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What? From what I've read he doesn't mention being a victim. He just is comparing the hypocrisy of how the government and corporations are above the law, when the little people have to follow them or else.
That's being a victim of a particular society - is it not?
Congress people were cheering when they "saved the day" by allowing for more spending with money they do not have.
If anyone is childish it is congress and the people that actually vote for democrats and republicans.
The OP seems like he would like to pay it back, it's just not a real life option with the way reality is now. Old people are hoarding jobs, while new people have to live with their parents and take jobs that are beneath their education level with no hope for advancement unless you sleep with the boss.
Really, I think the OP should just say screw it. I don't think Jesus would care about his "credit score".
Don't just default on it, that would be about the worst thing you could do.
Since you don't seem to have any assets that could be liquidated you might want to check into Chapter 7 bankruptcy as a last resort. Your credit will stink for a few years, but at least you could get a fresh start & not have all that debt hanging over your head.
FWIW, about 20 years ago I had 15K of CC debt (at rates averaging 15%), all over the card limits and all 3+ months past due, no job, and had just rented a 550 sq ft. studio (the landlord was a friend of a friend of my parents so they must not have done a credit check) in a new city. I had my possessions (clothes, pots, pans, assorted random crap with little monetary value, and no car) and no money at all other than a ~$200 federal tax refund check. I did have the advantage of being single with only 2 cats for dependents.
No, I didn't declare bankruptcy. To make a very long story shorter, I walked the 2 miles each way to the bank to set up an account and deposit my check, I signed up with a temp agency immediately and got a temp job within a week to start bringing in cash ($11.50/hour, mind you. So I had 15K of debt and ~23K/yr income, assuming I could keep working 40 hours every week), I sent what I could to the CC's as soon as I started getting paychecks, I listed my upcoming bills on a pad of paper and planned at least a few weeks ahead to make sure that I never spent too much from one paycheck to prevent me from paying the bills a month out. I took public transit to/from those temp jobs and everywhere else I walked, although I did have a relative who I could ride with on some occasions.
My first month I paid the rent and had 29 cents left to spare.
I learned to love bean and rice burritos. I discovered that local "produce" grocery stores had better prices than the national chain supermarkets. I alread knew how to cook, thank God. I comparison priced staples like soap and paper towels and whatnot and bought store brand from discounters when I could, and/or in bulk ("hey, what's with the 24 pack of storebrand whatnot in your pantry?" :-0 ) I watched for sales on exciting items like laundry detergent and frozen orange juice concentrate. I made my own bread with flour, yeast, water and salt, by hand.
After about a month I somehow was offered a credit card by another issuer. I took it, not to charge new things, but to do balance transfers from my other cards to make them current and under limit. After that was done I owed a little more due to the transfer fees, but stopped getting dinged every month for past due/overlimit fees and the dunning calls from the creditors ended. Of course, I never charged anything more on any of the cards...not that I could if I wanted to.
The first few months sucked but eventually there was a little wriggle room.
I tracked my total debt, and even it felt like the same huge weight, that total gradually went down from 15K to 14.5K to 14K, and so on.
The temp assignments came and went, generally improving but not always. During my first holiday season in the apartment I worked two jobs for a couple months. Eventually one of the temp assignment companies offered me a permanent job, about 18 months after I'd moved, and I had enough to pay the bills AND toss some extra towards the debts. And from that point on it's generally been better.
I'll note that for most of that time I only worked one job, I didn't have a roommate, and I wasn't nearly as aggressive towards finding work as I could have been and probably should have been. But it still got better, and I didn't waste time feeling sorry for myself or blaming everyone else or bemoaning the fact that some people/entities got breaks that I didn't. Heck, I lucked out getting the apartment and had relatives I could ride with to the local Costco-type store (I forget the name, but it was one of those members-only buy-stuff-in-bulk stores that predated Costco). Some people didn't even have that.
So yes, it can be done, won't be easy, won't be fun. As for the worst that can happen - bankruptcy effs up your credit in a big way for a long time, it makes many things more expensive (car insurance, for one) AND can prevent you from getting some jobs. That's just for starters, there's more.
And aside from all that, "owning" your mistakes and growing from them is something that helps you succeed in life. Crying and pointing the finger at others and saying "waah, that's not fair, look at them"...doesn't.
We had 22k in cc card debts from 6 different cards, 2 car loans and student loans. 2 years ago we signed up with CCCS. We were talking about bk but decided that we wanted to repay what we spent on our own. CCCS helped us negotiate a lower interest rate but we still are responsible for paying off the entire balance. Also while in the program you are not allowed to open any new credit cards and if you miss a payment the creditors can hike your interest back up. We send in a payment to CCCS every month and they distribute the money to the creditors. So far we have paid off the car loans and 13000 of the credit card debt. CCCS has been great to us. Our credit ratings had also gone up from low to mid 600 to nearly 740.
So yes, if you really want to, you can do it.
honestly if we lived in a "fair" country, I should be given a BIG LOAN to pay for my operating (living expenses) and to pay down most my debt.
Heck, look at DETROIT ... Like really, you targeting and yelling at some 24 year old guy for going into debt to afford food and shelter for himself, yet you are bailing out DETROIT, where PEOPLE DO NOT WANT TO LIVE!
Give me a break.
no if we lived in a fair country the banks wouldnt have gotten what they did but under no circumstances would you get a big loan for your expenses. by the same token lots of people who got mortagaes at really low rates never would have gotten those rates bc they are high credit risks and financial idiots.
if you wanna steal from the banks because of the shady **** they do that's on you, but nobody owes you anything whatsoever in life, and if you keep this self entitled attitude you are always going to be a financial mess as you make bad decision after bad decision while trying to blame others for it.
also lol @saying after 23 years of being debt free... to try and make yourself sound responsible.you weren't 41 when you first racked up debt you were 23,which means you were debt free for 5 years not 23 unless you think banks are loaning money to 7 year olds.
Obviously, your credit score must be OK if you've always paid. Are you in a position to possibly go to your parents and explain what has occurred and ask for some help?
If you were to settle, let's say for 70% of the debt, you will get a debt cancellation letter which will be sent into the IRS and treated as income.
I would try to use all my options.
yea but he has no job so that would give him 5k of income which wouldnt be taxed
What? From what I've read he doesn't mention being a victim. He just is comparing the hypocrisy of how the government and corporations are above the law, when the little people have to follow them or else.
he mentions he should be able to get a big loan if things were fair which is clearly saying he is a victim.
if things are fair nobody in their right mind would give someone who can't pay a loan back a loan.
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