What IS Financial Responsibility?
“Be Responsible. Take responsibility for your actions.” It sounds simple, right? But what responsibility means to me has changed over the course of my life.
In fact, there are so many definitions of responsibility that Wikipedia doesn't even have a definition listed on its main responsibility page! There are over fifteen types listed there with links to their respective pages (though to be fair, one is a song).
Since I have approximately $100,000 in student loan debt, I now find myself faced with the task of becoming financially responsible. But what does that mean? What type of responsibility do I face?
Responsibility as Legal Obligation
The law of obligation is the most straightforward. When I took out student loans, I entered into a legal contract wherein I got money up front and in returned assumed an obligation to pay it back at a later date. In some ways, student loans are a pretty onerous and inflexible responsibility because they can't be discharged in bankruptcy.
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