This page has been archived and commenting is disabled.
Open Thread: This Reader Is Not Making Any Payments On Just Under $100,000 Of Credit Card Bills, Are You?
From the mailbag:
Brief update on my lenders' attempts to collect credit card debt. Stopped making all payments over a year ago.
BANK OF AMERICA $35,000
CHASE BANK $16,000
CITIBANK $30,000
DISCOVER $10,000Chase Bank has been singularly aggressive, in January filing civil suit represented by Zwicker & Assoc. As to the others, collection company mailings and phone calls have mostly ended, leaving the impression that they are following the Chase case. Not at all surprising, but hopefully informative. Perhaps time for another solicitation of related anecdotes?
Update from the reader:
I failed to indicate that this accumulated over 8 years of underemployment, failed business ventures and living expenses. No vacations, no big toys. Clothes are full of holes. Basically a professional trying to sustain temporarily, based upon excellent credit history and 0% offers, a standard of living that I expected to be able to fully afford again and intended to pay down the debt. Never imagined conditions would not turn around but get so much worse. I can understand the angry posts but this is not a case of deadbeat self-indulgence at others expense.
So, dear readers, which is it? Are you all dutifully filing taxes, paying off your bills, sending in your monthly mortgage checks and prefunding Goldman's now-quarterly bonus payments? Or have you maxed out your last remaining credit card to buy Kindles (that's a given) and bars of silver? Let us know.
»
- 21640 reads
- Printer-friendly version
- Send to friend
- advertisements -
Your fight is righteous. When money has been so hideously debased (in moral stature, not relative to other currencies or assets) the whole concept is a joke, and you have to put your faith in currencies of the Soul.
Defiance is a currency. Outrage is a currency. Humour is a currency. Chumba my man you are rich in these, and they have eternal value, unlike the temporal, corrupt frippery of a currency like the 'US dollar'
Thanks, man.
I stand and fight alongside you. FFFFFF the Bankers, Republicans, Democrats and anyone else associated with this corrupt govt. If you are not ready to flush the system and start over, stand aside or you will be under my boot.
Right on!
I stand with you, but what do you see as the endgame? Mad Max world and Bartertown? Ron Paul as our benevolent dictator? Paying our cell phone bills in gold dust?
I would truely like to know your vision of a post electronic/fiat FRN system. Thanks for the lively discussion.
What should it look like? Whatever you want it to. That's why it's called "reset".
Out of chaos will emerge order, but we can't get to the order until there is chaos.
I am Chumbawamba.
Dude do i actually have to use the sarcasm switch? Plez READ the fucking post. I said his fucking brain was Trount.
If NAFTA was the beginning of "get short America" and that trade was legitimized by Clinton and Rep. Gephart and subsequently cost the country $24 trillion in EQUITY...... If FNMA & FRE cost the country $12 trillion in lost equity in the Community Reinvestment Act......
If Banksters got $7 trillion in gambling debts wiped off their books by the taxpayer....
....then why would you get so moral and righteous about some scumbag that walked off on credit card debt in a global credit contraction ?
...excellent bruiser. Especially the part about the Communist Reinvestment Act.
Haplass pussies.One of em said it was chumbas fault that he had to pay higher rates with an 800 score. Fail dumass walker. Ppl with 800 scores dont pay high rates lessen their sum form of fucking retard. I'm thinkn the high rates are tied to jamie's (pronounced "hi-me") 50 million a YEAR bonus?
Those complaining about higher rates should turn their attention 180 degrees around towards the bank extorting them. Then they should look in the mirror and ask themselves why they cower like children and do as they're told when they know they're being screwed.
Mother fuckers, the higher rates are to pay for the next round of bonuses!!
My defaulting had nothing to do with it.
I am Chumbawamba.
"J, Me Diamond."
Like, "J, De (THE) Rock Feller."
Like, "J, P (Patriarch) Morgan".
It is the same damn name!
It means, "Hey Jah, look! I am the Son of the morning. He who turns mercury to gold! I am the rising sun. I do not NEED you."
They DESPISE god. They like to think they are the masters of the universe for real. They play games like children, dressing themselves as He-Man....and barbie-in Giuliani's, W.'s, and Frank's cases.
They make their names up, like rock stars do. "Red Shield", for example, and the Windsor.
