Stop paying credit cards. Give yourself a bailout!!
- Thread starter jueco2005
- Start date
How am i becoming a slave?
The sytem has been enslaving the masses for years thru easy money....finally the music stopped & most were left without a chair when it stopped......banks have literally made you fico your value as a person/human being & dictates where you work to what you earn to how much car insurance one pays....like it or not,it is fact......i`ve been warned since i was a child about banks & their goals to exploit....thanks to the W administration,they hold the cards & make the rules,hence,they are the shot callers that write the banking laws.
so back to my question....how am i becoming enslaved?
From http://www.economist.com/node/16636027
"Spending per prisoner ranges from $18,000 a year in Mississippi to about $50,000 in California, where the cost per pupil is but a seventh of that. "
So, for someone refusing to pay $10,000 on a credit card in California the cost of encarceration will exceed the value of the debt in about 2 and a half months.
I usually dont get many rational and coherent thoughts around here.
By simply doing a marginal cost analysis you prove your point beyond any possible doubt.
What many here dont realize doing a MC analysis at the peak point took be to make a strategic default. Every company does this whenever net worth is negative.
But me, I get crucified by many "moral" and honorable guys. Its good to know that ET is full of them.
Everything is quiet so far.
I never thought I would follow up on this thread for so long. I hope so people did take a stand for themselves and gave the big banks the middle finger.
By the way. More bailouts are coming on the way. This time the whole system will be reset. Brace for impact gentlemen. BY REAL MONEY BUY GOLD AND SILVER.
I never thought I would follow up on this thread for so long. I hope so people did take a stand for themselves and gave the big banks the middle finger.
By the way. More bailouts are coming on the way. This time the whole system will be reset. Brace for impact gentlemen. BY REAL MONEY BUY GOLD AND SILVER.
Credit cards are a very useful tool if you use them properly. I have three of them with staggered due dates. One is for an emergency. The other two are being used constantly for absolutely everything I can get away with. I almost never use cash now. As I spend on one credit card, I'm paying off the other. My cash is used almost exclusively to pay the credit card bills. As a result, I never pay interest. However, I collect an extra $1000 per year in cash back, not to mention the other benefits mention by a previous poster.
To the original poster: Check your state's statute of limitations for unsecured debt. They likely are no longer able to sue you. In a few years it will drop off your credit report, but again, depending on the laws in your state, you make get chased by collection agencies indefinitely. If you're certain its statute barred, negotiate 25 cents on the dollar, removal from your credit report, and kill that debt in one lump sum. Make sure you get the settlement in writing BEFORE paying and DON'T put anything in writing yourself. Even verbal comments can be considered acknowledgement in your state, restarting the limitation period.
To the original poster: Check your state's statute of limitations for unsecured debt. They likely are no longer able to sue you. In a few years it will drop off your credit report, but again, depending on the laws in your state, you make get chased by collection agencies indefinitely. If you're certain its statute barred, negotiate 25 cents on the dollar, removal from your credit report, and kill that debt in one lump sum. Make sure you get the settlement in writing BEFORE paying and DON'T put anything in writing yourself. Even verbal comments can be considered acknowledgement in your state, restarting the limitation period.
More info - http://www.debtclear.com/debt-relie...aw/statute-of-limitations-on-debt-collection/
Given that most debt is resold over and over, paying $.25 after the SOL has expired is pure lunacy. Start at 1 cent on the dollar and work your way up. Especially if you have nothing to lose. And are able to keep your true location and phone number a secret to avoid continuing harassment...
The collection agencies purchase BE point is typically around $.05-.10. Add a cent or two for operational expenses. The older the debt is, the lower their cost, the lower your initial offer should be.
And all communication should be in writing, including your settlement offers. Never oral.