Debt forgiveness benefits both creditors and debtors from "summary" of House of Debt by Atif Mian,Amir Sufi
Debt forgiveness is a concept that has far-reaching implications for both creditors and debtors. It is not simply an act of generosity towards individuals who are struggling to repay their debts; rather, it is a strategic move that can benefit all parties involved. When debt is forgiven, it allows debtors to move on from their financial burdens and start fresh. This can have a positive impact on their mental health and overall well-being.
Moreover, debt forgiveness can also benefit creditors in the long run. By forgiving a portion of the debt, creditors may be able to recover more of the outstanding amount than if they were to pursue aggressive collection t...
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