Quote: (09-27-2016 03:48 PM)Kid Twist Wrote:1st off, it's in the fine print in almost every CC agreement that the issuer can raise the rate charge at any given moment. Some of the nicer institutions will notify you.
Quick question, is there an ethics aspect to not following through on an agreement where midway through someone tries to gouge you or extort you [for more, to add to their bottom line] because that person or entity has a newfound "upper hand"? For example, credit card debt raising APR and fees as you are paying them back from the original agreement. If you bankrupt on them, is that a business cost, or is it somehow "unethical"? Wondering your thoughts.
Secondly, it's fairly naive to think in business that the terms won't change halfway through unless it's a very well structured contract with good legal recourse.
Third, you can always walk away weighing the penalty of walking away. If there is no penalty, run don't walk.
My 2 cents on the real question you are asking: Don't declare BK for the very obvious reasons. If you do declare BK, note that there can be equitable injunctions against you, not just legal, although it's pretty rare.
In the end, bankruptcy is never unethical IMO if there is a good reason. Good reason is a very flexible term.