the future"
We did it - cleared a one hundred thousand Pound overdaft off, and nearly cleared a commercial property mortgage off.
The year after we paid everything of business wise and owned outright a retail outlet and a warehouse in the retail group we had - the bank hated us!!
People say how lucky we are now (sic)
With debt, always ask "Do I NEED it or just WANT it" before signing for that new car / holiday.
This is the way I am built and hopefully it show how I think.
Just had a bad week as it is.
Forgot the car loan finished and needed paying off plus at two of the rentals had to spend $8000 on sudden replacements.
Paid the car loan out as it was going to be 11.5% against the 7.1% I had previously. Leaves me tight but I know where I am.
Now.................... Back to polishing up those thumbscrews for those varmints running away from their obligations...........