Money Make-Over’s Advice to Couple Is Morally Bankrupt

“Time for a Clean Slate” (Money Make-Over, Jan. 7) hit a nerve. The fact that the Garcias’ priorities are “saving for retirement and establishing a college fund,” versus paying back what they took, reflects a major reason why we are where we are.

What happened to morality? What happened to being responsible for your actions?

By printing this advice, The Times appears to endorse Ms. Mullen’s recommendation of a Chapter 7 filing. How many more filings will be initiated by this article? Hey, why don’t we all declare Chapter 7 so we too could sock away $890 just like the Garcias instead of at least attempting to repay a debt? I’ll tell you why: because that’s not the way I--and a lot of people like me--were raised. It’s time we get back to basics, like keeping a promise. The Garcias have a chance to teach their children a lesson no college could.

JIM GEFOROS

Rancho Palos Verdes

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Three mortgages, an expensive car, gifts to others--and more--show the Garcias have no comprehension of what they can afford--even on a $90,000 income. Thanks to the advice of their advisor, we other consumers will be allocated shares of and pay their debts. Further, there will be small-business creditors who will suffer damaging personal blows from the Garcias’ refusal to implement a payoff program and instead take a cowardly Chapter 7 bankruptcy.

DAVID W. HARLOWE

Tarzana

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For a financial planner to recommend bankruptcy is both disgusting and reprehensible.

Did someone hold a gun to their heads when the Garcias pounded their credit cards to the tune of $47,000 in debt? Did the Garcias obtain value, use and enjoyment from these purchases? Of course they did. And now they want to shift the repayment responsibility to someone else. Consumers need to take the responsibility that comes with the credit cards and not look for ways to shift the responsibility for repayment.

Consumers who meet their debt obligations end up paying the price for those who don’t. Bankruptcy losses mean the average consumer gets hit in the form of higher interest rates on items such as automobiles and houses or on restrictions on the availability of credit. Credit card holders pay higher interest rates because of those that file bankruptcy.

STUART PERLITSH

CEO, Glendale Area Schools

Federal Credit Union