Stop paying credit cards. Give yourself a bailout!!

Quote from jueco2005:

Four months after.

Defaults on credit cards continue on a massive scale.

I keep getting phone calls from my cc company.

Bankruptcy is a daily business down here in Miami. Lawyers even finance you.
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I had dinner in Miami with a BK lawyer family friend of a friend 2 weeks ago, said he was making a killing but would not finance anyone tho.
 
I believe I posted it earlier in this thread, but I do have several accounts long since charged off...I got a bit careless a few years ago, beyond that, this is where I stand now:

Citibank acct. on a judgment - been through the court twice, it just gets continued as they see my assets are far less then my liabilities.

Law firm for another Citi just sent me a settlement offer: $.30 on the dollar.

ICO which handles AMEX had a $.25 on the dollar offer.

Had another offer for ~$.40 I believe (can't remember for which acct.)

Nothing on the rest.

If you settle, make sure the charge off gets removed...or at least reported right to avoid any further damage. Don't just jump on the settlement because it's "cheap" because it'll do you no good.

Heck in fact, call the original account holder...they would still settle even though it's been sold off! (make even more money off of it)

$.50-$.60 was more of a norm I believe just a year or two ago...now you should be able to get for half or less!
 
lol...true on the 5 cents bit....but if you don't work or make very little and owe far more, then there's no sense in settling if you have multiple accounts.

Either do them all relatively together, or don't do them at all.

Either way now, knowing you can get it lower, it buys you plenty of time to get your a$$ in gear and get/make something more profitable (which is exactly what I'm doing).

You know what? When I do settle, I'm going to shoot for <$.25 on the dollar overall. AND get them removed or reported right.

I'll post how it turns out when I do. :)
 
Quote from spanish89:

I did that too back last year in June-August! :D :cool: :p


Perfectly timed since pre-approved cards no longer exist now and wont ever again.. :)


Roughly £10,000 and never even made 1repayment.

And since i rent not own property, and trade for a living so dont have a paycheck each month,
theres nothing the bank can do to get anything! :cool: :p
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In Amreica, thieves get jail time for stealing a pack of cigarettes from the Quickie Mart
 
Quote from Sandybestdog:

I never said it was the answer. How can it be the answer when we have the highest percentage of college graduates, yet unemeployment is increasing, real wages are decreasing, and the ecomomy is in the crapper. You have yet to explain how more college degrees = bad economy. What I did say is that higher educated people do make more money compared to others. But that higher pay is much less than what it used to be. In 5 and 10 years, it will be even less. 30 and 50 years ago the middle class was at its strongest, yet very few of them were college educated. How can this be? Your logic doesn’t make sense.

It’s funny how the past few posts have focused on the costs/rewards of college, yet you have been strangely silent. You have yet to tell everybody here how people should pay for all of this college you say they should get to make more money. You rail on people for not paying their debts, yet in order to make more money, you suggest more education, which inevitable means more debt. Your solution to the problem is the problem itself. Combine that with the fact that real wages are declining despite a higher educated population, and it seems the only ones getting rich with your philosophy are schools and the bankers financing everything. Seriously, you should run for Congress with that kind of logic.
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Re-reading some of this now that it's popped back up.

Who said right now that "education" requires going back to "school" or "college?"

Most stuff is right there on the Internet, for little to NOTHING. Sure you may jump into someone's $1-2K course if you wish subject depending, but even that right there...1-2K. Versus how much for school? And the profit potential is much more enormous.

The only caveat is it may take you a bit longer, or struggle a bit more as you're learning. But again, if you're on unemployment/working little, doesn't that mean you have a good chunk of free time available now? Why not utilize it and also look for that job "just in case" to have some money available?

SBD, if you read this still, I hope and believe you'll get there...but you might just have to consider thinking outside the box a bit as well to get there. The rules have changed...screw the way the system is now (but keep an eye on it and educate others). Worry about #1 because only you can fix that.
 
Quote from jagadish:

Investing cash will create new jobs, spending will preserve existing jobs and saving cash will destroy jobs & economy.
Bank interest rates in

Japan 0.1%
USA/Canada 0.25%
UK 0.5%
Israel 1.5%
EU 1%
India 5%
China 5.31%
Pakistan 12.5%
Venezuela 19.3%

http://worldinterestrates.info
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19.3% interest in venezuela...and they have had 100% inflation year to date. That will be us soon.
 
.... well i remember a saying i heard somewhere... maybe a professor of mine.... anyway... it was "when a man owes a million to the bank he's screwed..... when a man owes a billion to the bank the bank is screwed".... so basically not paying off your credit cards and attempting to upset the universe wont work in theory unless your Donald Trump who essentially told Credit Suisse to F off ... ; )
 
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