are you extremely nomadic? changing your phone number and address often? have a pocketful of fake IDs?
Why don’t these people either STOP SPENDING or PAY THEIR DEBTS. What are we coming to to get such “advice?” Guess they are learning well from the community organizer.
My integrity is priceless and I guard it fiercely.
Better to not put myself in positions where it may be endangered.
You have a point. A friend of mine had one of these outfits try to collect on a pre-bankruptcy debt. He asked for proof, just to figure out if it was legit from back then (no longer legit in any case). Never heard from them again.
But I agree with others, if you can, PAY YOUR DEBTS. Keep in mind that your credit score affects stuff other than your ability to borrow. It also affects job prospects (as many employers check credit history) and insurance costs (as people with high scores tend to be much lower risks...no one knows why).
People with such a mind set might not be employable. I certainly wouldn't hire a thief.
Credit card companies must operate at a profit or they will go out of business. The amount they charge businesses and customers are based on the cost incurred in doing business.
Unpaid charges and theft are treated the same. Each of these events results in higher interest rates for other customers who do pay their debts.
It may appear clever to get away without paying your obligations but others who do honor their obligations have to pay for It.
You may want to try shoplifting next. Your fellow shoppers who do not steal also pay for that theft.
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.
ADIOS! It’s sleepy time.
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.”
Deadbeat advice.
What you are advocating is theft and I think it is extremely repugnant. Hope you are joking. People should pay their bills and not expect others to bail them out.
I am a tax preparer for the largest tax preparation company in the US. I have completed tax returns for many people with a 1099-C and have helped several clients COD (cancellation of debt) income due to insolvency. Most of these were related to forgiveness of credit card debt.
COD related to foreclosure of a primary residence can be excluded using the primary residence exclusion on Form 982.
The cancellation amount is considered income to you. You will receive a 1099-C (cancellation of debt) from the credit card company and you will have to include this on your 1040 Line 21 (Other Income).
You can exclude this cancellation of debt income on Form 982 though bankruptcy or by proving that you are insolvent by more than the cancellation of debt amount on the cancellation date. Insolvency means that your liabilities are greater than the Fair Market Value of your assets.
How about not putting more on the card than you can afford to pay?
Shame on you, thief.
So you’re advocating that we engage in theft? What’s next? How best to rob a bank?
Carrying a balance on a credit card is as foolish,financially,as buying lottery tickets.
I know that it’s just here for informational purposes, but some might say that you’re encouraging theft. How to beat the system, whether credit cards, Medicare fraud, welfare fraud, tax fraud, etc., is stealing.
Sleazy
Psalm 37:21
The wicked borrows but does not pay back, but the righteous is generous and gives;
Proverbs 3:27-28
Do not withhold good from those to whom it is due, when it is in your power to do it. Do not say to your neighbor, “Go, and come again, tomorrow I will give it”—when you have it with you.
Ecclesiastes 5:5
It is better that you should not vow than that you should vow and not pay.
Havent had one since i paid off amex, in 1988.