Stop paying credit cards. Give yourself a bailout!!

[jueco2005]

Quote from RedDuke:

Almost all decent firms in NY, NJ and CT tri state area will check credit score, and they weight it heavily against candidates. One of my close friends was refused a 6 figure job even though he was way more qualified than other candidates, but with bad score. His friend worked in HR for the firm, and told him that that was the reason.

It might not matter in Florida, but it matters a lot where I live.

But the point is, it is just 12K or 15k, why even bother defaulting????

It mattered at the time when I was in deep tight budget. I was paying for everything while my wife was finishing her BS to be an RN. Minimum payment in all 4 CC was like 200 and increased close to 500. I was force to a default; a mathematic certainty. By the way, I calculated how much a monthly payment of 500 represent in regular student loans at 25 years and it was between 60 to 70K.

Had that happened today I would have paid them off on the spot to get rid of them.

Now the debt is owned by so many companies and I am scared to deal with them after so many wrongdoers and horror stories.

If I dont have to go to court debt will be gone after 2 more years.

About jobs…….well I am happy I live in Florida where virtually everyone don’t care about your credit but your ability to get the job done.

 

[Sandybestdog]

Quote from 377OHMS:
That is the same BS jueco is shoveling.

When the credit card company raises their interest rate you can simply refuse the new rate. They'll disable your card for new purchases but you can, by law, continue to pay down your balance (if you have one) at the old interest rate.

Everyone knows this except you two evidently.

Not that it matters or you care, but I do know that. However they sent me one of those policy update things in like type 2 font with all this legal stuff in there. I saw that they said 23.99% and thought that they were changing the default rate. I said to myself that I don't have to worry about that since I have always been current. A couple statements later I noticed it and called them and they refused to do anything. Then, you don't pay them for 3 months and all of a sudden they start calling and asking if you want 0% for the next 3 years. Too late I told them.

And for all of you guys talking about employers checking credit reports, who cares? If your job was contingent on good credit, unemployment would be more like 30%. It's not about character, it's about life. Things happen. People lose their jobs. People have to move and sell their house that they are flipped on. People get disabled and can't work. The only people who don't understand this, are the ones that it hasn't happened to yet. Hopefully they'll get a taste of reality soon.

By the way, where is Trader666? Just waiting for him to pop in and spew his worthless garbage.

 

[Eight]

The CC companies can lend your spouse tons of money without your knowledge, they can jack your rates to 31%, the collections people will break lots of laws in the knowledge that you won't likely stand up for your rights.. live free or die! Traders should be transitioning from debtor to lender. The first step is to get some trading edge going but the second step is to stop being a debtor... so just stop, tell the CC companies you don't need their services, move and use a commercial po box for your address, bank at a kiosk in a convenience store, sue the collections agents when they break the law, and they all do, then get an attorney to challenge each of your records on your credit report and the people holding the debt can never prove that they really own it so they remove it.. at that point you are not a debtor anymore and you should have some trading expertise going and you should save up so much money that you become a lender... Piece of cake, everybody should do that at least once in their life!!

WiN stands for Work is Nonprofit!

 

[LeeD]

Quote from RedDuke:

Almost all decent firms in NY, NJ and CT tri state area will check credit score, and they weight it heavily against candidates. One of my close friends was refused a 6 figure job even though he was way more qualified than other candidates, but with bad score. His friend worked in HR for the firm, and told him that that was the reason.

It might not matter in Florida, but it matters a lot where I live.

Was it a job in banking?

Banking, accounting and law are areas where "bad credit" has relevance. If a person can't manage his or her personal financial affairs, how can he or she be trusted to manage someone elses? Declaring oneself bankrupt pretty much closes the door into any of these professions.

