Against Debt

Abstract

This chapter argues that we not only encourage debt amnesty and pursue “clean slates” but also take both senses of the phrase “debt refusal” very seriously. That is, it is suggested that we take seriously the proposal both of refusing to pay student debts that were the consequence of predatory lending practices such as those of unscrupulous for-profit institutions such as the Corinthian network and of refusing to take on student debt in the first place. It is argued that we should consider adopting a more critical position on personal debt in general, and educational debt in particular, namely, one that encourages students and others to not take on financial responsibility that has the potential to negatively impact their future. And then, and only then, we should ask whether the punishments of debt outweigh the rewards of avoiding it.