American consumers are increasingly being subjected to hypocrisy of the worst kind from big business and government. I'm talking about hypocrisy that hits us where it really hurts: in our wallets and our hearts.

No where is this hypocrisy more evident than when it comes to paying debts. As individuals, we are constantly told to honor our obligations and pay our bills on time. Those who can't or don't "properly manage" their financial affairs are essentially labeled as deadbeats, and face everything from foreclosure to ruined credit.

No matter what the reason a person might have for not being able to pay his or her bills -- whether the cause is divorce, downsizing, big medical expenses, or simply the sour economy -- we're implored to cough up money to those we owe, and to do it expeditiously.

Yet, it's a whole different story for businesses and government agencies. They get to delay or skip out on paying their bills without big guilt trips. Plus, they get the benefit of "grace periods" in ways never afforded to individuals.

Walking Away From Mortgages
Take for instance, the notion of paying your mortgage on time. As unemployment remains near 10% and 1 out of 4 U.S. homes are "under water," more people are "walking away" from homes or doing short sales on properties they can't afford. The banking industry deplores this practice -- but only when consumers do it. As it turns out, the industry's chief lobbying group -- the Mortgage Bankers Association -- recently did the exact same thing. When the value of its pricey Washington D.C. headquarters dropped by about 50%, the trade group essentially walked away from the property.

Morgan Stanley, one of Wall Street's most elite banks, also recently decided to stop making payments on five office buildings in San Francisco.

And it doesn't end there.

Are You Waiting for a Refund?

Right now, roughly two dozen states in the U.S. are holding on to residents' state tax refund checks -- or considering doing so -- simply because those states are in financial trouble. You heard me right: Cash-strapped state governments are taking their sweet time paying taxpayers money that is due them so that the states can collect interest off the money and solve their own financial woes.

Some states can get away with this because, by law, they have liberal "grace periods" working in their favor. Hawaii, for instance, has up to 90 days before it must send out checks to taxpayers. So it won't start sending out checks until July 1 -- helping the state to save $275 million. Also, as an article in USA Today explained it: "States often do not have a timetable for refunds because delays are based on cash flow."

I'd like to see you try using that "cash flow" argument with your Visa company -- or any other creditor you owe.

The Myth of "Grace Periods" for Consumers

As consumers, when we get "grace periods," it's almost never without consequence.

Miss your insurance payment by a week or so, and your policy may or may not lapse. But good luck getting your insurer to cover you if something happens during that time.

And what about your mortgage? You may have a grace period of 10 days or so, but go beyond that and you'll definitely get hit with late charges.

Then there are your own taxes. The IRS, is benevolent enough to allow us a grace period of sorts. Can't file your taxes by April 15th? No problem. You can get an extension and file as late as October 15th. That six-month grace period, however, doesn't mean you can skip paying taxes due. You must still pay taxes owed by April 15th -- or get hit with interest and penalties.

Heck, in New York City, if you park at a meter and return to your car just two minutes late, you're likely to find a $65 parking ticket on your car window. After tons of complaints about "gotcha" tickets, the Big Apple is finally implementing a new law, effective March 21st, that gives people a five-minute grace period before tickets can be written.

It's high time we all started complaining -- loudly -- like New Yorkers did.

If we're compelled to pay promptly pay our bills on time -- and financially penalized or made to feel guilty when we don't -- why is it any different for government and corporate entities?

Nobody likes hypocrisy. Not from friends. Not from family members or loved ones. And certainly not from government agencies and the companies with whom we do business.

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Lynnette Khalfani-Cox, an award-winning financial news journalist and former Wall Street Journal reporter for CNBC, has also been featured in top newspapers including the Washington Post, USA Today, and the New York Times, as well as magazines ranging from Essence and Redbook to Black Enterprise and Smart Money. Check out her New York Times bestseller, 'Zero Debt: The Ultimate Guide to Financial Freedom.'