Just stop paying (credit score, debt collector, paying off, real estate)

[nitroae23]

Originally Posted by GypsySoul22

Everyone falls on hard times at one point or another but NOT paying your CC is unfair to people who DO. Why do you think this country is in so much trouble? Overspenders and DEADBEATS.

A deadbeat is someone who buys stuff of credit---better and bigger house, car, and other 'toys' then refuses to pay up...

There are people who NEED credit to pay for their food or medical...not deadbeats.

In the CC industry,a deadbeat is someone who PAYS IN FULL AND ON TIME,and uses the perks (Skymiles,GM Card rebates) they offer to hook you in,talk about a perverted industry,up is down with them!P.S.in the last twelve months I've flown to Hawaii in the front of the plane AND gotten $1500 of on a Pontiac Torrent,next January I'm flying to Jamaica for free!Beat 'em at their own game!P.S.S.If the original poster was drunk,at a casino and spent that money on gambling,there is no legal recourse against his debt,Gambling Debts are not collectible by courts in any of the 50 states.

[CreditWitch]

To answer you Wild Style...are you saying 60% of American's are dead beats when it comes to their debts? I agree with 90% of your posts but I am amazed at the amount of posts on this forum that spout percentages, dollars and figures with out an ounce of back up. Where did you get 60% To answer you...no I dont 60% to go to debtor jail....only the ones that are commiting debt fraud and the ones trying to skate the system. I really do not not think that 60 % percent of our population comprises this.

[Wild Style]

Originally Posted by CreditWitch

To answer you Wild Style...are you saying 60% of American's are dead beats when it comes to their debts? I agree with 90% of your posts but I am amazed at the amount of posts on this forum that spout percentages, dollars and figures with out an ounce of back up. Where did you get 60% To answer you...no I dont 60% to go to debtor jail....only the ones that are commiting debt fraud and the ones trying to skate the system. I really do not not think that 60 % percent of our population comprises this.

Let me explain. What I was trying to say by throwing out that number is. A lot of people fall behind in their payments and can't pay. Those people in a traditional debtors jail will be locked up. They have them in Turkiye still or they did back in 1998. You can't pay, you go to jail, never mind if you lost a job but plan to pay as soon as you can. I don't have the article but in it, I read for every dollar earned, the average American spends something like 1.50 over that. Where are they getting this money from? Via credit card, home equity loans etc. So my point was, a LOT of American's would suffer under such a system. The 60% is just a figure I through out. Also think about this, the average American owes at least 4,000 in credit card debt (not a exact number but its something around that). Many economist are expecting the credit card defaults to sky rocket this year, as have auto loans. Again what would happen to these people in a debtor jail system?

[GregW]

I am "playing the system" by transferring most of my credit card debt to very low interest cards and not using the card except to pay it off before the interest rate jumps to the usury level. Hey, they offered me the deal. I didn’t go looking for the opportunity.

PS - didn't we once have usury laws that limited interest and penalties? Weren't violators called loan sharks and part of the criminal underground? When did we make these guys legitimate? And why?

[Wild Style]

Originally Posted by GregW

I am "playing the system" by transferring most of my credit card debt to very low interest cards and not using the card except to pay it off before the interest rate jumps to the usury level. Hey, they offered me the deal. I didn’t go looking for the opportunity.

PS - didn't we once have usury laws that limited interest and penalties? Weren't violators called loan sharks and part of the criminal underground? When did we make these guys legitimate? And why?

There is a documentary that talks about that. I can't think of the name of it but it shows how laws prevented banks from extorting people, then some where out west the laws were relaxed. From this one state it spread to others. Wish I could think of the name of this movie

[mrstewart]

Let's see, what can they do to you????

First they will start reportomg to the credit agencies.

Sue you for the total amount of the debt you owe plus interest, plus late fees, and as if that is not enough, they can also try to get their attorneys fees paid.

Then , when a judgment is issued, they will contact your employer and garnish your wages. As a business owner, this can be a pain in the rear when it comes time to getting payroll done.

And as if that is not enough, the credit card company can put liens against any property you own.

If you skip out on your debt, be prepared for a hard time with your credit for the next 7-10 years. This hard time includes opening bank accounts, buying a home and a car. Even my dentist pulled a credit report when we changed doctors!

Think long and hard before you do this.

Also, Go to a detox center if your drinking is that bad.

[jhlcomp]

Also, since organizations can find creative ways of finding out who you are on this forum - you have already left a trail of intent with your posts.

