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Truth 
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Joined: December 28 2008 Location: San Tropez Status: Offline Points: 231 |
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 Topic: Discussions: I stopped paying my credit cards.Posted: February 17 2009 at 2:50am |
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What should I do with the extra $1100 a month.
Screw them. End game. I win. |
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Posted: February 17 2009 at 4:34am |
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You are not alone. In fact, the average American is paying less into their credit cards than ever before.
http://www.menafn.com/qn_news_story.asp?StoryId={D3CEEB6C-B7B4-47CF-B55B-2422A39E56F4} Read this and it pretty much repeats what is echoing through the credit card industry. The collapse of the credit card industry, with a nation addicted to debt and credit spending, will no doubt accelerate an over all decline in our economy. This drama, as posted by one member, is a blow by blow account which few will find the center of attention as "what goes round comes around." Posted by Card Research Team November 5, 2008 http://www.creditcardindusryresearch.com (the link function does not seem to be working) but you can cut and paste the links in your browser. ) Posted by CARD
Research Team
at November 5, 2008 This quote from one of our industry participants captures the pessimism of our October CARDSurvey. Today, the CARD research team released their October results and the downward trend continued as overall confidence index dropped for a second straight month to 44.6 from 46.7 in September (out of a possible 100). Our firm has been tracking the outlook for the payments industry since August, and in that time the CARD confidence index has fallen a staggering 15%. The precipitous decline in industry confidence was mainly driven by falls in overall industry and customer trends, purchase volume growth and credit quality (See chart below for list of indices). Of these dimensions, purchase volume experienced the steepest index decline, down over 6 points since last month. This was driven mainly by the sentiment that transaction volumes will decrease in the coming months, with particular concern around drop-off in travel related spending. The overall poor outlook is fueled by respondents’ reflections on the reality of a deeper, longer recession and the significant impact it will have on consumer credit card spending. Small business and private label cards are the bright spots as they have yet to feel the impacts of the slow-down, according to our respondents. These insights and more can be found in our October CARDSurvey which also examines the following areas:
About CARDsurvey: CARDsurvey is a
monthly survey of credit card industry sentiment and expectations based on
surveys and conversations with executives working in finance, risk, operations,
marketing and strategy at major credit card issuers and networks. The cut-off
for October’s survey responses was October 31. Medclinician |
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ParanoidMom
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Posted: February 17 2009 at 5:41am |
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If this is true Truth, then you have no honor. You have used someone else's money for your private gain and are now refusing to pay it back. You stole from them. And from your statement, you could care less. There's a huge difference from being unable to pay your bills over choosing to not pay them. If people like you are our future, then we have more problems than could ever be imagined.
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But the souls of the righteous are in the hand of the Lord
Wisdom of Solomon 3:1 |
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Penham
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Posted: February 17 2009 at 5:53am |
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How about being responsible for your actions? Like the above poster stated there is a big difference in being unable to pay your bills and just choosing not to pay your bills because you don't want to.
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LaRo
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Posted: February 17 2009 at 5:55am |
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Well Truth, i'm certainly on your side. If you quit paying, your credit will be shot. Some recommendations, change your bank account and get a debit card from the new bank. Don't ever admit to anyone that the debts you are chucking down the toilet are yours. Every state has a time limit on how long these hang over you, some are 3 years, most are 4. So at the end of that period, they are gone. If you want a quicker time frame, just take out bankruptcy. good luck.
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r we there yet?
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reality check
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Posted: February 17 2009 at 5:57am |
Truth...maybe you need a bailout like the big corps...sign of the times...no biggie Paranoidmom...at least he is being honest , besides who are you to pass judgment ..live and let live. RC
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Graywolf
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Posted: February 17 2009 at 6:19am |
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Big Bankers did it and got away with it! Why not the Lil guy? But two wrongs dont make a right!
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Something wicked these way comes!!
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ParanoidMom
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Posted: February 17 2009 at 6:30am |
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Who am I???? One of the ones who will ultimately end up paying for it.
I'm quite surprised by the responses backing this action. I guess this shows how far we have come from a people who could be trusted on our word.
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But the souls of the righteous are in the hand of the Lord
Wisdom of Solomon 3:1 |
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mazinn
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Posted: February 17 2009 at 6:34am |
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ParanoidMom, kudos to you!!!
To, Reality Check, how bout indulging in what your name states??? He is being honest, you say...OH REALLY. How so? I want to hear YOUR version of honesty.