The Federal governments of the globe will default, and then so go the currentseas, and then so goes private debt. If they try to make us pay our debt, while they get to charge theirs off the books, we will unite instantly against them. They fear this.
Debt is tied to the doelarr; the doelarr is tied to debt. The snake eats its tale. It is, afterall, Chase's logo!
I'm so mad I could spit.
here's a pis tune spit away lol
Kudos to the featured poster; now THAT'S living the American dream. (of course, we don't know what dire situations prompted him to spend that much and not pay it back, so I'm willing to give him a pass for the moment).
I have only one CC and I use it for virtually all my purchases (PM purchases excepted; wire transfers in those cases). I travel often for my work and the CC is invaluable. House is our only debt and we're 7 years from paying that off (15yr mortgage at 4.5%). We pay cash for late model used cars and we use coupons for grocery shopping and stock up when stuff goes on sale. We put the max into savings and don't spend lavishly on anything.
The poster said that he had been unemployed for 8 yrs (2002 to present). This downturn is not that long and about 18 months ago, unemployeement was around 4%. Therefore, why was he unemployed when we were close to full employment - not wanting less than he was making?, not wanting to move? he got a degree in journalism and racked the debt up, and no starting job will pay more than 20K (When this started about 18 months ago, a journalism major that had gone to a major ivy league and racked up approximately 100K in debt conplaimed that she couldn't get a job paying more than 20K. She agreed that she could have gone to her local mid-west college for a low less in loans, but she wanted a premier degree and the starting jobs in that profession pay very little).
So why didn't he get a job in the last 8 yrs?
Own my house free and clear, both cars were paid for in cash, anything put on a cc is paid in full (who the hell want's to pay 30% interest???), accumulating PM, ammo, guns, food, water and looking for acreage. Self employed after being laid off three years ago. Not quite at John Galt stage but working towards it.
Screw obama. Screw the politicians. Screw GS. Screw the socialist/commie/green/peta/.....you get the idea.
+1000
The Army regulars are going to roll over you like a styrofoam cup.
What they don't crush under their wheels the neighbors will loot.
Stay light. Move fast. The game goes to the swift.
Need to disagree with you. Plan for both, no false dichotomies necessary. Keep some bug out bags packed. Exercise. Be ready to go by foot or car; be ready to stay. Everyone's situation is going to be different, and may well change over time. Don't over invest in any one point of view.
Now, THAT's badass: survivalist portfolio lifestyle management, featuring option value theory. You could have a best seller on your hands.
msc. is very worth considering. read the ferfal post. don't know if it's real. if not it is exceptional fiction. either way worth one's time.
FerFal is a good read. His book is 4/5 stars too. The problem is the focus on urban survival, which, well, is only good if things are bad but supermarkets still have food on the shelves. That will be a logistical impossibility after a US bond default, EMP blast, etc.
Live urban now, have a stash in the boonies to bug out to. Even with the prospect of a long, slow slide, getting ready for it now is the only way to be sure - ideally you have some land there and have trusting relationships with some of the folks in the area - communities with a strong sense of self-sufficiency and self-defense will be the only ones with a chance - eating berries, twigs, and squirrels won't provide enough energy in the daily calorie-deficit game.
I think a hiccup will start a heart attack sometime in the near future.
+ to this thread. MsC, Jim, and double dubs.
I am right there with you. +1
How the hell can you junk this comment?!
Yeah let's not pay our taxes and have auditors knocking down the door. Sure np, sign me up for a free long term stay at the State Pen.
WTF post you reading mang? No mention of taxes? You dont go to a "state pen" for tax evasion anyway... fucking tart.
I chose the nuclear option! kabboooom!
Chapter 7'd about $65k. After losing my job, then getting another with a 35% pay
cut... the bank didn't want to negotiate. So I dumped the house and they came after
me for the second. Dumped the credit card and motorcycle too, but now I'm debt free, pay cash for everything and stress free. Just have to worry about feeding my face and paying rent. I figure I wait till motorcycles drop more, and pick one back up on the cheap. And no, I'm not a deadbeat, I had a perfect credit score, didn't live beyond my means (not even close!), didn't have a big screen tv, new cars and a bunch of junk. I just
refused to work soley to pay my house note.. and be a slave.
