Woman Upsets Barefoot Investor by Never Paying Credit Card Debt?

bargain huntress on 05/04/2023 - 13:46

So in his latest email newsletter he goes off on this lady, it was even reported in the daily mail. https://www.dailymail.co.uk/news/article-11939679/Barefoot-i…

She reckons she has gotten away with not paying $50000 in credit card debt.

Thanks For NOTHING, Barefoot
Hi Scott,
Some years ago I wrote to you asking for advice as we were heavily in debt and finding it a bit overwhelming. Now my husband and I are debt free, our credit score is excellent, we have money in the bank, and we’re paying off a mortgage. How did we do it? Not by listening to your advice, which was to get two jobs each and slug it out paying thousands in interest and principal to banks to pay off our huge credit card debt.
No, instead we simply stopped paying the credit cards back. The amount we owed was $30,000, which increased to $50,000 with interest. Yet I learnt that, as credit cards are unsecured loans, you don’t actually have to pay them back. So we sat and waited for seven years and, lo and behold, we are no longer in debt, and have excellent credit scores. I would love you to share this with your readers – unlikely, I know! But it’s probably a better tip than working your bum off giving billion-dollar profitable companies money they don’t deserve.
Lisa
Hi Lisa,
I’ve been in the trenches as a financial counsellor and I’ve never seen a lender roll over and not try and recover a $30,000–$50,000 debt (which they have every right to do – because you are legally liable to repay the debt).
Regardless, let’s be clear about what’s going on here:
Someone lent you money in good faith … and you intentionally ripped them off.
You say: “It’s probably a better tip than working your bum off giving billion-dollar profitable companies money they don’t deserve.”
I say: (nothing, my mouth is open, but no words are coming out).
I can’t help but wonder how having this mindset spills over to other areas of your life: like how you fill out your timesheet at work, how you write in financial questions to a newspaper, and what sort of example this sets for your kids.
You may think you’ve got away with this, but you really haven’t.
You went bankrupt seven years ago.

So TBI's respose seemed to be skeptical at first, and then shocked. He wrote more about the ethics of the situation than it's practicalities. And so that's what I don't understand- the practicalities.

Is this a real situation?
Ignoring the morality for a moment - Does this actually work?
Hypothetically if you can live with seven years of debt collectors harassing you, can you spend $30k with no intention of ever paying it, wait it out, and effectively get away with stealing it?
I've read people talk about doing this when they are old and expecting to die relatively soon, but I assumed the lender would take stuff from the estate?

Financial

Comments

            • CrowReally on 05/04/2023 - 14:48
              +1

              @bargain huntress: I'm not here to provide sound byte sized answers in place of a fuller reading on the subject but 1. maybe someone else becomes the director instead 2. phoenixing is mostly illegal for these very reasons

            • djkelly69 on 05/04/2023 - 15:08
              +4

              @bargain huntress: Because they put their brickie mate on as the director at the time the company goes bankrupt.

            • try2bhelpful on 05/04/2023 - 15:19
              +3

              @bargain huntress: Generally the “director” gets someone else to front the company but they are, effectively, still running it.

            • Iwantthebestprice on 05/04/2023 - 21:42
              +3

              @bargain huntress: Have you not watched the Simpsons before!
              Mr Burns basically created pheonoxing and it’s not difficult to pull off at all, happens everyday all over Australia.

              https://youtu.be/Mwpx0UckXys

            • Aureus on 05/04/2023 - 22:55
              +2

              @bargain huntress: Because the company goes bankrupt, not the owner.

            • t-money on 06/04/2023 - 08:58
              +2

              @bargain huntress: the company dissolves and the directors are barred from being director for x years, just get your wife as director!

          • Serapis on 05/04/2023 - 22:22
            +2

            @CrowReally: I also wouldn't be surprised if they lied on some of those forms

        • aboogee on 06/04/2023 - 14:25
          +3

          But she is unlikely to be able to get any loan / credit extended during the 7yrs.
          I dont know about you guys but I dont have that many 7 years to rinse and repeat

        • fusion17 on 06/04/2023 - 19:15
          +2

          Yup. Why pay the home loan. She's already living in it now….

    • 2024 on 06/04/2023 - 08:49
      +1

      By law, after the 6 years, the debt is statute barred and no one can be compelled to pay the debt.

