No, I'd find a job and pay back everything I rightfully owe them. I detest deadbeats who spend money they don't have and then want to be let off the hook. Try taking some responsibility for your actions. You chose to use the credit cards knowing you had an obligation to pay back the money charged. Hope you sleep well at night knowing you basically stole $$$.
I beat the Debt Collectors--true
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No, I'd find a job and pay back everything I rightfully owe them. I detest deadbeats who spend money they don't have and then want to be let off the hook. Try taking some responsibility for your actions. You chose to use the credit cards knowing you had an obligation to pay back the money charged. Hope you sleep well at night knowing you basically stole $$$.
While not directed at me I'd like to answer as well. YES, I detest ALL bailouts. The notion that it's acceptable to be irresponsible then you pay little or nothing for your excesses/mistakes is a big part of why this country is going down the toilet. Or haven't you noticed?
That's true but I'm NOT one of them.
Yes they are.
You're rigtlht Lucrum 7 grand is a ridiculous small amount to renig on.
But Lucrum most small business's are one accident, heart attack, a large account that won't pay or law suit away from being insolvent.
And if you borrowed money on a jet and it was repossessed, the bank would sell it at auction for pennies on the dollar leaving a large majority of the debt left owed to the bank.
Damn what the hell am I doing in a small business especially one as risky as construction and the riskiest trade at that.
But Lucrum most small business's are one accident, heart attack, a large account that won't pay or law suit away from being insolvent.
And if you borrowed money on a jet and it was repossessed, the bank would sell it at auction for pennies on the dollar leaving a large majority of the debt left owed to the bank.
Damn what the hell am I doing in a small business especially one as risky as construction and the riskiest trade at that.
Glad someone agrees with me.
Here's another instance - former next door neighbor. Had a mortgage for $900K. They quit paying and spent 20 months living in the house until they were forced to move after bank finally got them into court. So they were basically white collar "squatters". Think about living rent/mortgage free for almost 2 years. Then the ex-neighbor had another $13K of credit card debt they refused to pay. So what became of this idiot? He moved into (rented) a 5100+ square foot house with 4 car garage in gated community.
its so easy to detest deadbeats when you are'nt in a bad financial situation..and don't say you had it tough when in school or just after..thats childs play. try getting into that situation with a few kids and a mortgage. oh, of course you're gonna say you wouldnt let yourself get into that situation..my friend,it happens fast.
Yeah, it happens to people who don't live within their means.
And people who aren't in a bad financial situation are more financially responsible -- they choose to save $$, invest and practice fiscal responsibility. They don't have kids they can't afford to raise. They put down a decent percent of money on their houses. They don't buy "stuff" (cars, big screen TV's, etc.) unless they have the $$$ to pay for it. They don't max out credit cards and then get another card. They make hard choices when they have to.
Correct me if I'm wrong, but I'm looking at small business loans and CC debt as somewhat different animals. Maybe even apples to oranges? Are not most business loans secured in some way? Assets/collateral and the like. Plus a business, as you've aptly mentioned, comes with certain risks. Risks presumably known to the lender and factored into their lending decision.(theoretically at least) Whereas a CC is essentially an unsecured personal loan made on the borrower's personal PROMISE to pay it back. Is there not some difference or no?
Pennies on the dollar might be a stretch, but point taken.
I've been married with a kid - while going to school. I worked one full time and one part time job. Paid my own way through school (although I did not finish) took care of my family and paid for flight training to boot.
I've been divorced, I've paid a grand a month in child support and I've been laid off/unemployed. I've never once skipped out on anything I owed. NOT once.
Lucrum for a small business the main thing is trust between the banker and business owner. The collateral listed and what you can actually get for it in a distressed situation is substantially less. The supply houses give 30 day credit on materials and those are basically signature loans and the subs are anywhere from weekly to 30 day pay. Some of the large general contractors will string their subs and suppliers out for 90 day pay. All it takes is for one big guy at the top to default and it's like a house of cards, especially now when everyone's reserves and income is down.