That is what they get for looking at a turnip and trying to get blood out of it. Nothing. Good for you. Sounds like there was no choice.
Nope, I was at my wits end. I tried everything. Even the real estate agent was pissed
at them.. she told me she had brought three good offers and the bank refused all of them.
When Interest rates go up to 30%, many Americans intelligently asked why should I work for these assholes ? It's bad enough I have to work 4 months a year to pay the assholes in DC, why would they want to work 7 months a year to pay the assholes in New York that the assholes in DC protect?
Forcibly deleverage their asses. The minute you start being a consumer again, the rest of the world can start to revolve. The Financial sector is sucking the life out of the country and moralistic assholes get up on their soapbox and tell people "how dare you skip payment to the bank that won't lend the company you work for any money who in turn was forced to lay you off? That has nothing to do with it. You should have known better like me . I am perfect."
"I have no flaws except this thing about posting moralistic bullshit anonymously on financial web sites dedicated to finding out how much money the vampire squids have sucked out of the world economy."
Or to put in terms even a idiot who can't help showing off their IQs in public... There is 840 Billion in credit card debt down from 980 billion. If everyone defaulted it would still be less than 5% of the amount the banks will ultimately fuck us out of.
so as the great wise man said before his testicles were tied to his neck "Fuck em. Fuck all of em. Fuck em well. Then live free little grasshopper."
You are doing it the right way.
To add, I think Harley Davidson is THE auto investment of the future. I have been saying it since the crash. Peak oil, mobile ride, baby boom culture will need to get a grip on their senses, but before they do, they will ditch their hummers for one last glorious ride into the sunset. That and the emerging middle classes in the East will love to get on their HOGs and ride.
+1
Great for a Get Out Of Dodge vehicle - you won't get stuck in the freeways-turned-parking-lots once things start to get shifty.
That too! Great point.
I would guess you got off the flouride and your mind cleared. Stay remote and off the screens. and congrats.
No debt of any kind since 2002... House is modest, but paid for. Car is 7 years old, but paid for. No credit card debt. I also own a 13-acre farm that I inherited.
I am a complete sucker. I should have run a savage burn on the system, like my brother-in-law.
But knowing what I know now, I will never take on a penny of debt, ever again. This is the best protest.
I paid my taxes last week. Cap gains on some energy positions I took down last summer when they broke trendline (big mistake). I don't fuck with the IRS. IRS trouble is bad trouble.
I make no judgments about the author. It is not a moral issue; it is a business decision. Debt is a contract; offer, acceptance and consideration are all that comes into it. That contract says: we lent you this money at this rate (which presumably reflected the risks) against this collateral. There is fuck-all in that contract about morality. Any problems are between lender and borrower. Don't come looking into my pocket.
+10
And to add to that, anyone who has any moral compunction about defaulting on credit card debt has never really looked into the credit card industry to see how the sausage is made.
But you're absolutely correct: it's business, bitches.
I am Chumbawamba.
Zero credit card debt and a mortgage that will be paid off November 2011. Dave Ramsey was my inspiration.
Maybe he can get Goldman to create a Credit Default Swap to hide his debt and then he can short it?
Some great stories here.
http://www.loansafe.org/forum/deed-lieu-foreclosure-do-you-need-help-wal...
The banks create money out of thin air and give up nothing of value to create life-long debt slaves. The biggest scam in human history.
Is any one familiar with debt forgiveness using the "Redemption Process" by filing a UCC-1 financing statement and becoming a secured party creditor.
Its a very interesting (CRAZY) theory that I looked into briefly at:
1. www.redemptionservice.com and www.ezremedy4u.com.
Also a lady named Mary Croft has a free book out there titled, "HOW I CLOBBERED EVERY BUREAUCRATIC CASH-CONFISCATORY AGENCY KNOWN TO MAN."
There is alot of stuff out there on this subject but I have always wondered the Validity of it.
Here is one such wacky video: http://www.youtube.com/watch?v=5r-1zQKxJ9s&playnext_from=TL&videos=7a6tog5EqMM
Fap Fap Fap Fap Fap Fap Fap Fap... oops, sorry wrong site.
When the fall is all you have left, it matters a great deal.
Well, i suppose I am not quite as sophisticated or educated as most of the users on this site who have had no debt for years and massive ammo caches to protect their PM's.
