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The bankruptcy changes a couple of years ago, did attempt to make it more difficult for higher income debtors to completely walk away from their debt.

Right. I know all about it. I didn't ask about rules making it more difficult to completely walk away. I asked about rules that reduce the incidence of people not paying as per their agreement in the first place.

Why don't we make it against the law to borrow past monthly payments of X% your monthly take-home income?

I mean I keep hearing about how lenders shouldn't have loaned out so much so easily. Some people want regulations to limit such thing. But they always want it aimed at restricting the lending side. Why isn't it just as useful to restrict the borrowing side?

There is some debt/income ratio where if you've kept it low and been responsible but run upon hard times and miss a payment then I'll feel some sympathy. But you get much above that ratio and miss a payment, I tend to feel like it's your own fault for choosing the high life instead of being responsible.

So why don't we pick some reasonable ratio that we can all mostly sort-of on-average agree on for monthly debt payment/monthly cash available, and make it illegal to borrow beyond that? Simple. Personal responsibility, and even better no loopholes for the lenders to figure their way through.

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