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Well if you still get "you've been approved" credit card mail you can do what I do.
Send it back to them in their return postage paid envelope.
Do not sign or fill it out.
In big black magic marker write your favorite quip:
"Don't you have enough debt already ?"
"I don't do business with banksters"
"Do you think I'm stupid ?"
"Send this to Ben Bernake. He likes debt"
"No such thing as credit..it's DEBT and I don't want any"
and it goes on and on.
That's a good one, I'll have to try that a few times!
1.) Suppose you have 25K in credit card debt. What happens if you dont pay anything.
Can the company force you to pay?
They can sue you, and depending on the state you live in they have different means to enforce the judgment including wage garnishments.
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What happens if you dont pay, do you just go through bankruptcy?
That's an option.
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Does the debt go away after a certain period if you dont pay anything?
Does it go away? With the exception of a couple states, no...however EVERY state has a statute of limitations for repaying debts. Once this expires you have no obligation to repay the amounts owed.
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2.) Do these rules vary if you owe debt from a loan made from work or another source vs credit card.
Yes, they can. Different types of debts can have different laws regarding them.
You don't have to do anything really, it depends on how aggressively they pursue the debt. They can still sue you for the debt if they feel like it, and if they file that lawsuit in there before you file bankruptcy it's up to the judge on how to deal with it. The more you screw with them and abuse them, the more likely they will sue...and the more likely the judge will let the lawsuit stand.
That's incorrect. Filing bankruptcy immediately puts a stay on ANY collection efforts including pending lawsuits and judgments that have already been rewarded.
I've always been tempted to fill them out with congressmens' names and addresses.
I don't want the card, but I'd love to see Barney Frank's FICO score go in the toilet from a couple thousand credit inquiries. It would be even better if he had to spend his weekends dealing with their outsourced customer service departments.
Oh what fun this would be...think we'd get caught?
same as promising to pay anybody else and then deciding not to do it.
repercussions in your life experience.
the reward of a ripoff artist is always the same.
Better yet don't accept credit cards and live within your means. My wife and I have no credit cards and one car loan.
Let me guess, you're a Dave Ramsey fan, right?
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