Stop Paying Your Credit Cards

[chess9]

http://www.reasongonemad.com/c...2009/02132009banks.asp

This is one of the funniest Modest Proposals I've seen in awhile. It was sent to me by a crazy Brit who thinks credit cards may be dead anyway, so why bother paying them off? It's our chance to stick it to those crazy bankers with their 30% interest rates and fees just for sneezin' their way.

So, Mr. Average Joe, this is YOUR bailout opportunity. Don't be shy, don't hesitate. Join the millions of Americans who will be taking credit card payment holidays. Many will make it permanent! Think of the savings! You will be able to buy that new i7 based gaming desktop! w00t w00t!!

-Robert

 

[Genx87]

Problem is I buy my parts off the internet. No CC, no i7

 

[OCGuy]

Its actually a great idea if you never ever plan on financing anything or using your credit again.

Too bad this is the real world, where credit is life.

 

[PingSpike]

Originally posted by: Ocguy31
Its actually a great idea if you never ever plan on financing anything or using your credit again.

Too bad this is the real world, where credit is life.

I thought credit reports only went back like 7 years or something.

At any rate, we got Barack Obama so yeah.

 

[OCGuy]

Originally posted by: PingSpike

Originally posted by: Ocguy31
Its actually a great idea if you never ever plan on financing anything or using your credit again.

Too bad this is the real world, where credit is life.

I thought credit reports only went back like 7 years or something.

At any rate, we got Barack Obama so yeah.

Aw you caught me. Forgot to mention the BK method!

It isnt as easy as it used to be if you actually make money, they will just restructure the debt instead of discharging.

 

[chess9]

Originally posted by: Genx87
Problem is I buy my parts off the internet. No CC, no i7

I buy everything with PayPal or a debit card. I'm down to one American Express card with a zero balance. I have the PayPal credit card but haven't been using it because GE is AWFUL!

-Robert

 

[shiner]

Originally posted by: Ocguy31
Its actually a great idea if you never ever plan on financing anything or using your credit again.

Too bad this is the real world, where credit is life.

 

[Zebo]

Won't they start taking assets? Pretty stupid idea if you have something besides the moral implications. I mean it's equivalent to stealing.

As I said in another thread #1 reason for our economic downfall is the people rot - not the financial instruments around them which is merely a reflection of the former..

 

[BoberFett]

Originally posted by: shinerburke

Originally posted by: Ocguy31
Its actually a great idea if you never ever plan on financing anything or using your credit again.

Too bad this is the real world, where credit is life.

Once you've got a fixed rate mortgage, who cares? A person could get by without credit easily.

 

[BoberFett]

Originally posted by: Zebo
Won't they start taking assets? Pretty stupid idea if you have something besides the moral implications. I mean it's equivalent to stealing.

As I said in another thread #1 reason for our economic downfall is the people rot - not the financial instruments around them which is merely a reflection of the former..

Credit cards are unsecured debt. They can harass you, but that's about it.

 

[Xavier434]

Originally posted by: PingSpike

Originally posted by: Ocguy31
Its actually a great idea if you never ever plan on financing anything or using your credit again.

Too bad this is the real world, where credit is life.

I thought credit reports only went back like 7 years or something.

At any rate, we got Barack Obama so yeah.

That is the way it is supposed to be, but the problem is that debt keeps getting sold again and again and again and again. Every time that happens, the 7 year rule for that line item on your report resets. In addition, many have found ways to sell that debt to THEMSELVES even though that is not supposed to happen. This means that the debt remains on your report forever. The only kind of debt that you can sometimes work around is that which accumulated due to medical needs, but even then it really hurts you.

I highly disagree with how this system works. People make mistakes sometimes and they should be given a more reasonable chance to recover from those mistakes if they can show that they have learned to be more fiscally responsible.

 

[OCGuy]

Originally posted by: BoberFett

Originally posted by: Zebo
Won't they start taking assets? Pretty stupid idea if you have something besides the moral implications. I mean it's equivalent to stealing.

As I said in another thread #1 reason for our economic downfall is the people rot - not the financial instruments around them which is merely a reflection of the former..