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reality check
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Posted: February 17 2009 at 7:04am |
It is not my practice to respond to wannabe newbee like yourself.However...Truth just stated the obvious....STICK IT TO THE MAN..or Woman...just like your business leaders are doing...get in the game mazinn...your country is full of Truth...this is your reality check...btw homeschool takes away many taxes to your local gov...your either part of the problem or part of the solution...RC
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roni3470
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Posted: February 17 2009 at 8:33am |
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So all of us out here that did things right are a little mad. For instance, my hubby and I have been living beneath our means for awhile to save up a ton of money, get out of all debt and then buy a bigger house for our boys before they start kindergarten. Well, guess what? We can't sell our house eve bringing 5k to the table...we can't get a house and rent ours out because they want you to have equity in both houses which is impossible in this market. So we are stuck...and we did everything right...it TOTALLY SUCKS...then I hear that all of these others who lived well above their means are getting reduced mortgages....its just not fair....but I would not dare do something unethical in return because I am quite proud of what my hubby and I have done and accomplished....and we are happy, truly happy unlike so many of those that have lived in stress for hte last 4-5 years because they were living above their means. Count your blessings instead of trying to figure out what you can get out of this.....fine it within yourself to be happy even in the face of unfairness....its the only true way to move on and LIVE......good luck!
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NOW is the Season to Know
that Everything you Do is Sacred |
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Truth
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Posted: February 17 2009 at 9:04am |
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Flumom, are you suggesting I'm morally obligated to repay me debts?
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ParanoidMom
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Posted: February 17 2009 at 9:46am |
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Yes Truth. And it's because of people just like you that they were forced to do that. You borrowed money for personal use. Granted, you've been hit with the higher interest rates. So have all of the rest of us.
And yes, you are morally obligated. You signed a contract. I'm surprised you would even question it. Of course those with no honor tend to not understand morals. If you have chosen to simply blow off these companies then you obviously don't even care enough about your own personal responsibility to society. You borrowed it. If you don't intend to pay it back, then you stole it. Stealing is not moral, honorable or legal.
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But the souls of the righteous are in the hand of the Lord
Wisdom of Solomon 3:1 |
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SusanT
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Posted: February 17 2009 at 12:13pm |
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Truth, Have you tried maybe negotiating with your credit card companies for an equitable resolution you can deal with, or are you in a situation where you can afford to pay, just refuse to?
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SusanT
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Posted: February 17 2009 at 12:19pm |
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Okay, I re-read your original post, and I realize you are just saying FU to establishment... What to do with the money?... IMHO, give it all to homeless shelters, food pantries and other charitable organizations that help the people that have lost their jobs and CAN'T pay their bills or even buy food for their kids.
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endman
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Posted: February 17 2009 at 1:25pm |
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Not paying the credit cards! Maybe he is right,
Who knows what tomorrow will bring, and believe me people like us are not responsible for this economic mess, we just have to pay for it. And he is saying I will not, and I hope millions of people will say the same. I will no be responsible any more for the government debt. The system become so crooked and flawed, that people are saying that it. We have no pensions, no social security, no unemployment benefits, and no jobs. Everything was sold and swindled and nobody know where the money is. |
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DANNYKELLEY
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Posted: February 17 2009 at 2:50pm |
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Truth ,the way they are ripping people off maybe we all should stop and rip them off for a change.
 I with you!!!!!
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WHAT TO DO????
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abcdefg
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Posted: February 17 2009 at 3:05pm |
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I am wondering if Truth is pulling our leg to show the unfairness that the people face vs the bankers and auto makers etc.
The truth is, you can negotiate with your creditors if you can not pay the amount due. They will change the payment amount and the interest.
If you do nothing they will find you, and then they will take you to court and put a judgment on you, or garnish your wages if you live in a state that allows that. Which means that the payment will be automatically taken out of your check by court order. Then after you pay them all off anyhow, your credit will be ruined, you better have cash for everything, including homes and cars.
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LaRo
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Posted: February 17 2009 at 4:03pm |
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Just to put your statement to the test, call one of your credit card companies and see how well you do renegotiating a new interest amount and lower payment. You will get no where. They don't have any reason to give you anything. Banksters are heartless and cold. Pay up or they will send the big bad boogie man after you.
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r we there yet?
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Hotair
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Posted: February 17 2009 at 4:24pm |
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Should we start calling them Pinkertons again????