I made 20+ percent down payments on rental property, did extensive improvements myself to cut costs and have seen values drop 30% to 40 % and rents drop 30% to 40%.
My income...it's like getting a root canal every day...
Here's my take. If this was a function of a free and transparent market and if I made bad decisions and just had bad timing. Fine. Fuck me for being ignorant.
But if this situation is the result of manipulation, fraud, fiat currency games, regulatory capture or entrenched interests stacking the deck then I think I would have to make a choice on how to proceed.
1. to exit the 'game' quietly
2. to work to improve the game
3. actively seek the destruction of the game or some other form of retribution for the players who've cheated.
I think this thread plays in the whole Fight Club credit bureau destruction theme. Which IMHO is kindof a longshot and is not likely the real solution.
yep starfish 10-4 on that .. every one in a position of no debt .. need to bend on over here .. silver star is now planted on your impressive foreheads..
debt can come for many reasons . out of control debt the same .
so show some understanding , in this matter ,
time , luck and circumstance can play a big part
Hey Ment what's up?
jiggers unmasked lol conspiracies sir
time, luck and circumstance are most of it for most people. heroes are rare. i'm not one.
Best of luck to you starfish. The way I see it, those of us with no debt will not be in any better shape than those with, within a few short years. We are all suckers....
hulk how the heck are you .
looks like your seeing things pretty clear
Doing good. See things too clearly!
Will be leaving for the farm in a few weeks, looking forward to the hard manual labor, its so relaxing, smoothes those bad moods right over, and makes for great sleep
How's it going for you dumpster?
B-complex vitamin supplements daily might help those bad moods......not 1-a-day, but B-50 complex for example. Not harmful, not very expensive, Nature Made makes a good one that works.
I've found much of my emotional distress and/or bad moods, irritability, is nutritionally based and correctable.
try it, you'll like it.......
I'll give em a shot, but hard exercise gets rid of that bad mental stuff pronto...
yeah, exercise is good too but I'm a slug..........
Hard labor is the best, hulk. Agreed 100%. Also gives you an intimate appreciation of the assets you've been blessed with, no matter how little.
b. franklin: an hour's concentrated work does more to kindle joy than a month of gloomy brooding.
Naturemade is bitchmade. Use organic vitamins.
pretty good . bout of seeing a bum doctor but it should be okay,
getting some pretty good sleep . eat regularly .. no complaints there.
sounds good to get some farm time . take care
My wife and I dumped all credit cards over five years ago. I told them to suck it.
If I was deep underwater on my mortgage, or couldn't pay, I would dump it too. In most cases the property is the collateral, just watch out for recourse provisions, and file bk if necessary. No need for you the consumer to be the bagholder.
These are business decisions, it's how the big boys play, and it's time for us to play hardball too. This has nothing to do with honor or integrity, it's just business.
Dump the cards. Dump the mortgages. Don't do business with TBTF. Don't do business in the corrupted markets. Don't vote for incumbents, or vote third party. Don't pay taxes through your paycheck, up your allowances, and make Uncle Sam wait for your dollars. FIGHT BACK.
Just upped the exemptions from 0 to 9 ...
Bravo. +100
+100 to both you and Crab Cake. Glad to hear some people are waking up and smelling the coffee.
Better keep on top of those quarterly estimated tax payments.
FUCK THE IRS.
The only power they have is what you give them.
I am Chumbawamba.
America: Freedom to Fascism - Aaron Russo
http://video.google.com/videoplay?docid=-1656880303867390173#
Mortgage, no CC, Student Loan almost gone, small car payment, quite a bit of savings. I have two cars that are paid for. I am under no delusions, if I lost my job I would stop paying my mortgage and if Wells Fargo made a peep about it I would tell them to suck it. There is no way in hell I would put myself in debt to save the house.
This guy is the bomb.
30k CC
14k student loans
180k mortgage
currently unemployed , wife working, and still on track to pay all but the house off in 3 years. Stocking up a years worth of food and next year should have the garden in and other homesteads to supply meat/eggs.
Just wish I had woken up a couple years earlier than I did, would be done with all this.
Oh, I hope the original poster had a real good reason to run up that much debt, default is not a real option for me , unless I cannot make the payments, I spent the money, I owe the debt.
"I spent the money I owe the debt"
>>>>>..........