  • cashless on 05/04/2023 - 14:24
    +3

    "Daily Mail UK" = made up story.
    Move onto next thread

    • bargain huntress on 05/04/2023 - 14:29
      +9

      Comes from barefoot investors email newsletter - i have it in my own inbox
      Dailymail just repeating it because they have no investigative reporters

      • KangaDrew on 05/04/2023 - 14:42
        +3

        Yeah I received the same email and had a chuckle over it. You're right though - Maily Dail just regurgitate it into an article to pad their content numbers as it's not even news.

  • GordonD on 05/04/2023 - 14:27
    +1

    Its the Daily Mail.

    No-one seriously believes their stories, do they?

    • bargain huntress on 05/04/2023 - 14:29
      +1

      Comes from barefoot investors email newsletter - i have it in my own inbox
      Dailymail just repeating it because they have no investigative reporters

      • GordonD on 05/04/2023 - 14:38
        +11

        Ah, yes, the Daily Mail's other alternative to avoiding the cost of actually practicing journalism. Just nick the story from someone else.

        • bargain huntress on 05/04/2023 - 15:02
          +3

          Its not just them anymore either. Soon all news will be like that episode of south park where the internet goes out and the reporters dont know what to do.

          • Chandler on 06/04/2023 - 13:27
            +1

            @bargain huntress: What do you mean soon?

            Anytime reddit goes down US journalists go home for the day…

      • May4th on 06/04/2023 - 00:12
        +3

        Dailymail just repeating it because they have no investigative reporters

        fixed for you

  • mbck on 05/04/2023 - 14:47
    +8

    How much is your life worth?

    Considering it's hard to get credit cards, suppose you manage to get 50k worth of goods and services. Then you go bankrupt.

    Not withstanding the fact that you can't just go bankrupt, there is actually a process of garnishing, and liquidating your things. To normal people these can be traumatic and embarassing, amongst other emotions.

    Then you've a trustee that basically governs your life. But hey if you're planning to be a parasite and suck on welfare, that doesn't matter.

    Then you've got no way in hell of getting any debt in the future (not that you ever deserve one anymore). Buying a house? Not your problem anymore. Heck anything that requires them to do a credit check, they can reject you based on your bankruptcy.

    All of that for…50k? Is that how much you value your life?

    • bargain huntress on 05/04/2023 - 15:01

      Good post!

      I would not cope well with my things being taken.
      This lady could be a minimalist i guess?

      I also wouldnt like having a trustee. Im having Brittany Spears visions.
      If this lady is 7 years past bankruptcy that would be over now though maybe?

      She claims to have a mortgage.

      • Chandler on 06/04/2023 - 13:28
        +4

        If she's a minimalist then how'd she get $50k in debt…

        • bargain huntress on 06/04/2023 - 15:14

          Lol good point. Although i know a couple who are 'minimalists' and quite extreme about it, judge and preach to others a lot, but they actually buy heaps of stuff and spend heaps of money, its just that they also constantly get rid of things.

        • Miss B on 07/04/2023 - 09:56

          They put their tiny house on the credit card.

  • lostgoat on 05/04/2023 - 14:51

    Bankruptcy wipes out CC debt Plain and simple . Op story is no myth .

    • Typical16-bitEnjoyer on 05/04/2023 - 17:24

      Who says they are/were bankrupt? Avoid contact and service of Court docs for 7 years and you're free and clear.

      • markathome on 05/04/2023 - 18:38
        +5

        Pretty sure they just declare you bankrupt in your absence zeggie. I think you may find the better strategy is to actually show up to court.

        IIRC, there was one couple in the US who showed up to ask specifics of the debt owed (not disputing something was owed but disputing the exact amount) and the debt collector had such little information on the debt they withdrew the complaint.

        • Typical16-bitEnjoyer on 05/04/2023 - 19:05
          +1

          They don't. FCA or FCFCOA nearly never make orders without evidence of service or blatant avoiding service.

          US bankruptcy to here is comparing AFL to Football (soccer). Other than involving a ball, albeit completely different, it's not comparable at all.

      • miwahni on 05/04/2023 - 22:40
        +2

        Not as easy as you make it sound. Google Detective Desk, for starters.

  • DingoBilly on 05/04/2023 - 15:12
    +1

    Who cares?

    This is pure trash, you're just reading and spreading gossip articles basically.

  • try2bhelpful on 05/04/2023 - 15:18
    +2

    Some info on bankruptcy on Canstar. It is from 2021 so not sure if it has been over ridden
    https://www.canstar.com.au/home-loans/home-loans-for-dischar…

  • Hearthstone on 05/04/2023 - 15:36
    +1

    Australian financial regulation is very strong that why we don't get US style financial melt down.
    We have Strick laws to govern borrowers to pay back their debt through various mean and not let them walk away with it that easily

    • 2024 on 06/04/2023 - 08:57
      +1

      Until 6 years is up. Statute barred mean anything to you?

