And I’m blogging again after a long hiatus. Summer is a good time to get things going again.
So today, the Times has an article detailing how many credit companies are now settling their delinquent accounts at discount rates. The writers offer an example of a guy in Chicago who was able to clear his 5 grand debt with HSBC at half that price.
Personally this bothers me. Economically and financially I know this makes me most sense for everyone involved–even myself because of the collatorael damage of the debt system–but I feel the debtors are getting off too easy. They bought into the idea that they could have something for nothing, and I think they should suffer the consequences of playing that game of make-believe. It strikes me that the people who are being dealt the worse hand in this whole financial crisis are few-and-far-between ‘savers,’ the ones who didn’t rack up piles of debt and instead invested their savings in a market that went bust. Their hard-earned cash performed a vanishing act, whereas these reckless debtors likely still have their fancy flat screens and HD-DVD players. I’m not suggesting we reinstitute debtors prisons, but a little comeuppance should be in order.
