Money Management

The Seven Words That Will Save America

By Morgan Housel, The Motley Fool
"We expect you to repay your debts."

Those seven words could save America. Let me tell you why.

Surely you've heard of the onslaught of people walking away from their homes because their property is worth less than the mortgage balance. Even borrowers who can afford their monthly mortgage payment are stopping, simply because it doesn't benefit them anymore….

…I support these walkers wholeheartedly. Why? Because they're following the law, and laws that help you shouldn't be ignored, even if you think they're outrageous. When someone offers you money, take it. And when the law allows you to walk away from a debt, do it. That's rational behavior.

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Print Date: 2/28/2020
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