LOL, coffee on key board..
GM we spent the money YOU owe the debt
AIG we spent the money YOU owe the debt
Congress we spent the money YOU owe the debt
What am I missing here?? why do I feel like the village idiot?
I love this country where everyone pays the man and the man pays no one.
No shit!
Just raise your debt "limit" every six months, pay the minimum payment (interest only), keep spending like you never have to pay it back. Keep "printing" it as long as people will accept it.
lol: difference between "Big Boys" and "citizens" is the force level.
Good luck with your allowed choice.
Not when enough citizens are demoralized and have nothing to lose...
hack3434...
I would suggest that interesting choices will put some "citizens" into the administrative categories wherein the military tribunal will have no choice left as to their timely care and the methods for payment to be extracted.
They have much to lose. They have infinity to lose.
I can not tell you that as you make debtor (sweet) decisions that the world becomes smaller and as you make creditor (bitter) decisions that the world becomes larger, but that is the math.
Regardless of stature no one has "nothing to lose." Regardless of levels of morale no one should be gulled by the firebrand into charging the barricade.
But these are personal decisions and if you "need" to go then take care.
Clearly you're not from the "I don't give a fuck" generation...heads up...generational wars ARE coming...
Thanks to a healthy dose of Mish and Denninger, saw this crisis brewing around 5 years ago. Zero debt and waiting to capitalize on the big bang. God Himself has more than a few things to say to people who fail to repay debt, so I wouldn't worry about venting anger in this realm
If he has exacted usury Or taken increase -- Shall he then live? He shall not live! If he has done any of these abominations, He shall surely die; His blood shall be upon him. (Ezekiel 18:13)
Is this from the kuran? Ezekiel...Fucking rotflmao
Samuel Jackson quoting Ezekiel 25:17 in Pulp Fiction. Yep, I think it is from the "kuran" - aka the king james bible??
http://www.youtube.com/watch?v=UmvnXKRfdb8&feature=related lol
That is misleading in isolation, the full context of Biblical loans laws below:
"Do not charge your brother interest, whether on money or food or anything else that may earn interest. You may charge a foreigner interest, but not a brother Israelite, so that the LORD your God may bless you in everything you put your hand to in the land you are entering to possess." (Deuteronomy 23:19-20, NIV).
Deuteronomy. Is that the art of sticking things in an anus? I love the jews. They wrote it into their beebill. God gave us this land (sez so right dare see) and you can charge a foreigner interest but not a brother israelite" Gods chosen few buddy.He's probably wishing he'd chose the swedes or poles.
OMG that was good.
What did yer doG tell you about people who fail to pay their debt? Did he send em to a lake of fire? Quote the Holy Buch for us Fucking flat earther. I like the one about women being kept away during their "unclean time".I'll say hello when i see jew at the creation museum.
Douchebag.
not as witty as the bullet. argument from authority is as good as the authority. as the graffito on notre dame during the french revolution put it: "important if true".
Douchinger?
Waiting to "capitalize" like a good vulture, huh?
There is nothing wrong with being both responsible and wise with money (i.e. capitalize). I would feel more like a vulture if I was relying entirely on the government for a sound retirement.
No news here, but I know a family that leveraged up to the hilt for a real estate business and included their home as collateral. The total amount that they owed to the bank was in the area of $2 million. Needless to say the real estate venture failed and it took the bank about a year and a half before they issued any foreclosure notice. When the (not-so-)homeowner received the foreclosure notice, stating that there will be an auction on xyz date, no auction ever occurred and the family remained in the home. It has been 2+ years since any payments were made, and the bank has not taken any significant action. In fact, the bank is still sending the homeowner statements, as if the client is still viewed as a billable client from the eyes of the bank. At the end of the day, the bank is acting like they have $2 Million worth of performing assets when in fact they are now (or eventually) the new owners of less than $1 Mil worth of Real Estate.
As a side note and a thought that is somewhat contradictory to what is said on this site, the family that lived in this household saved as much money as they possibly could so that when they moved out (kicked out) of their home they will have money to pay the future rent. They did not go out and buy a bunch of kindles, iPads or whatever. They saved every dime that they could to ensure that they would not be both homeless and broke.
