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Just looking for input...

I have a few cards that I was using for things like Amazon or whatever so I didn't use my debit card online, and long story short, I made bad decisions and they're now payments that I would rather not have. I am not specifically trying to nigger my way out of consequences of my actions, but I am more tired of being a debt slave to usury.

I own a house (mortgage is active), two cars that are 100% owned, and a dozen cards with only two of them being the subject of this post.

What would the potential fall out be, if I cut them up and walked away? I get the bad credit score - that game fucking sucks anyways and I am tired of playing it.. So then what? I have to pay for things in cash from now on? Any emergency money that I potentially would need at an immediate time that would be a loan that would what, be a higher APR or need collateral or something?

So I can scrape for 5 years and pay them off, Dave Ramsey style, or walk away and not have great credit for 7-10 years? Also, if some world war starts, who needs credit cards anyways?

Just looking for input... I have a few cards that I was using for things like Amazon or whatever so I didn't use my debit card online, and long story short, I made bad decisions and they're now payments that I would rather not have. I am not specifically trying to nigger my way out of consequences of my actions, but I am more tired of being a debt slave to usury. I own a house (mortgage is active), two cars that are 100% owned, and a dozen cards with only two of them being the subject of this post. What would the potential fall out be, if I cut them up and walked away? I get the bad credit score - that game fucking sucks anyways and I am tired of playing it.. So then what? I have to pay for things in cash from now on? Any emergency money that I potentially would need at an immediate time that would be a loan that would what, be a higher APR or need collateral or something? So I can scrape for 5 years and pay them off, Dave Ramsey style, or walk away and not have great credit for 7-10 years? Also, if some world war starts, who needs credit cards anyways?

(post is archived)

[–] [deleted] • 5 pts

You gotta learn to take advantage of short term opportunities when they come along. I bought 4k bitcoin on it's crash in January that's worth 5k now. I also have short term hustles i do when i'm strapped for cash like antiques refinishing and selling. I buy old shit cheap, make it look new, take it to the consignment shop and profit.

[–] [deleted] • 3 pts

Credit balance gets sent to collections, collection agency will "settle" the amount. Once the debt is settled, removed from credit report assuming some kind of agreement is met. That's right, in jew land, paying 25$ for a 100$ of credit is somehow a thing ... Also just because you settle, doesn't mean you can't get credit. Look up NINJA loans that led to the 08 meltdown to see just how fucked US finance laws can get

[–] • 4 pts

Just make sure to get it all in writing from the debt collector if you go this route.

[–] • 1 pt

Debt collectors won't do this any more. There's a word for it. And I've asked. They don't do it. They'll lie to you, though.

[–] • 0 pt

You mean settle? I know some that have settled with them recently, it may depend on who you are asking.

[–] • 0 pt (edited )

I deal with idiots who take out payday loans and high interest credit cards all day, and it's not the collector's fault you took out a jew loan that increases to 700% interest when you miss a payment.

If you want to SIF the balance or set up a PPA I have to send you docs about the arrangement. You have to sign these! If you don't sign these we can't send you a PIF or SIF notice! It's up to you to send these docs to the credit bureaus.

[–] • 3 pts

a dozen cards

Dude....

[–] • 0 pt

Not all have any balance, in fact, all but two are zeroed out. The reason was the bastard FICO score based of 'number of accounts' open.

[–] • 2 pts

Pay it off deadbeat

[–] [deleted] • 2 pts

Get rid of all those fucking cards and pay your debt off. Stop buying shit stop eating fast food and get rid of whatever billable shit you don't need like streaming services and all those fucking food delivery services.

Aint no war starting soon so that dog don't hunt. You ruin your credit- especially now with the push to social credit scores and digital everything, you'll struggle to make up for the next twenty years. Don't do it.

Living poor doesn't exist anymore. Even mobile homes are starting 150k with lot rents also 1k+/month. Don't put yourself behind the eight ball just because.

[–] • 2 pts

Lol, what is a credit card? I've heard people still use those things. Never had one. I just do without until I have the cash or trade. When you use cash, you might often decide you really didn't need whatever it is and walk away. I'm not rich by any means but I owe nothing to anyone. Just a thought.

[–] • 2 pts

Agree with you buddy. Credit cards are bad news. Get rid. Loan is fine for big items, like mortgage, business, house improvement or reasonable car. But credit for day to day shit is such a bad habit to get into.

[–] • 3 pts

I see people constantly telling kids to build credit for the future blah,blah. I always thought they should teach them to do without junk and save for the perfect opportunity.

[–] • 2 pts

Buying new cars is another waste of money. Get someone reliable, 8-10 years old and checked out by a mechanic. Someone already lost 90% of the new car price on it. I know people who rent a house but have 2 new cars. Clownworld.