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MelodyAtHome
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Posted: February 17 2009 at 4:59pm |
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I don't have the answer to what is right or wrong but it does seem the folks who "play by the rules" are the ones who get dumped on.
Folks work 30 years...just so they can get their pensions, live off 401 k, try paying off their house then they get laid off, the big guys lost all their retirement money while flying off with their golden parachutes.
I can understand both sides of this debate. It's a difficult situation.
Melody
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Melody
Emergency Preparedness 911 http://emergencypreparedness911.blogspot.com/ |
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Truth
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Posted: February 18 2009 at 9:23am |
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Truth
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Posted: February 18 2009 at 9:24am |
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Seriously though Dan, youre right.
The funny thing is that if you screw up your credit score, then you just need to start paying for things with cash, and saving for big tickit items ... like you should in the first place. |
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Dr.Who
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Posted: February 18 2009 at 4:10pm |
Assuming that you were making the minimum payment before you decided to just quit. And knowing that the minimum payment is between 2 and 4% of the total... You owe a lot of money. Do you think that they are going to make it easy for you to just walk away? They will have the power of the courts on their side. Even with generous laws protecting people from creditors you will be fighting an uphill battle. Chances are you will lose one way or another. |
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coyote
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Posted: February 19 2009 at 3:48am |
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Truth,you may end up in a "FEMA" work camp with a ball and chain attached to your leg.
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Long time lurker since day one to Member.
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Truth
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Posted: February 19 2009 at 6:02am |
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Susan, in effect I did just stop paying them. it was a big, thoroughly researched decision though.
In a couple of months I should start receiving offers to settle ... |
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Truth
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Posted: February 19 2009 at 6:03am |
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Laro,
funny, I just got off the phone with Bank of America which is odd because the account is not even 20 days past due. they offered to lower my interest from 28% to 9%, taking my min. monthly payment from $90 to $40! I called them in Dec. looking for a lower interest rate and they said no way ... I even demanded a manager. he told me I had to call back in six months, but he did wave the late fee ($39 saved). so far so good. I asked for the offer in writing so they are sending it and I told them I would not give them any money over the phone and they were fine with that. |
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BoJingles2
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Posted: February 19 2009 at 6:05am |
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Good for you Truth! Obama has now shown that if you are not fisically responsible then you will be rewarded. So im sure in time there will be a bailout of the credit card industry and will be subsidized with money.
Im refering to the new obama package that will give $1000 to the bank for each refinance of a troubled loan and then $1000 to the borrow each year for three years if they pay the morgage on time.
So what about me! I obtained a fixed interest several years ago and have been paying a higher rate then those people that had an Variable Rate loan. So i have not only been paying more then them, I now am being punished for being responsible. This redistribution of wealth is really pisssing me offf.
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Dr.Who
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Posted: February 19 2009 at 6:19am |
WE are more responsible than we would like to think. It was us who gave congress the power to mess this up. It was us who did not speak out as it was happening and still is. It was us who played along and maxed out our collective credit cards. It was us who had the best health care system in history and complained. It was us who ignored the trampling of the constitution. etc. |
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Albert
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Posted: February 19 2009 at 7:18am |
Truth, BofA did the exact same thing to me. I was just one day late on a zero interest promotional credit card, and they took my interest rate up to 27%. So I got on the phone and started working my way up the management ladder until I found someone with enough common sense to see how ridiculously unfair that was. After going through three supervisors, they finally reduced my rate down to 13%, which is still the highest interest rate I have.
truth, trust me on this, but you need to protect your credit rating at all times. If the accounts chargeoff, or if you go BK, it will take a very long time to repair your credit. A Bk will stay on your credit for 10 years, and a delinquent account will be on there for only 7. Filing BK is a bad move. You should know what your state statutes are with regard to a creditor taking legal action against you, which could force you into BK, although creditors rarely sue. For example, in California, the "statute of limitations" is only 4 years, so if a creditor doesn't take legal action against you within 4 years, they can never take it, and you're free in clear. In another 3 years after that, the bad marks will fall off your credit altogether. Although, seven years without credit is along time. Maintaining a good credit rating is very important.
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Albert
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Posted: February 19 2009 at 8:04am |
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I apologize truth, I just noticed the part where you said that you're doing this to get a "settlement" on your accounts. It is true within 30 days of going delinquent you will get a 25% reduction if you do a lump sum payoff. I doubt they will go lower than that, but if it doesn't effect your overall credit rating, it could be a decent (risky) plan - if you have the lump sum cash to do it.