To comment on the question posed:
5k Credit Cards
17k Student Loans and climbing
Humm while working out tonight somehow the topic of Bank Assets and TBTF came up (on the Telly) as a percent of GDP. I had to laugh when the conversation said that Bank Assets were TOOOO BIGGG a % of GDP. Guess that is when no one questions what Extend and Pretend really means. It is all a question of timing, and that is the hard part.
No credit card debt or car payment. I use a couple credit cards for the rewards and just pay off every month. My properties have notes but are cash flow positive from rental income.
Frankly, I applaud the guy for sticking it to the banks. If I seek out a commercial loan and the banks want my business, they will give me the best rate possible whether this guy pays or not. So phuck them. Moral hazard breeds more moral hazard, jackals eat other jackals, and the crap continues until bad debt overwhelms everything. Nothing new here, this has happended over and over again in history.
The other part of this story is everyone's behaviour moving forward. People should reject debt of all kind, minimize electronic investments, and live within their means. The actions of public officials have pretty much secured a fate worse than otherwise would have happened, and prices will fall back to earth spectacularly after this final blow off. The reason it will happen? Because they are so cocksure positive it won't.
+10
This guy sounds like he's asking for trouble.
Personally, I really don't like the idea of ending up in jail.
Think I'll keep paying my bills and my taxes but keeping my debts low.
There are better (and much safer) forms of protest available.
the guy will not go to jail over credit card debt .
he will seek relief soon. unless a complete loon a tune
seek a 11. negotiate a payoff or a 7 free and clear,
done every day.
corporations do it even if they could pay,
any time a person is extended debt the interest rate usually amortises the risk over the whole book of loans .
the credit card company realizes a profit , spread out over x amount of bad loans .
but i am sure in the american dream to much of this happens as many live over their means , and spend to keep up with mr jones ,
Good boy, stay in line.
Uhhhh, that's no protest, that's called grinning and bearing it, as in you bear down to open up that sphincter muscle and you grin like you're eating shit.
I am Chumbawamba.
Is that what it's like out there?
People carry this much credit card debt?
USA 101:
375 million pussies. 550 million credit cards.
980 billion credit card debt.
30 % have no kk debt. I have to pack bowl, you do the math, I have to pack bowl etc.
just joking
Debt free except to the Bank of England ....waiting for what that Russian guy said...you know.... the coming break up of the US....or the Big One !I do worry our 'debt jubilee' will be nuclear related...yikes!
I know a gal that ran up her credit cards to buy a screen printer...declared bankruptcy....and now makes Ron Paul and End the Fed T-Shirts! My kind of woman!
I cancelled my Sears card when Citi took over. Last week they offered me $10 off any purchase if I applied for a new Sears card. I bought an item that cost $9.99 (got it free) and plan on never using the card again. Sticking it to the man, $10 at a time.
++10
Way to go, Buzz. I was browsing around on Amazon.com one day and found the cheap-ass cordless yard blower the wife wanted. Went to checkout and they offered an Amazon credit card with a $30 sign up credit. Got the blower for $20 net to me (free shipping) and the credit card was authorized in about 2 minutes flat. Got the paperwork in the mail a couple of weeks later with its $25,000 line of credit. 'Bout blew me away. Needless to say I cut up the card, but I can still use it (and do) for the scant purchases on Amazon.com. I used it 3 times last year for piddly purchases and paid off each statement. Chase Card Services is stuck with $25K in an open balance credit card. That eats into their reserves. I love it. I get to screw them without it costing me a cent. What a deal!
hope u checked the terms and conditions, buzz - evry chance you'll end up with a $50 'annual fee' debt...
hope u checked the terms and conditions, buzz - evry chance you'll end up with a $50 'annual fee' debt...
I wish people would leave morality out of all money issues from now on. EVERYTHING involving modern day money should be only controlled by contract law. What is in the mortgage contract? What is in the credit card contract? That is all that matters.
You're ONLY moral obligation is to your family, period. Not some faceless bank, politician, religious nut, etc. End of discussion.
Wonderful, nice to live in a world knowing there are 100's of millions of North Americans living only for themselves. A shame the world has come down to this level.
Rational self interest does wonders for the pocketbook, and for society as a whole. So long as you aren't using violence or fraud (default is not fraud, and credit card contracts are modified after you signature anyways, which annuls any contract you may have signed).
