Just stop paying (savings, bankruptcy, accounts, income)

[liveasy9843]

just dont pay them and dont worry about it , they cant do anything except write you with empty threats. Just open the letters from the credit collectors and read them among your friends and burn them in the fire for fun. even if they sued you and filed a lien agianst your property , that lien will only prevent you from selling it or getting a motgage on it until the lien expires, they expire after 10 years. so they really dont have a leg to stand on. Just be sure to charge anything you need or want now before you stop paying. and enjoy. by the way have no contact with them for 4 years and they have to write it off.so get yourself one of those prepaid phones, so only those you want to have your number can call you. and if someone comes to the door asking for you so they can serve you papers just say hes not here now. or he died or he moved to china

[kickchick2000]

Originally Posted by liveasy9843

just dont pay them and dont worry about it , they cant do anything except write you with empty threats. Just open the letters from the credit collectors and read them among your friends and burn them in the fire for fun. even if they sued you and filed a lien agianst your property , that lien will only prevent you from selling it or getting a motgage on it until the lien expires, they expire after 10 years. so they really dont have a leg to stand on. Just be sure to charge anything you need or want now before you stop paying. and enjoy. by the way have no contact with them for 4 years and they have to write it off.so get yourself one of those prepaid phones, so only those you want to have your number can call you. and if someone comes to the door asking for you so they can serve you papers just say hes not here now. or he died or he moved to china

Seriously, I've heard it all.

[liveasy9843]

Another few things LOOSE CANNON Dont let anyone on here scare you into thinking you have to pay credit card dept , just dont put any money in the bank , and pay all of your bills with cashers checks or money orders from now on. what I said before about charging anything you want now on a credit card ?, just dont charge the cards up to the last dollar, this looks bad, and dont stop paying the month after a lot of big spending, just pay the min due for a couple of months and then pay them have the min due for month , then qiut that way it does not look criminal. because they are trying to pass it into law so that they can charge you with a crime if it looks as if you did it all on purpose. so be carefull how you stop, make it look like you tried to pay but just cant. and then stop. and one more thing have all your utillity bills put in someone elses names . so you in effect become a ghost! for at least 4 years anyway. Don't let these people scare you just because they are scared,they ether have plenty of money or they let religion get in their way of what life is really all about. Hope this helps. Good luck loose cannnon

[hindsight2020]

Originally Posted by sonarrat

What's wrong with being in debt? I have $15,000 in unsecured debt and $17,000 on a car loan. Because I kept my nose clean, played it smart and took advantage of balance transfer offers, I have a combined interest rate of 4.3% on all of that debt, and once I get the AmEx paid off, it'll be 3.8%. In that situation, it's not why pay it.. it's why pay it off? After the inflation effect, it's like financing for free.

Your math is bunk. The only reason one would finance anything is if the cash you have somewhere else is gaining at a rate higher than that which you are financing. Your wages are not keeping up with inflation so you're already losing there. Furthermore, your logic of acquisition falls flat in the face of utilitarian theory. Just because one could leverage to acquire material crap doesn't mean one should nor would be benefited from doing (your 'why not' argument). In the absence of liquid vehicles of higher rate of return (after inflation mind you), retaining a balance on the financing of consumption items is sack of hair DUMB. Your opportunity cost for that daily operating loss is whatever warm fuzzy you get from the McCrap you acquired with said loan. After allocating for emergency reserves and accounting for inflation, most people don't have enough discretionary cash to make the above example even a break-even affair in the current economic atmosphere, so rationalize away your debt.....

[sonarrat]

Originally Posted by hindsight2020

Your math is bunk. The only reason one would finance anything is if the cash you have somewhere else is gaining at a rate higher than that which you are financing. Your wages are not keeping up with inflation so you're already losing there. Furthermore, your logic of acquisition falls flat in the face of utilitarian theory. Just because one could leverage to acquire material crap doesn't mean one should nor would be benefited from doing (your 'why not' argument). In the absence of liquid vehicles of higher rate of return (after inflation mind you), retaining a balance on the financing of consumption items is sack of hair DUMB. Your opportunity cost for that daily operating loss is whatever warm fuzzy you get from the McCrap you acquired with said loan. After allocating for emergency reserves and accounting for inflation, most people don't have enough discretionary cash to make the above example even a break-even affair in the current economic atmosphere, so rationalize away your debt.....

