Funny, I don't feel like a loser at all !! Credit card companies can ratchet up the interest rate to 31% for any perceived reason on their part and I can sit here and give them the finger. It's balance of power. Get used to it. For all this background check bullshit, I'm finding that in the job market, if you have some real skills they can't do without they are overlooking your FICO score even in this job market !! OTOH, you, likely, have to really kiss up to the credit masters to keep the wifey off your back, LOL...
The best way to do BK is to not pay your taxes for a few years. A friend of mine went to court, they tossed out all the debt and scheduled payments for the taxes with a wink-wink and a nod!! The courts don't care about all these debt collectors any more than anybody else... but they do care about their retirement packages and that comes out of the tax based stuff
For most, 12K isn't enough to ruin your credit or declare BK. That's why the banks have recently, raised rates. They know most people will bitch and moan but will continue to pay, as opposed to non-recourse mortgage loans where people will just walk away. The play is to not keep a balance on your cards, but, occasionally make a purchase to keep the cards active so they don't get cancelled.
No that is already happening. But the whole system is cracking & it is going to crash. I think some of the "deadbeats" have a point. Look at the precedents being set by the big IBs, AIG, big autos, etc. Look at the mortgage bailout. The message is that if you're paying your debts prudently, you're a sucker. If you're saving, you're a sucker. It's all about being bailed out. Look at the rich who often file bankruptcy as a business move. It's cool. Donald Trump cool. If you can stick the creditors, while walking away with assets, you're a winner. Morals? What morals? Look at the finance industry hotshots. They would steal from their mother. And it's cool to be that, cause it's all about money. Look, what do you REALLY need credit for nowdays? To get an oversized mortgage that will put you into debt for life? To finance a depreciating asset like a car? You will always be able to get those, no matter of your credit. Getting a bank account will be more difficult with bad credit, but then, keeping you cash in a bank is not a smart decision right now. Getting a job with corporates will be problematic, especially finance related. But then, they are not exactly creating jobs anymore, especially in the finance field. The lenders are not your friends. They are not applying morals. So why are you? It just makes you a sucker. You have to look at these as business decisions, the same way corporations, business & wealthy individuals approach solvency problems. Reminds of when a friend of mine asked me about all those billions & trillions being given by the government and how he can get a piece. I said "become a failed bank"
Well you should, and You are....perhaps next time take the time to read the terms before you agree to them. They offered you credit to use, at specific terms, you agreed, used the credit and now refuse to honor those terms, most people agree that pretty much makes you a LOSER!
Why do you get so animate about it? Are you employed at a collection agency or a junk debt buyer or something? He is free to make whatever choice he wants & pay the consequences. It should be pretty obvious that in this country, it's quite acceptable & sometimes "a smart business move" to screw the creditors in order to get ahead.
Malaysian Loan Sharks Hire Women to Shame Defaulting Debtors March 27 (Bloomberg) -- Malaysian loan sharks have a new weapon in their growing struggle to get borrowers to repay debts: beautiful women. http://www.bloomberg.com/apps/news?pid=20601109&sid=aAnBviwQjxr4&refer=home
Tax Dodgers Multiply as âUnderground Economyâ Cushions Job Cuts http://www.bloomberg.com/apps/news?pid=20601213&sid=aCuiJAVv6ZOc&refer=home
That`s my point...it`s already happening. As far as Rome burning & crashing......go read my posts/predictions going back to July of `07 ...........i was waaaaaaaayyyyy ahead of the curve! even before Buy Lo/Sell Hi.
Once it goes to collections, forget it. Paying it will just add a mark to your credit record which won't fall off for a few years... that's cool though, if you can avoid paying for four years from time of default in my state it's over, legally. The thing is that the collectors like to scam people and threaten their credit scores long after they have settled up. One friend of mine did a lot of work to get his credit cleaned up, paid off debts and all, they came back ten years later threatening his credit score with the same debts !! He had to take time to deal with that shit !! Forget credit, deal in cash, that's why they have check cashing places, wake up people !! Out of this discussion I have developed a retirement enhancement plan: stop paying taxes and get a huge number of credit cards, spend like crazy, buy stuff you will need like a car, big screen tv, etc... when you have to file BK it's time to retire, the court will toss the credit card garbage, you are retired and don't need a FICO score, how are you going to pay your payments on a fixed income anyhow? Besides, you are going into BK when you get your major illness that all retirees get anyhow...