I understand that the IRS makes sure you play taxes, but what about loans? Like can’t I just get a movie from a redbox and never return it since i’d only have to pay when I returned it?
In: Economics
Morally, agreeing to something then breaking your word is bad.
Legally, if you agree to something with the deliberate intention of not living up to your end of the bargain, that’s called “acting in bad faith”. It can also be called “fraud”. These can carry various negative consequences.
Financially, failure to pay will result in a bad credit record, which will result in you being unable to borrow money in the future – unless its from guys who are quite willing to do things the law disapproves of when you fail to pay them. Vinny and Marco would love to break your legs, for instance, for stiffing their boss Rico the Rat for $5 grand.
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