So, you are a Randian. Congratulations.
http://en.wikipedia.org/wiki/Objectivism_%28Ayn_Rand%29#Ethics:_rational...
If everyone actually only lived for themselves, firstly, took care of themselves, the world might be a whole lot better place.
With the sole exception of those who cannot live for themselves, or take care of themselves what is the problem?
How did we get to a place where Johnstown PA residents think it was okay for Murtha to continually take money from every other citizen in the country to keep Johnstownians from having to take take care of themselves, move out, go get a job?
How did Teddy Boyo Kennedy manage for 40 years to take money from every other citizen in the country to provide Massachusetts with a trillion dollars in new highways, buildings, and hi-tech mecca emoluments, depriving every other citizen in every other state of their production?
No, the real problem is wanting and being able to force others to pay for what you want. That's what has brought ruin to this country, not self-interest, honorably pursued.
I think Chumbawamba took all his credit cards and maxed them out buying silver ingots, ammo, army rations, and a few cases of Wild Turkey.
Most others have whipped out the plastic to charge up their NetFlix accounts, buy and iPod, iMac, and a 40 gig memory stick from SNDK. And they eat out every night at Chipoltle. Meanwhile, the wife/girlfriend took her cards to Pottery Barn and charged up a few chairs, sofas, and coffee tables.
None of these people have any intention of paying these cards off, they will just stiff the lenders. By the time the bill collector finds them, they will be gone, probably on a cruise somewhere, or staying in a luxury suite at Marriott.
Up $1.50 after hours:
Up $6.50 after hours
Up $2.60 after hours:
New 52-week high:
Netflix instant queue. dumped the satelite.10 bucks a month and all the Ken Burns documentaries you can watch!
Every time I look at these charts and others like them (and then check Greek spreads) I see 'blow off top'.
Every time I look at these charts and others like them (and read about dudes skipping on mortgages/CC's and blow the payments up their noses instead of squirreling the funds away for the inevitable rainy day) I see 'blow off top'.
Every time I look at these charts and others like them (and read about Chrysler making money because they are selling a new - and larger, more gas guzzling pickup truck and then look @ oil futures/dollar and dollar/euro) I see 'blow off top'.
Every time I look at these charts and others like them (and see the Fed trying to amass some monetary- strategic reserves so as to be able to deal with 'Liquidity Crisis 2.0') I see 'blow off top'.
What am I missing?
Patience.
The fat lady hitting the high note & the curtains coming down.
On topic:
240k house, 30 years @ 5%, paid 3-5% down & make double the prinicple payment in extra every month.
5k 4% loan on 401k for turning the garden into an orchard.
1k business CC - 0 balance / paid every month.
1.5k CC to smoth out house project payments.
5k credit line @ 10% 'incase?'
a few months of savings, probably this is our weekest area.
6 months -> 1year of food stored safely.
Guns & Bullets.
Pay taxes ( 0 owed to / from)
Guess I'm a tool.
If you have credit card debt and cannot pay the increased interest rate, call the banks up and tell them that you are broke and can only pay principle for the next 24 months. If they decide to not agree, default and wait for the collection agency. Tell them what you told the bank. If they say no, wait for the attorney, then tell him. And so it will be.
Insert in timeline within 30 days (certified mail!!) of receiving collections letter and before attorney: "Debt Validation letter"
Looks like most folks here actually pay their debt and manage their finances wisely (there is some hope at least with the ZH crowd).
The large and prudent middle class crowd is getting sick of bailing out the deadbeats on both ends (those strategicially defaulting then going on a Carnival Cruise to get wasted) and the other crowd, the loveable banking elite who are once again flying on their planes to Bali to joke about what a big group of suckers we have in the U.S.
The fact that virtually every state is nearly bankrupt and we have an 80 percent stock market rally with 16.9 percent underemployment is a stunner to behold. But when you stop making your mortgage payment, frees up a lot of money to spend on other goodies.
[Looks like most folks here actually pay their debt and manage their finances]
Most of the commenters perhaps. Lots of piety on display.
All that piety and financial perfection is going to matter for a bucket of dingo kidneys once the system against which we think we are prevailing has burnt to the ground.
And then I'm not really sure what matters. Robust community? Good luck? Balls of steel?
I think though that the race will go to the swift. And piety be damned.