    • gyrex on 06/04/2023 - 13:11
      +1

      What are "Strick laws"?

  • happydude on 05/04/2023 - 16:32
    +13

    I declare BANKRUPTCY!

    • afah0447 on 06/04/2023 - 11:49
      +1

      Thanks Michael.

    • Chandler on 06/04/2023 - 13:29
      +2

      I declare SHENANIGANS!

  • Bid Sniper on 05/04/2023 - 16:54
    +5

    Not paying debts, she read "Art of the Deal" I guess

  • Typical16-bitEnjoyer on 05/04/2023 - 17:20
    +1

    This happens all the time. 9 times out of 10 the bank just sells the debt to someone else. The bank has usually already made their money back in interest. There's more onus on financially responding lending these days so these stories from 7-15 years ago don't happen "as often" now. Predatory lending versus financial irresponsibility - yadda yadda it'll be one of the other (or both).

    Why would anyone in 5 or 6 figure debt with low/average income and no assets pay back an unsecured debt? If they're willing to constantly move, change phone numbers and ignore crazy ass debt collectors for 7 years then so be it. Google "statute barred debt".

    Yet there's no public outrage of the hundreds or thousands of company directors who rack up massive unsecured debts. You only hear about the Porter Davis types.

  • plmko on 05/04/2023 - 18:17
    +4

    The "mates at the pub advice" just because someone got away with it suddenly it's a sworn rule that everyone should follow the genius strategy.

    It's like those guys you meet having a smoko, they tell you to "just claim it" on your tax return because they got away with it for years. You do it once and the ATO comes bothering you over a couple of hundred dollars of undue deductions.

  • Ughhh on 05/04/2023 - 18:34
    +5

    Wouldn't be surprised if she's telling all her friends this "hack that the banks don't want you to know" to get "free" lambos.

    • bargain huntress on 05/04/2023 - 19:13
      +2

      Im waiting for the tiktok series

      • Serapis on 05/04/2023 - 22:37
        +1

        Next thing you know she's selling a get rich quick course

  • oO0Dam0Oo on 05/04/2023 - 19:15
    +2

    Someone I worked with told me about a situation where they had in excess of 40k credit card debit only for the bank to wipe it in good faith. No impact on their credit rating. They were terrible with money and were recently approved for a home loan. Go figure.

    • bargain huntress on 05/04/2023 - 19:55

      What happened for them to get $40k of good faith?

    • Serapis on 05/04/2023 - 22:38
      +11

      Sounds like they were telling a furphy

  • Campbellske on 05/04/2023 - 20:48
    +8

    This is possible. Called a statute barred debt, 7 years since last repayment. Used to work in Debt Collection.. happy to share more detail in pm to help out a member srruggling in debt

    • 900dollaridoos on 06/04/2023 - 09:24
      +1

      Just curious, what are the downsides? I can't believe corporations would just give up on debt without some form of punishment.

      • happydude on 06/04/2023 - 11:14
        +3

        They have 6-7 years to dish out that punishment since last payment or acknowledgement.

        If they don't it is either incompetence, a commercial decision or the person cannot be found to be served.

    • timmy_tam on 06/04/2023 - 11:15
      +1

      maybe an AMA (ask me anything) thread?

  • champ23 on 05/04/2023 - 22:24
    +1

    Think 5 years for credit default to expire once its logged on your file.

  • vice on 05/04/2023 - 23:16
    +1

    I get there’s people for whom 30k is an insurmountable amount but given the subsequent mortgage sounds like they could have made good on the debt with standard hardship assistance. Hiding from debt collectors for 7 years over 30k and/or going bankrupt.. no thanks to that for most people, the ability to access loans can be a decent part of the wealth equation this sounds very short sighted. Writing in proud of it probably wouldn’t occur to most people but there’s always going to be those out there who think the world owes them something.

  • liongalahad on 06/04/2023 - 00:43
    +1

    Regardless, amounting $30k of debt with no ability to repay is something only a total failure of a person could do.
    Then actuvely choosing to rip off the lender and simply decide not to repay is next level. Someone like that makes every cell in my body sick. Yuck

  • DarkOz on 06/04/2023 - 07:08
    +1

    $30,000 credit cards debt for a couple with full time work is nothing. They could be unemployed at the time and thus kept using the credit cards and unable to repay them. Declaring bankruptcy was actually the easy way and the best way out for them. I don't think she was lying…just not telling the whole truth.

