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credit card debt

Discussion in 'The Okie Corral' started by southernshooter, Feb 13, 2010.

  1. southernshooter

    southernshooter

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    I have been retired for 5 months now. Worked out my timing so all debt was paid off so I could retire. Just saw a guy from work and I knew he had just quit paying his cc bills. I asked him how that has worked out. He said it has been 2 years now, they called and wrote for the first year and a half then they just gave up. He changed his phone # to a different cell # and they couldn't get in touch with him. $15,000 of unsecured debt and he didn't pay a nickel of it. I worked and sacrificed, sold stuff to pay mine off.
     
  2. Littlescroll

    Littlescroll NRA Member

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    It seems to me that his debt will come back to bite him. It might not be for a little while, but they will come to collect at some point. I suppose if he decides to go live in a shack in the woods with no electricity, there wouldn't be much they can do. I hope he has the cash to buy everything he'll ever need in the future.
     

  3. yrone

    yrone re - member

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    Boy would I love to just walk away. Unfortunately I have things called personal accountability and morals and I signed an agreement to pay so I shall. Almost done with mine and a lesson well learned. People keep it up and it will be like debt is just something that you can shrug off whenever you want. Kind of contributes to the whole entitlement mentality doesnt it??? :steamed:
     
  4. Daps

    Daps Always Vigilant

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    Does he own a home or any assets? I guess he figures his share was paid in the bailout. They could still sue him and put a lien on his assets.

    Some people are like that. Don't spend your time worrying about the next man's wrong doings they'll eventually catch up with him one way or another

    edit to add.
    I doubt they would give up on $15k so they'll come looking for him or they could 1099 then he'll have to claim it on his taxes and if he doesn't then Uncle Sam is someone he's not going to want to ignore
     
  5. Glock Enthusiast

    Glock Enthusiast Banned

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    Find comfort in knowing you are a responsible man and he is a criminal con-artist. I am a young guy and have pissed off many friends when they are bragging about all the new clothes and gadgets they bought. In subtle ways I make them realize that they do not own them and if I wanted them I could buy it in cash because I do not have the kind of minimum payments to make on thousands of dollars in credit card debt at 20+ percent.
     
  6. pac201

    pac201

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    he must not have a mirror...
     
  7. HKSmith

    HKSmith

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    You did the right thing both ethically and legally. The other guy has totally trashed his credit rating and has to live with the fact that he defaulted on debts that he incurred by choice - maybe it doesn't bother him, but I wouldn't be able to sleep well having done that and obviously you wouldn't have either.

    You should be proud of the fact that you sacrificed to retire without debt or the possibility that someone would be hounding you for money that you legitimately owed.
     
  8. jhall

    jhall

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    Our home that we bought in '07 has a kick *** detached brick garage. It's 3 car/2 levels/ like 1300 Sq Ft. In speaking with our neighbors he said the original owner built the garage and put it all on credit cards and never paid a dime back. lol. Claimed bankruptcy or chapter 7 or something.

    With our tax return this year we will be CC debt free. Sweeeeeeeett!
     
  9. coq

    coq Raging Member

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    I don't think I could ever do it, but it sure crossed my mind...15,000 on an 8% card and the CC company tells me it's now going to be 13% and thanks for being a good customer and never being late on a payment. The banks have lost their conscience so whatever they get...thats what they get.
     
  10. ShamGlock

    ShamGlock

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    It will come back to get him. He might have round one with the credit card companies but they will factor that debt out to scavenger debt collection companies that specialize in this area. They will make his life hell and he will have to go totally underground and live like a pauper for the next 6-7 years depending on the state and when the actual write off date on the debt was.

    People with no integrity only skate by for so long. Don't let it get to you.
     
  11. DRZ

    DRZ

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    Ditto.
     
    Last edited: Aug 1, 2010
  12. UneasyRider

    UneasyRider C.D.B.

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    I see peoples credit every day and I can tell you that this guy is not alone. Many people just stop paying and many go bankrupt for hundreds of thousands of dollars. Here in Florida you can keep your house even if it costs millions and is paid for (that's how we got OJ). It does come back to haunt them if they need a loan, but a smart guy can put his credit together in just a couple of years. Sounds wrong doesn't it, so did loaning money to people for houses who could not pay it back.
     
  13. markieboy

    markieboy Senior Member

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    There will always be some people who'll run for cover, and there will be those who face the music.
    Happy to hear you're one who acknowledges his debt, and works to pay it off. :thumbsup:
    Hope you're enjoying retirement!
     
  14. F350

    F350

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    Wife got her Ph.D late in life, before we got married, and had school and CC debt; that is why I am in the sandbox as a contractor. We have just finished paying off the last of the credit cards and are starting to build a savings buffer.

    Man it feels great to have everything but the house paid off.
     
  15. Glockdude1

    Glockdude1 Federal Member CLM

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    :agree:

    :supergrin:
     
  16. SheepleNoMore

    SheepleNoMore

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    The Man in the Glass

    When you get what you want in your struggle for self
    And the world makes you king for a day,
    Just go to a mirror and look at yourself,
    And see what THAT man has to say.

    For it isn't your father or mother or wife
    Who judgment upon you must pass;
    The man whose verdict counts most in your life
    Is the one staring back from the glass.

    Some people may think you a straight-shootin' chum
    And call you a wonderful guy,
    But the man in the glass says you're only a bum
    If you can't look him straight in the eye.

    He's the fellow to please, never mind all the rest
    For he's with you clear up to the end,
    And you've passed your most dangerous, difficult test
    If the man in the glass is your friend.

    You may fool the whole world down the pathway of years
    And get pats on the back as you pass,
    But your final reward will be heartaches and tears
    If you've cheated the man in the glass.
     
  17. bocephus549

    bocephus549 Bo Knows.......

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    I don't owe any CC debt but the above seems as immoral as walking away from a debt to me. It should be illegal for a CC company to raise rates on existing debt.
     
  18. adaman04

    adaman04

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    If he doesn't care that he destroyed his credit, go for it. I hear about that stuff all the time "Yeah I had $25k in CC debt, and I settled for $2k. Ummm, cool?
     
  19. Haldor

    Haldor Formerly retired EE.

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    Refuse to accept the increase. They will freeze the card (no more charges on it) and you pay it off according to the previous terms.
     
  20. hasselbach

    hasselbach

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    They can't lien his house or other property, it's unsecured debt. The most the creditor can do is harm his credit report. There is also a statue of limitations of how long they can try to collect. After a few years, the statue runs out, but your friends credit will be harmed for at least 7 years.