I don't know what the credit company expected when they give $20k to a guy who has never had a job or place of residence lasting more than 10 months (relative of mine). Seems like some fault lies with their own idiocy.
“A good Washington DC contact told me that a public relations/media push to demonize those who decide to walk away from mortgages they can still afford to pay (aka “strategic defaulters”) is underway. Expect to see a good bit of moral fervor as those who choose to cut their losses are attacked as immoral, irresponsible, and abusive.
There is a wee problem with the “blame the ruthless borrower” narrative. Banks who acted in a ruthless manner have trained their customers to behave the same way. This shift in prevailing attitudes is the logical and inevitable result of financial firms taking an increasingly predatory posture toward their customers. Borrowers are responding in kind, by taking a cold-blooded and legalistic look at their agreements with lenders.”
Here is one to watch out for.
Paid off and closed my account at Capital One years ago. They showed the account still open but with a zero balance.
Then comes a letter in the mail that says, we will start charging you $15 per month. This not optional.
The son’s of guns have now started to charge people that once had an account with them and owe nothing. I had to call to cancel the account...again.
The banks are getting desperate.