In my case, the debt was to finance a piano for my music studio, so it absolutely is returning money faster than it's accruing interest. Don't just assume I spent all that money at Pier 1 Imports.

[socal2009]

Originally Posted by liveasy9843

just dont pay them and dont worry about it , they cant do anything except write you with empty threats. Just open the letters from the credit collectors and read them among your friends and burn them in the fire for fun. even if they sued you and filed a lien agianst your property , that lien will only prevent you from selling it or getting a motgage on it until the lien expires, they expire after 10 years. so they really dont have a leg to stand on. Just be sure to charge anything you need or want now before you stop paying. and enjoy. by the way have no contact with them for 4 years and they have to write it off.so get yourself one of those prepaid phones, so only those you want to have your number can call you. and if someone comes to the door asking for you so they can serve you papers just say hes not here now. or he died or he moved to china

There is nothing they can do. In fact, CC will not do anything for a $5,000 debt-they will sell this debt to collection. For you-it is stupid to ruin your credit for a lousy $5,000. I know a guy who played smart-he charged everyting he could,(about $200 K) paid for couple more months and stopped paying. Nothing happened. He changed his cell, car is on his children names (they are adults), cc can not do anything about his house (homestead). After all, cc is UNSECURED debt, that's why you are paying 29%, right? You would not pay that rate for a house or a car? And in California all debts are canceled after 4 years of the last payment date.

Other people here are talking about ethics. Yeah, right. For a Citi or a BOA or others is "ethical" to take billions of your tax money and pay millions of wages and bonuses out of these stimulus dollars, and who pays "stimulus" for a regular Joe?

Regarding credit history-it is good chance that we will not need it anymore in the near future as credit will be almost imposible to get.

I do not encourage to stop paying cc to everyone. But if someone is screwed up with finances-this is the way to go.
Good luck.

[socal2009]

Originally Posted by sonarrat

In my case, the debt was to finance a piano for my music studio, so it absolutely is returning money faster than it's accruing interest. Don't just assume I spent all that money at Pier 1 Imports.

It is really very smart to use unsecured credit for business. I used cc to start my business, got 0% for a year, after year transfered to another 0% card, after two years paid everything off and my business is up and running.

[pipes]

Originally Posted by ArcticPhoenix

You're a complete idiot. Pay your debts. And if you can't afford to pay for something...

DON'T FARKING BUY IT!!!!

Sorry if this has essentially been said already (I'm sure it has).

It takes a LONG time to get out of debt. I paid off 15K in debt in 3 years, though.

Make a budget, stick to it, pay off your debts, and THEN you can stop living paycheck to paycheck.

Or you can be a douche nozzle and try to avoid paying what you rightfully owe (whether or not you were drunk when you bought what you bought).

I can see you're a dork.

[elsapo]

Running away from your debt is never a good option, simply because you were drunk does not mean you are not responsible for your debt. I have been doing some research for inexpensive companies to help out people as yourself, and come across a company that does debt settlement coaching at a fraction that others will do it for. Maybe it s worth taking a look at, the name is pemper and gartle and you can look them up on the web.

[desertsun41]

Wow !! Lotta name calling here on a revived 2 year old thread. Moderators must be sleeping. Where is Loose Cannon the OP?

Im happy to see some people not looking at banks as the Lord Savior. Banks are the enemy. Every day another bank goes under in this economic depression I celebrate. Banks have cost us all great loss. From the money they steal from us through grossly ridicules junk fees to the personal account holders money they give away by allowing unauthorized access (me included).

Screw all the banks. I agree with what some one said above when they made mention about the banks taking this stimulas money which was meant for giving loans by loosening credit but instead gave massive bonuses to all the bosses and bought more banks with it. No I dont feel for banks. I have no hard feelings for losses they are suffering. In fact it makes me so happy.

Now Im going to contact the OP Loose Cannon and see how he has made out since the 2 years when he started this thread.