[–] • 1 pt

I got cards years ago to get a credit score and reap the rewards from them. I've never paid any interest because I pay them off every month. I've earned thousands in rewards.

[–] • 1 pt

This is the part some people seem to struggle with. You just use the card for the benefits, you never ever carry a balance on a credit card month to month.

You maintain an interest-free grace period on all your purchases so long as you always pay the full amount by the due date. I even queue up the payment in advance for 1 day before it's due.

If you're going to live in clown world you might as well use your credit instruments correctly so you don't get kiked.

[–] • 2 pts

They'll just garnish your wages.

[–] • 0 pt

If a debt collector says they're going to garnish your wages you can sue them. If this happens ask who their client is and request a copy of the call. All calls have to be recorded under FDCPA

[–] • 0 pt

What good would that do?

[–] • 0 pt

Under FDCPA you can't threaten to "garnish wages.", "sue you", "out of court settlement", "take you to court" or any variation. These are magic words that will always get you sued if the person you're talking to knows what they're doing.

All calls have to be recorded and the individual agency has to give you a copy of the call if you ask for it.

[–] • 2 pts

I did this when I was poor. There is nothing morally wrong, banks steal their money through inflation.

When you don't pay the bank has two options: sue you for the money, or send it to collections.

If you are poor you won't be sued. You aren't poor, so you will probably be sued. In that case you'll probably have to pay up.

Since I was poor they sent my cards to collections. People try to contact you for years. They will contact other people, which will hurt your reputation. There are rules that the debt collectors have to follow, and sometimes they break them. You can then sue them and get a small payout.

Each state has a clock, almost all are 6 or 7 years. After that time, you can no longer be sued for the debt. At that point, you will almost never be contacted regarding the debt again. However, if at any point you acknowledge that you owe the debt, the clock restarts.

Your credit will be harmed for 7 years.

If part of your debt is forgiven, the government treats that amount as income. So let's say that you own $10,000 and the debt collector says that he will accept $1000 to settle the debt. You send him $1000, but now you have to report $9000 in income for the year. However, if you simply don't pay, it is never forgiven, and thus never counts as income.

[–] • 0 pt

I did this when I was poor. There is nothing morally wrong, banks steal their money through inflation.

I agree. The only reason to not walk away from debt is if it harms your own integrity and work ethic. You don't want to make yourself into a person constantly looking for free gibs everywhere because you can't control your spending.

[–] • 2 pts

You'll get your credit score tanked and they'll send them to collections. For seven years if you don't interact with the debt collectors EVER, it will fall off your credit report and no longer be counted. You likely won't be able get any kind of loan at all during this time, but afterwards you'll just need to build your credit back up.

At least this is what a guy at work told me he did.

[–] • 2 pts

Can confirm on the 7 years thing - I had a car loan I took out when I had turned 20 and bought a car that was above my pay scale. Ended up defaulting in the loan, they repo'd the car, and it fell off after about 7 years. I was still able to get credit cards in order to rebuild my non-existing credit to get the mortgage.

Now I am just wanting to have the cash-in-hand and walk from the stupidly obtained usury game.

[–] • 1 pt (edited )

Are you willing to get a new phone number? It's 7 years of calls. If not i recommend answering every time they call and saying "who is un1ty? I keep getting calls for this person." Have a fake name ready. Do that every week for 1 year and they sometimes stop calling until the debt is resold. After 7 years you can rebuild your credit. A secured credit card. Never acknowledge the debt or even speak of it to anyone.

[–] • 0 pt

Getting a new phone number doesn't work because collections agencies use a skip tracer called TLO, which uses Transunion's database. One of the best things you can do is buy a burner phone and leave a fake name as your voicemail. When I hear a name that isn't the person I'm looking for, I stop calling it.

[–] • 0 pt

It definitely works to get a new phone number but you can't report your phone number to your banks or any credit application- just your friends. It's easier just to keep your current number and convince the creditors it's not you. A burner phone would not work because they already have your old phone number, so the new phone does nothing. The voicemail thing also works if you leave the generic, non-personalized, default but just answer saying you are somebody else. Even if they don't believe you, it stops them from being able to fact find on you. It's just an awkward show down. "Welp, I'm not that person - so have a nice day."

[–] • 0 pt

We operate on volume. Saying "I'm not John Smith" will get me to remove your number, but another agency might add it again later.

[–] • 1 pt

You can either come to some sort of deal with the collectors or declare bankruptcy. The latter has some consequences depending on your future needs for credit. It is possible to lead the collectors on for some time but 5 years is pushing it if you have a fixed address.

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