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MelodyAtHome
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Posted: February 19 2009 at 8:20am |
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about 20+ years ago after I was in debt from credit cards that I got at college...they were giving away pizza and I was hungry:O) anyway...I couldn't keep up so they did a payment plan so I can pay it off which I did but it was still on my credit for 7 years from the date of when I finished paying them off.
Melody
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Melody
Emergency Preparedness 911 http://emergencypreparedness911.blogspot.com/ |
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sjf53
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Posted: February 19 2009 at 9:02am |
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Evergreen
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Posted: February 19 2009 at 4:25pm |
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If you "settle", your account is NOT cleared, it shows on your credit report as a negative for 7 years. I have to agree that to simply "choose" not to pay does 2 things: you have obviscated your responsibility and you have just made it harder for the rest of us who will have to pay for your avoidance. Wrong thing to do, especially if you want to save your credit rating. The Masonic way is to pay for work/credit as soon as it is performed. If you can't pay all immediately, then payments are in order. In no circumstances can you refuse to honor your obligations. It simply reflects poorly on you. D
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235365 - Energy follows thought. As you think, so you are.
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LaRo
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Posted: February 19 2009 at 4:54pm |
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Zimbabwe is setting with hyper inflation right now. It's gotten so bad, merchants won't take their money, created by their central bank.
Most newsletters that I read are preaching the same thing, get out of debt, stock up on food and prepare for the worst. Now you have quit paying your credit cards, I think of that as getting out of debt, since they are unsecured. Of course, you're letting the people who created the economic mess, that we are in, holding the bag, to bad. Someone else may view this as being a bad person, however if we get hyper inflation like Zimbabwe, perhaps in the not to distant future you'll be able to send the banksters the money you owe using highly inflated dollars. Of course they may not appreciate getting money that is worth less then it is today, but that's part of the world we live in. If the government really wants to end this downturn and turn the economy around, all they would have to do is pay off everyone's debt, including their house and give a bonus to the people who don't have a mortgage or any other debt. I doubt it will cost anymore then TARP and the $800 billion dollar give away program. This is taking into consideration the other trillions of dollars we aren't made aware of, like what the fed is doing under the table. |
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r we there yet?
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Elver
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Posted: February 19 2009 at 5:30pm |
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Gee, O'Bam Bam is going to put gas in my car & help me pay my mortage. Why wouldn't he pay off my credit card too? In the credit card world a 'dead beat' is someone who pays off his credit card every month so credit card companies don't get the interest payments. I wonder what they call the people who choose not to pay their debts? Fine upstanding citizens? Our world is upside down at the moment because it pays to be a crook.
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LaRo
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Posted: February 19 2009 at 7:21pm |
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Not paying your credit card might be considered being a crock, or it might be considered a smart business decision. A crock would be someone who took a golden parachute worth 500 million dollars or so, in that area, when they lost their job. A smart business decision, by your average person, who was in the same position, loosing their job, would be to stop paying their credit cards.
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r we there yet?
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Elver
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Posted: February 19 2009 at 9:20pm |
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How can not paying your credit cards be a smart business decision? Any decision to not pay what is owed is theft. PERIOD!
Anyone who stopped paying their credit card is a crook as they shouldn't have such a high balance in the first place! Anyone who charges more than they can pay off in the month, in my opinion, is stupid. If you can't pay for it the same month you charged it, then how on earth do you expect to pay for it later with horrific interest!
If you can't pay for something the month you charge it, then you plan on stealing, by not paying for it later.
Almost everyone charges for the convenience and because they have to have what they want when they want it whether they can afford it or not. Spending no more than what you can afford is 2nd GRADE MATH!
Most people could, if they wanted to;
Cancel the cell phones, which are a luxury, not a necessity.
Cancel cable TV or premium cable TV, another luxury, not a necessity.
Cancel internet service.
Quit getting your nails done for $25.00 & do them yourself.
Don't buy a house you clearly can't afford.
Don't rent an apartment that you can't afford.
Quit eating lunch & dinner out 4 or 5 times a week. (Taking your lunch to work can save you almost a $1,000 a year!)
Don't buy that big flat screen TV and make do with the old fashioned TV you currently have!
Quit buying things to make yourself feel good & learn to do with less.
People who get themselves in ridiculous debt and then plan on not paying their debts whether it be credit cards, school loans, or whatever just make me SICK!