As others have said - you used the cc, spent the money, and now you need to pay it back. Your chances of finding another job is remote to nil unless you are a bag boy at the local grocery store. Being an adult comes with responsibility unless, of course, you wish to live a petulant self serving existence.

[CreditWitch]

Originally Posted by Wild Style

Let me explain. What I was trying to say by throwing out that number is. A lot of people fall behind in their payments and can't pay. Those people in a traditional debtors jail will be locked up. They have them in Turkiye still or they did back in 1998. You can't pay, you go to jail, never mind if you lost a job but plan to pay as soon as you can. I don't have the article but in it, I read for every dollar earned, the average American spends something like 1.50 over that. Where are they getting this money from? Via credit card, home equity loans etc. So my point was, a LOT of American's would suffer under such a system. The 60% is just a figure I through out. Also think about this, the average American owes at least 4,000 in credit card debt (not a exact number but its something around that). Many economist are expecting the credit card defaults to sky rocket this year, as have auto loans. Again what would happen to these people in a debtor jail system?

Very valid point!! I made a sweeping statement of "bring back debtor jail". If you were in government...what would you propose to address it? Can it be fixed? Before the depression they had the roar of the 20's. Did we have our 20's?

[Wild Style]

What would I suggest? I honestly don't know. I mean things are WAY out of hand. Not only that but, how can we go back now? I mean, before the great depression you still had large sections of the population living agrarian life styles i.e. farming and stuff. You had a smaller middle class than now. But now, everyone is used to getting what they want immediately via credit cards and equity loans. How do you tell a self indulgent society they can't do that anymore? The people will go absolutely crazy. This is why I suspect our government has not had the peak oil talk with the masses yet.

I honestly think the only way we can change is if people fall on extremely hard times. Come back down to reality. I think it will then take govt and media to explain to the people where the society went wrong. Then give them a clear and sustainable plan of how to get back on track. I think regulations will then need to be put in place to stop things like exotic loans, speculation in financial markets and lastly I think we need better social programs. People want to babble on and on about how evil socialized medicine is but if that were the case I would reason that ours should be the world’s best system then but it isn’t. In fact the best medical program in the world is in France, not in America. America is the only western nation among the industrialized guys who don't have socialized medicine. I think we also need to improve education across the board, and I think EVERYONE needs equal access to good education. I think that every city moving forward is going to need a top notch mass transit system. Peak oil is reality, we are starting to see the effects (well that and speculation) of this now. They will come up with alternative fuel cars but the problem is you will have to have the money to be able to afford one of them. With the average American defaulting on car loans, credit card debt and not saving who can afford a new fangled car? So people will have to take mass transit, which will have to be improved across the board. We will need commuter trains for the outer rings of the city centers. City planners will have to do a better job of clustering jobs downtowns and getting people to move closer. Farming will have to be done closer to city centers (if farming is done far away, it’s going to be expensive to buy food which means more squeeze on the citizens. We also need commuter and industrial high speed rail. I say they have high speed commuter rails to connect metro areas and also to move goods from cost to cost. Again gas is going to cause goods to be too expensive (because of transportation cost I mean), by goods I mean televisions, clothes, toys basically anything that needs to be shipped in from somewhere else. I think (and I could be wrong) our society is going to undergo a fundamental shift in how things are done. I think some will want to keep their suburban life style and they will pay dearly for that. Those who are smart enough to adjust early will do fine. This will also take people making certain adjustments in their personal life. Heck Americans will probably become skinner in the next decade because of more walking and bike riding. My wife and I walk to the store now which is about four stop lights away from our place.

I should mention too, I think telecommuting is going to pick up drastically. Back when I was working at Lucent (in early 2000) they were allowing project managers to telecommute. My boss told me, he expected a lot of corporations to close buildings down and allow workers to work from home. It is FAR cheaper to do that than to buy a building and house all those workers. In order to do that, we will also need more bandwidth capacity via fiber optics. I think Comcast just announce a 150 mb connection and Verizon also has similar speeds. These companies see what’s coming and they are preparing.
The Nashvillian (newspaper in Nashville) had a great article about how gas is affecting people. They interviewed some people who lost their job and all said they would not look for jobs to far from home because they couldn't afford to commute any longer (because they lived way out in sprawlsville). What is going to happen when gas is 6/7 dollars a gallon? People can come up with these silly quick quips about how they will just pay it and it means nothing to them. When there bread is 4 bucks a loaf and t shirts go from 4 bucks to 10, we will see how long they sing this tune.

[tkdmom]

Stop drinking, stop charging, cut up your cards, and contact a debt counseling center !