Many Parties Are Eager to Extend Credit to Those Who

question 105

Essay

Many parties are eager to extend credit to those who have just received a discharge in bankruptcy.One view is that such persons have no other debts,and thus are a relatively safe credit risk.Furthermore,such persons cannot qualify for another discharge in bankruptcy for a prescribed number of years.Many discharged debtors,however,incur excessive debts time and again.Should there be limits on the ability of those discharged in bankruptcy to incur new debt? What are the arguments for and against such a rule?

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Definitions:

Reinforcement Value

The degree to which an outcome or reward is considered desirable or valuable, influencing the likelihood of a behavior's repetition.

Social-cognitive Theory

A theoretical framework that emphasizes the importance of observational learning, imitation, and modeling in understanding human behavior.

Radical Behaviorism

Radical behaviorism is a theory in psychology that emphasizes the external behaviors of individuals as the most important factors in understanding human behavior, downplaying the role of internal thoughts and feelings.

Social Learning Theory

A theory that posits people learn from one another, via observation, imitation, and modeling, emphasizing the importance of observing and modeling the behaviors, attitudes, and emotional reactions of others.