Those people are dishonest & have helped to create this ridiculous problem that we're in.
I'm sure there are some real hardship cases out there where people must charge food or medical bills, but I feel that most of those people could cut back on spending and manage their money better. These are the hardship exceptions, but most people aren't in this category yet.
It's just too bad that most people wouldn't live within their means and saved a little, because those are the people who will become so desperate that they will stop at nothing to get what you have. Those are the people who will kidnap your son or daughter and demand a ransom. Those are the people who will break into your house to steal what you have. Those are the people who will carjack you. Those are the people who will steal that necklace off your neck. Those are the people who will grab your purse as you walk out of the grocery store. Those are the people who break into your car & lie and wait for you & stick a gun to your head for money.
Are you going to be one of those people because you didn't live within your means & saved when you had the chance? READ THIS!
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Truth
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Posted: February 20 2009 at 6:32am |
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Elver,
if the credit card is issued by a non-bank entity, I think the debt is owed, because the issuer is forced to use the paper money issued by the Federal Reserve, so it is owed the money that it loans to customers. Non-banks (such as retailers) aren't allowed to create credit out of "thin air." If the credit card is issued by a bank, the funds that they loaned you were created in violation of the U.S. Constitution. Congress doesn't have the authority to issue bills of credit (paper money), or to give such authority to private bankers (the 12 Federal Reserve Banks and their respective member banks). |
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LaRo
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Posted: February 20 2009 at 7:29am |
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The consumer didn't create the problem. It was created by the banksters. Lincoln didn't want any part of a central bank. Jefferson warned the country about having them in our banking system. The constitution is against Fiat money. So who are the crooks?
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r we there yet?
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Dr.Who
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Posted: February 20 2009 at 3:50pm |
It is a little simplistic to blame just the bankers. The economy is a dynamic system with every part playing a role. I doubt there is hardly anybody who did not do something to contribute to this mess. While I suspect that banks played a larger role than individuals I have no doubt that government played an even larger role than the banks. |
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Posted: February 20 2009 at 4:51pm |
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Elver excellent list for cutting costs. I put the tightwad gazette on Net Trekers. That lady was able to build a small empire off her frugality. Very extreme, but interesting. I will be putting a low cost cell phone on there soon.
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MelodyAtHome
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Joined: May 16 2006 Location: United States Status: Offline Points: 2018 |
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Posted: February 20 2009 at 4:53pm |
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Mary08,
I must have missed something. Tell me where you will post about this lady and the cell phone. I'd love to know. Thanks:O)
Melody
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Melody
Emergency Preparedness 911 http://emergencypreparedness911.blogspot.com/ |
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hero
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Joined: December 17 2008 Location: tenn Status: Offline Points: 10 |
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Posted: February 21 2009 at 1:06pm |
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Truth, The companies will come after you. You will have to file bank rup. Even then, the laws have changed. Your credit will be ruined. You reap what you sow. |
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Elver
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Posted: February 21 2009 at 4:29pm |
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I am so sick of people ducking from their financial responsibilities & then blaming the banks or others'.
I hear the stupid decisions that my co-workers make all day long. One co-worker had to finance her $800.00 dental bill all last year then in December she and her husband splurged & spent $1500.00 on a flat screen TV. Then he lost his job a few weeks ago. DUH!
Another co-worker said that her credit card company would cut her interst from >20% to 8% in order to get her balance paid off. The only catch was that she couldn't charge anything more to her credit card. This brain surgeon (being facetious) told me that she didn't think she could do this. DUH!
Another co-worker told me a few years back that she didn't think she had enough money to buy her kids Christmas presents. I told her that she had no business spending $6.00 to $8.00 eating lunch out every single day. DUH!
Another co-worker justs bought a new house & new car knowing that our economy was at grave risk. I wonder how he thinks his job is that secure? DUH!
I constantly overhear another co-worker talk about how she never has money for anything, but then she shows up with new shoes every single month. When I asked how she can afford new shoes all the time, she says she can't, but she just has to have them. DUH!
Yes, every single day I can hear my co-workers making stupid monetary decisions which they know fully well they can't easily pay for only because they have to have what they want when they want it. Unless people change their selfish thinking, they will never have a pot to piss in or a window to throw it out of.
Suze Orman said "pay now or pay later". I think she should have said 'spend what you want now because the government will pay for it later using everybody else's money'.
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