Quote:
Originally Posted by KC911
I stand corrected regarding CC debt and bankruptcy ... the changes in laws were regarding student loan debts a few years back.
I never accumulated debt (much  ), and certainly never "bad debt" like via CCs, but walking away from it as an "easy way out" via bankruptcy, etc. is alien to me too.
To some folks .... "it's just business" .... I reckon .. it's just none of my business .... different strokes. |
Back in the early 1980s Oklahoma was in an oil boom. The boom went bust, and a lot of oil companies just declared bankruptcy and walked out on a lot of bank loans. Penn Square bank folded.
One of my acquaintances and customers owned an oil company and hired me to photograph his annual Christmas party at the fancy country club with open bars, and lots of food. He too had to close, and lay off all the employees, but he refused to walk away from debts he had signed for. He ended up selling all his possessions except one old pickup. He sold his house, and all his personal assets, and slept at friends houses for a few months. He paid off every single debt, and started again from scratch. He said he was a millionaire before, and can do it again. He built a new company, and eventually sold it to a much bigger company, and he retired with a nice big nest egg. He said his word was all he had for a while, and that got him through the tough times. He worked as public face for a while for the big company until he was ready to just be done.
I had to admire his ethics.