Credit cards are unsecured debt. They can harass you, but that's about it.

Actually if you have larger balances, they will sue you to get a judgement. After that, it is up to the courts how they want to start reclaiming money from you.

 

[Xavier434]

Originally posted by: Ocguy31

Originally posted by: BoberFett

Originally posted by: Zebo
Won't they start taking assets? Pretty stupid idea if you have something besides the moral implications. I mean it's equivalent to stealing.

As I said in another thread #1 reason for our economic downfall is the people rot - not the financial instruments around them which is merely a reflection of the former..

Credit cards are unsecured debt. They can harass you, but that's about it.

Actually if you have larger balances, they will sue you to get a judgement. After that, it is up to the courts how they want to start reclaiming money from you.

Correct and judgments are a really serious blow to your credit.

 

[OCGuy]

Originally posted by: BoberFett

Originally posted by: shinerburke

Originally posted by: Ocguy31
Its actually a great idea if you never ever plan on financing anything or using your credit again.

Too bad this is the real world, where credit is life.

Once you've got a fixed rate mortgage, who cares? A person could get by without credit easily.

Assuming you:


Never need to get a new job (many places check your credit report, some use it against you)

Never need a new car

Never need to move and purchase a new home/rent an apartment



Of course, the way around all that is to just be loaded with liquid assets to purchase everything cash. I bet those people are in the minority though.

 

[StageLeft]

Fvck that I already have mine paid off! Well, not the Canadian ones, but they're in another country I barely even think about them.

 

[compuwiz1]

Originally posted by: Ocguy31

Originally posted by: BoberFett

Originally posted by: shinerburke

Originally posted by: Ocguy31
Its actually a great idea if you never ever plan on financing anything or using your credit again.

Too bad this is the real world, where credit is life.

Once you've got a fixed rate mortgage, who cares? A person could get by without credit easily.

Assuming you:


Never need to get a new job (many places check your credit report, some use it against you)

Never need a new car

Never need to move and purchase a new home/rent an apartment



Of course, the way around all that is to just be loaded with liquid assets to purchase everything cash. I bet those people are in the minority though.

Add auto insurance rates to your list. Yes, in many states insurance companies use your credit rating to determine risk.

 

[Nemesis 1]

This is so funny .My kids both have citibank. I told both to stop paying and they did. Citibank was getting pissy with my daughter. I grab the phone and told them her payment is coming with the government bailout. I lol They said you can't do that. I said ya we can . Both kids are quiting working . And you can't get it from me by law.

Anyone know what Deice is yet. Find out. You need to know.

 

[chess9]

Guys, this is humor. I don't advocate this approach at all!

Also, if you stop paying, they can get a judgement against you and levy execution against your personal property that is not exempt per your state's statutes.

Regarding the 7 years, the debt stays on your credit for seven years after your last payment. Creditors who sell it inherit the start date. It's tacked on. So, if you have a credit problem, make sure the creditor is reporting the actual debt details to the credit bureau. You do have to watch them like a hawk. Credit bureaus are incredibly stupid and venal, IMHO. I've sent them many letters for clients.

-Robert

 

[OCGuy]

Originally posted by: Nemesis 1
This is so funny .My kids both have citibank. I told both to stop paying and they did. Citibank was getting pissy with my daughter. I grab the phone and told them her payment is coming with the government bailout. I lol They said you can't do that. I said ya we can . Both kids are quiting working . And you can't get it from me by law.

Anyone know what Deice is yet. Find out. You need to know.

God I really hope you are kidding. Somehow I doubt it.

 

[Xavier434]

Originally posted by: chess9
Regarding the 7 years, the debt stays on your credit for seven years after your last payment. Creditors who sell it inherit the start date. It's tacked on. So, if you have a credit problem, make sure the creditor is reporting the actual debt details to the credit bureau. You do have to watch them like a hawk. Credit bureaus are incredibly stupid and venal, IMHO. I've sent them many letters for clients.

That debt being sold resets the date as I explained though.