 

[LeeD]

Quote from Eight:

The CC companies can lend your spouse tons of money without your knowledge, they can jack your rates to 31%, the collections people will break lots of laws in the knowledge that you won't likely stand up for your rights.. live free or die! Traders should be transitioning from debtor to lender. The first step is to get some trading edge going but the second step is to stop being a debtor... so just stop, tell the CC companies you don't need their services, move and use a commercial po box for your address, bank at a kiosk in a convenience store, sue the collections agents when they break the law, and they all do, then get an attorney to challenge each of your records on your credit report and the people holding the debt can never prove that they really own it so they remove it.. at that point you are not a debtor anymore and you should have some trading expertise going and you should save up so much money that you become a lender... Piece of cake, everybody should do that at least once in their life!!

Good post!

I should just add that accumulating debt on a credit card is very bad for your finances. Given the high interest rate credit card companies charge, it's much wiser to take on a personal loan or use overdraft, if the bank gives one.

On a different note, if one always pays credit card bills in full and on time (which means they don't pay interest at all), credit cards are a powerful tool to protect one's finances. When a computer ordered on the internet hasn't been delivered, it may be a lengthy proces to get a replacement or get money back. If a company that charged a few thousand for a course went bankrupt before the course even started, the money is likely as good as gone. However, if all of this was paid for by a credit card, you don't owe anything to the credit card company unless the goods or services were actually delivered. In most cases the credit card company hasn't paid the money to the service provider yet either. So, they will happily delay or cancel payments.

 

[jueco2005]

Quote from LeeD:

Good post!

On a different note, if one always pays credit card bills in full and on time (which means they don't pay interest at all), credit cards are a powerful tool to protect one's finances. When a computer ordered on the internet hasn't been delivered, it may be a lengthy proces to get a replacement or get money back. If a company that charged a few thousand for a course went bankrupt before the course even started, the money is likely as good as gone. However, if all of this was paid for by a credit card, you don't owe anything to the credit card company unless the goods or services were actually delivered. In most cases the credit card company hasn't paid the money to the service provider yet either. So, they will happily delay or cancel payments.

That's why I miss my american express.

 

[RedDuke]

Quote from LeeD:

Was it a job in banking?

Banking, accounting and law are areas where "bad credit" has relevance. If a person can't manage his or her personal financial affairs, how can he or she be trusted to manage someone elses? Declaring oneself bankrupt pretty much closes the door into any of these professions.

It was a pharmaceutical company, and they keep tons of secretive info in their systems.

 

[Spooz Top]

Thanks for the update jueco,glad to hear you are getting along well....so far so good,just hope that small sum doesn`t come back to haunt you one day.

a little story for you:
back in `05 when credit was being handed out like candy,BoA had given me a 0% for life on this one particular card with a small $5k balance....evidently,they regretted that & contacted me to notiy me that the offer had expired & will be hit with a 15% apr.

i informed them that i wasn`t dead yet,hence life, & am current w/out a blemish on my account or fico.....oddly enough,BoA agreed & i have not paid them a dime in interest but just for that little inconvenience,i will continue to milk them & send that minimum +$3 on every payment.....should have them paid in full sometime 2019.

 

[jueco2005]

Quote from Spooz Top:

Thanks for the update jueco,glad to hear you are getting along well....so far so good,just hope that small sum doesn`t come back to haunt you one day.

a little story for you:
back in `05 when credit was being handed out like candy,BoA had given me a 0% for life on this one particular card with a small $5k balance....evidently,they regretted that & contacted me to notiy me that the offer had expired & will be hit with a 15% apr.

i informed them that i wasn`t dead yet,hence life, & am current w/out a blemish on my account or fico.....oddly enough,BoA agreed & i have not paid them a dime in interest but just for that little inconvenience,i will continue to milk them & send that minimum +$3 on every payment.....should have them paid in full sometime 2019.

I am happy for you. They wont get from me 3 cents. I rather go to jail.

 

[hippie]

Quote from Spooz Top:

you just sold yourself out for 12k?......bad move.

that`s chump change in yesterdays money....our very identities/value will be based on our credit scores in the very near future.that`s a blemish the new bankruptcy laws will bury you with....& for $12k?

you`re going to regret that move if that is indeed what you did.

Spooz, u are becoming a salve to your credit score? one more way banks are controlling little people.