My prof. once said most of us pay of debt on time not because its unethical but to make their credit history looks better for further future debt…
What is your professor is say is not untrue. However, morality and economics are not mutually exclusive. People pay off debt both because of a sense of obligation, and to protect their credit score.
if academic economist were forced to live in the world they imagine, their ideas would be vastly different…
how you can say its all about credit score …
in america the credit card holders are subjected to increase in interest rate after the issuance of card … manay of them are subjected to pay even 100% interest… in finance word it is called revolvers…
for many of them its shocking but these are written in the contract of credit card …
Debt be curse matie, arg