 

[chess9]

Originally posted by: Xavier434

Originally posted by: chess9
Regarding the 7 years, the debt stays on your credit for seven years after your last payment. Creditors who sell it inherit the start date. It's tacked on. So, if you have a credit problem, make sure the creditor is reporting the actual debt details to the credit bureau. You do have to watch them like a hawk. Credit bureaus are incredibly stupid and venal, IMHO. I've sent them many letters for clients.

That debt being sold resets the date as I explained though.

No. When you buy commercial paper you buy subject to all defenses of the debtor, in most cases. That includes the statue of limitations, and the Federal Statutes such as the Fair Credit Reporting Act. Otherwise, creditors could harrass you forever. If you have this kind of a problem, please speak with a lawyer.

-Robert

 

[shiner]

Originally posted by: Nemesis 1
This is so funny .My kids both have citibank. I told both to stop paying and they did. Citibank was getting pissy with my daughter. I grab the phone and told them her payment is coming with the government bailout. I lol They said you can't do that. I said ya we can . Both kids are quiting working . And you can't get it from me by law.

Anyone know what Deice is yet. Find out. You need to know.

Congratulations. This is the earliest in a calendar year that anyone has ever wrapped up the Douchebag of the Year Award.

 

[Nemesis 1]

Originally posted by: Ocguy31

Originally posted by: Nemesis 1
This is so funny .My kids both have citibank. I told both to stop paying and they did. Citibank was getting pissy with my daughter. I grab the phone and told them her payment is coming with the government bailout. I lol They said you can't do that. I said ya we can . Both kids are quiting working . And you can't get it from me by law.

Anyone know what Deice is yet. Find out. You need to know.

God I really hope you are kidding. Somehow I doubt it.

No I am not Kidding. I want my family around me now . I have enough $$$ and so does Wife to keep all happy for along while if they live within their means. Do the REAL math on Oil reserves Vs. Production yearly. Also do REAL math On population . Than you tell me How ya gonna fix this . MAth can't not lie . It is perfect. Do the numers correcrtly and you can see this is twlight. Its getting dark fast.

 

[shiner]

Originally posted by: Nemesis 1

Originally posted by: Ocguy31

Originally posted by: Nemesis 1
This is so funny .My kids both have citibank. I told both to stop paying and they did. Citibank was getting pissy with my daughter. I grab the phone and told them her payment is coming with the government bailout. I lol They said you can't do that. I said ya we can . Both kids are quiting working . And you can't get it from me by law.

Anyone know what Deice is yet. Find out. You need to know.

God I really hope you are kidding. Somehow I doubt it.

No I am not Kidding. I want my family around me now . I have enough $$$ and so does Wife to keep all happy for along while if they live within their means. Do the REAL math on Oil reserves Vs. Production yearly. Also do REAL math On population . Than you tell me How ya gonna fix this . MAth can't not lie . It is perfect. Do the numers correcrtly and you can see this is twlight. Its getting dark fast.

So basically mccowen has hijacked your account?

 

[chess9]

Originally posted by: Nemesis 1

Originally posted by: Ocguy31

Originally posted by: Nemesis 1
This is so funny .My kids both have citibank. I told both to stop paying and they did. Citibank was getting pissy with my daughter. I grab the phone and told them her payment is coming with the government bailout. I lol They said you can't do that. I said ya we can . Both kids are quiting working . And you can't get it from me by law.

Anyone know what Deice is yet. Find out. You need to know.

God I really hope you are kidding. Somehow I doubt it.

No I am not Kidding. I want my family around me now . I have enough $$$ and so does Wife to keep all happy for along while if they live within their means. Do the REAL math on Oil reserves Vs. Production yearly. Also do REAL math On population . Than you tell me How ya gonna fix this . MAth can't not lie . It is perfect. Do the numers correcrtly and you can see this is twlight. Its getting dark fast.

We are definitely having a major meltdown, but not paying debts is like going back on your word. If I tell someone I will do something, I consider doing it very important.

So, even if we all bite the dust in the next few years, I will feel as though I shouldered my burden like a man, IF I've paid my debts.

-Robert