Yep, all for nought when the equation fucks us...
Yep.
I'm short civilization. At least for the next 20 years or so.
I'm hedged with gold, guns and garden.
I am Chumbawamba.
+8
Is any one familiar with debt forgiveness using the "Redemption Process" by filing a UCC-1 financing statement and becoming a secured party creditor.
Its a very interesting (CRAZY) theory that I looked into briefly at:
1. www.redemptionservice.com and www.ezremedy4u.com.
Also a lady named Mary Croft has a free book out there titled, "HOW I CLOBBERED EVERY BUREAUCRATIC CASH-CONFISCATORY AGENCY KNOWN TO MAN."
There is alot of stuff out there on this subject but I have always wondered the Validity of it.
Here is one such wacky video: http://www.youtube.com/watch?v=5r-1zQKxJ9s&playnext_from=TL&videos=7a6tog5EqMM
Prithee, could you please change your avatar? You don't have to, I know, but it would be nice if you did.
Fear the vaginal area. They got razor blades in that mutha.
I've been watching her too...if she doesn't turn over soon she'll get a nasty burn
hmmm, maybe I should get a cock avatar...
nahhh
When I first saw it, I thought I should take a pic of my next used tampon, but that would unfairly gross out all the polite men on this site.
Yes, the cunt-shot offends me -- yes, I will be a grown-up and not retailiate.
Who told you a poto of a used tampon would offend anyone at this site"? Pictures of aborted "choices" offends me. Especially trailing a plane @500 feet over my picnic. enserio skeptic plez hook a nigger up with that bomb pic.
When surfs fight back.
Smurfs?
That's what I call, backing the blue.
i surf and i'm not fighting anybody
Serfs can't afford to take to the beach. Too much work to do for the Sovereign.
Be nice to surfs and they won't fight you.
does your smurf itch?
when you smurferbate?
if not you wana smurf me?
http://www.hulu.com/watch/1423/saturday-night-live-tv-funhouse-the-smurf...
it will make you L
the tipster should go to jail. Dummy. You gotta pay your debt. It's called responsiblity, of which our country is losing sadly.
So like, it's responsible public policy to have debtors jails? Great idea - you would be brilliant as an executive at a TBTF.
Debtor prison is soooooo 1820
building up debt then telling the banks to piss off is crap. I had my BAC card ~3k at the time jump to 25% from 12%. I'd never missed a payment and all that, called 'em up. Said I'll give you 12% or F-off. They backed off. took their 12% and we're happy. Paid that crap off.only debt now is house. Locked in 30yr at 5.25% in the pre-bubble.
I hope you lose your job?
You would have to lock up the entire Federal government, which might not be such a bad idea.
Too bad the guy in the post can't raise his debt limits, he could keep spending and making minimum payments forever just like our government does. Then when he dies it all just disappears.
Debt is a contract.
There is no moral obligation to repay a bank or to deliver on a contract. We have contract law for that.
You have a moral obligation to repay your friends and individuals who lend you money, but they would not do so with usury.
Everything changed a year ago. I had excellent credit and no debt.
Then I woke up.
Now I'm doing what I wish everyone in my situation would do. I used my credit to purchase gold and silver, all of it. Max'd out my cards with no intent of paying any of it off.
I also closed my savings account with my fractional reserve bank.
Taking loans within our current system is only a bad thing if you pay it back.
The squid have succeeded in making non-violent theft acceptable.
WTF...THEFT?
You people's conception of what debt is is absolutely stunning.
Theft is STEALING, larceny is the unauthorized and intentional carrying off of something that does not belong to you.
Borrowing money with no intention of paying it back is a VOLUNTARY CONTRACTUAL RELATIONSHIP between a debtor and a lender.
Your obligations are spelled out EXPLICITLY in the contract. The onus is on the LENDER to do their OWN due diligence as to the borrower's intent to perform on the contract.
And then:
If only all those people in prison for credit card fraud would have known that great legal item.
http://answers.yahoo.com/question/index?qid=20080219082704AAecMKL
Hard to do. Unless you buy a bunch of gold/silver and survival gear because you think the world as we know it is ending (incriminating enough in of itself), and then you brag about it online, where no post every truely goes away, and can be IP traced back to you.
Congratulations, you just joined Chumbawumba's double loser club.