Posted on 06/15/2014 12:50:54 AM PDT by pansgold
This advice is worth what you paid for it.
You see, after 90 days of not paying on a credit card, the bank charges it off and sells the debt along with hundreds or thousands of others to a collection agency for 1/100th of the value of the original debt. The debt buyer then tries to collect from the debtor and they keep all the money they can collect.
They will take you to court and try and garnish your wages for 6 to 8 or 12 years. That’s when you ask the court to force the new debt holder to show the court proof of ownership (paper documents) for the debt they are trying to collect for.
These creditors are buying debt with the click of a mouse over the internet and will have none of the original paperwork. The reason, it’s cost prohibitive and a filing nightmare. These creditors prefer to operate with only intimidation and threats. They gamble in getting a judgment by your failure to appear in court. SHOW UP IN COURT!
Just watch the debt purchaser drop the case and give up on collection.
You didn’t really say that did you? What are you doing on FreeRepublic? There is no American system of political and economic freedom without contracts and property rights.
And, interest rates reflect risk assumed by the lender. That’s why some cards for ‘poor credit’ customers carry usurious rates along with low limits.
Maybe there are some Obama phones and bucks they can get also. Isn’t that free(sarc)
What an absurdly extreme analogy. The freedom of man is not equivalent to a broken contract, that’s why we don’t have debtors prison. Further, debtors prison is crony capitalism where we collectivize a private debt and subsidize its collection amongst the greater populace.
We can easily find many examples of large financial companies, politicians, governments, and probably more corporations that I can count doing it every day(some even get bailouts), but if we are late on a credit card, WE'RE the criminals. I used to think as you do, and I still do pay my debts, but increasingly I'M feeling like the sucker.
I have no problem at all with someone that decides to skip town on those usurious bastards, if they find themselves in a position where paying their bills is a problem.
Also, any debt that is written off by the bank is considered income and is taxed accordingly. So, if you have a 20,000 credit card that gets sold off to a collection agency, you will receive a W-2 with that amount as income with no taxes paid.
...or Answer “B”, pay for that which you owe.
only IF the debt holder can show in court they are legally entitled to collect the debt which they can’t do in almost every case.
if they can’t the judge will not enter a judgement for any amount.
Fantastic if you can. What about those that lost their job and unemployment? They can’t pay it off.
Not the banks fault. Pay them with your savings or retirement. I can’t believe how caviler this person is.
ADIOS! It’s sleepy time.
Absolutely no morals. Get out and get a job the next day at McDonald's. And continue paying the bills. Unbelievable.....Did I stumble across the wrong website this morning?
To pay that debt incurred the interest on those bonds are paid by taxpayers.
So is that fair to make the rest of us pay that debt so banks can rake in the big bucks?
Finally, someone posts the REAL truth of the entire matter. The government, in collusion with the extremely wealthy, is in fact enslaving the general public. This post is the most truthful of all.
I’ve always lived by what Robert Service wrote in The Cremation of Sam McGee.
“Now a promise made is a debt unpaid, and the trail has its own stern code.”
how is that stealing if you can honestly no longer afford to pay the debt and keep the lights on?
Turn the lights off then until you can afford to turn them back on.
You are correct. Walmart manager in the family told me that about 20-25% of the price of goods sold there is to cover theft. There more theft, the higher the price goes PLUS inflation.
And not from some big Corporation, either. It's the people who are holding that stock in their portfolios who ultimately get the shaft.
Same goes for normal theft too. If the owner can't prove to the judge that what you stole was their property to begin with, then you get to keep it.
Do you have any tips on that? How can I steal a new car without the dealer being able to prove it? Surely you don't stop your scheming at debt cancellation.
Bingo. You nailed it. Much the same can be said about the current welfare state. Tell some one to rob a person of cash at gunpoint and most would say that's wrong. However, when the cash arrives in the form of a welfare check from the Government who has collected it under the threat of imprisonment, the recipient has no problem. In fact many consider that welfare check, EBT card, or housing subsidy a "right".
The only place with 4.15 gas is Hawaii. I gave you the benefit of the doubt but see that you are California which is 3.79. Where on Earth do you get 4.15 from?
You forgot the worst part. They “changed” the law a few years back that allowed credit card companies to renege on their contracts with the consumer. Miss a payment by a single day (even if you had been a longtime good customer), and have your interest rate hiked to 20% or more.
They give you a due date and if you don’t pay by that date then you suffer the consequences. Pretty easy. However, today very few people miss the due date because everything is done over the internet. Good try making the banks the bad guys....big fail.
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