“Today a 26 yr old woman explained to me that she lives “beyond debt”: “Once your debt reaches such a high level, you just cannot keep worrying all the time. For survival, you just start to ignore it. It feels really good.” That concept was totally new to me!”
- ‘mad vancouver’ at greaterfool.ca 20 Sep 2011 11:48am
“There is no way I can continue to pay off my car. Morally, I cannot put $10,000 towards something that was taken from me.”
- Jazmin Perez [bmwblog.ca, 11 Sep 2011], whose underinsured leased BMW was torched in the 2011 Vancouver Stanley Cup Riot. [hat-tip Aldus Huxtable]
Hmmm. So, if an unexpected housing crash (hoocoodanode?) had to “take” your paper profits from you, and completely destroy your entire net-worth, and you were underwater on that 5%-down $600K condo, or that 15%-down $1.5M SFH, you’d be “morally” justified to abandon all responsibility for your predicament?
“For survival, you’d just start to ignore it”, possibly?
You’d demand that “something be done”, right?
Adults of BC (those of you left), brace yourselves: The kids are going to come looking for your wallet.
Talking about the ‘morals’ of debt, here’s an obliquely related ‘afterword’: a US story from ‘The Ethicist’ column in the New York Times, 16 Sep 2011 -
“I bought a house that a previous owner had nearly destroyed. He knocked holes in walls and doors, trucked away the deck and trashed the aboveground pool, etc. I assumed he was angry at his wife, but it turned out that he was angry at the bank, which had foreclosed, taking everything the couple had put into the property. When a mutual friend invited the former owners to visit, the wife wept and said she could never bear to see our improvements on a house that had been “stolen.” I know we didn’t steal her home, but I resolved never to buy a foreclosed house again. It seems to be an evil thing to do, to profit from another family’s misfortune. Is it?”
- Elizabeth Murphy, Norfolk, Virginia