Hmmmm,
I think personal dignity is a fine thing, and like to think I have a measure of it myself, but recent events in the world of money do make me wonder whether or not it's worth the indebted newbie making the effort to be anything other than pragmatic when dealing with their debts.
After all, banks etc. appear to have been playing silly arses left right and center over the past few years, and now that the poo's splattering the walls, it's all government bail-outs with tax payers cash, but short of a few well publicised sword fallers, I wonder how many high up bankers are feeling the pinch at the minute? I don't know, but I'd wager a small amount that not many of them are.
Likewise, the really. REALLY rich have elevated not paying their dues to society to an art form practised (to great personal financial gain) by a number of lawyers and accountants, and non of them think there's anything wrong with that. Far from it, in fact.
If non of the above have any qualms with fiddling what systems there are, then why not the man in the street, or the newbie fATPL with a "mere" 100k of debt?
Regards
JR
(an individual who's only debt is his extremely affordable 60% mortgage, but would happily poo all over any financial institution if he ever found himself in such a "cake or death" large debt scenario!)
(but who also would not get himself into large debt initially if he thought he couldn't pay it off...)