I strongly agree with this sentiment. IMHO one of the biggest cons of recent years was convincing the public that honoring debts to debtors that did not honor their own was the moral thing to do. Of course, a personal debt to family or a friend has moral obligations, but you would be hard-pressed to find a large debt underwriting institution that views its contracts in moral terms. When the contract is viewed only through a legal perspective on the other side of the table, you do yourself a great disservice to assume the whole of the moral baggage.
Not to mention that by the time you decide to pay the debt, if it is already delinquent, the person or entity that financed you to begin with is often no longer holding the debt, but has sold it to someone else for pennies on the dollar. It's a strange, strange process and not one that should be confused with the emotional strings that occur when borrowing money from a friend or family member. Two very different things.
I could sit here and read this subset of the thread for days.
My local library has this. I am checking it out as soon as possible.