    • liongalahad on 06/04/2023 - 16:53
      +1

      "$30,000 credit cards debt for a couple with full time work is nothing" - if thats true there something wrong with people in Australia. Personally I think if you can't afford, then you should not buy. Being in permanent debt is not normal, it's just wrong and a way to be poor forever. CC debt is for idiots.

  • 1300 6555 06 on 06/04/2023 - 07:42
    +6

    Ex debt collector here: it’s unlikely if you ignore any amount more than a few thousands dollars it will “go away”.
    I won’t give legal advice, but depending on the state to reside in and your employment/property ownership status you could be subject to legal proceedings and wage garnishee/writ on title of your property.
    You can likely negotiate a reasonable settlement amount, or at very least speak with a financial counsellor who can mediate with your creditor/s on your behalf if they’re not being reasonable.
    As someone who’s gotten the call when a debtor realises their wages have been garnished… you don’t want to be in that situation.

    • rlf on 06/04/2023 - 10:45
      -1

      For an ex-debt collector it's insane how wrong you be on this.

      Credit cards are unsecured loans. They cannot garnish wages to make you pay them back.

      • lostgoat on 06/04/2023 - 10:48
        +1

        They can go for your house equity right ?

        • 1300 6555 06 on 06/04/2023 - 11:21
          +1

          They can place a writ on the title of your property, meaning they’re paid in the event you sell/refinance.
          It’s also theoretically possible to have them force the sale of your home, however unlikely if it’s your primary residence (most companies would rather protect their reputation, than put someone out on the street).

      • 1300 6555 06 on 06/04/2023 - 11:19
        +4

        Once judgement has been granted, it is certainly possible to enforce via a wage garnishee/attachment of earnings order.

      • netjock on 06/04/2023 - 13:46
        +3

        They can garnish wages if the company takes the debt to court and they get a court order. Court does incur a cost. For large amounts it it worth it.

        Used to work for credit card company in the collections area.

        Got told for accountants, lawyers and doctors if you mention going legal they will pay up because it impacts their ability to stay within their bodies so they'll pay up.

  • Oz em on 06/04/2023 - 07:43

    It’s only 5 years now for most things. They lowered it.

  • mrvaluepack on 06/04/2023 - 07:59
    +2

    You actually believe all these mails & questions they receive are real?? Its just made up for content lol

    • Gumby08 on 06/04/2023 - 08:11
      +1

      My thoughts too. The style of pretty much all of these letters is very similar, right down to punctuation. I reckon they’re all
      made up to illustrate whatever point the BFI is wanting to make that week.

      • mrvaluepack on 06/04/2023 - 09:20
        +2

        heres one i generated from chatgpt lol:

        Hi Scott,

        I’m a 35-year-old single mom with two kids. I have a stable job as a nurse and I earn about $80,000 a year. I have $20,000 in savings and no debt. I want to start investing for my kids’ education and my retirement, but I don’t know where to start. There are so many options and I feel overwhelmed. What is the best way to invest my money for the long term? Should I use a robo-advisor, an index fund, or something else? How much should I invest each month and how should I diversify my portfolio? Thank you for your advice.

        Sincerely,

        Lisa

      • bargain huntress on 06/04/2023 - 15:28

        Well I wrote to him once asking for advice and he never responded. And i would suggest my situation is both serious and somewhat unique. So you would think it would make good content.

  • alxr0101 on 06/04/2023 - 08:07
    +1

    They did NOT declare bankruptcy so let's just put the ramifications of that formal process aside.

    As regards the ethics/morals….simply not paying (because they cannot pay…and BFI is in NO POSITION to judge the full situation why they could not do, as he self-righteously suggests means of paying)…simply not paying is a similar impact on the lender as someone with no assets that formerly declares bankruptcy.

    So let's put aside the bleating moral/ethics net effect for this case.

    The only realistic concern is …what if everyone had this attitude..en masse loan defaults…no wait…that can still happen.

    The debt collectors will indeed back off after 7 years…because they can no longer enforce the debt.

    Yes, there can still be repercussions (despite credit score…does not always capture clear outs)…but NOT declaring bankruptcy has some other positive aspects..eg for insurance or job applications..not having to respond to "have you ever declared bankruptcy…"

    So yes, she does have a point re this being a valid strategy when it's simply not feasible to negotiate and clear the debt, yet bankruptcy declaration is not desirable either.

  • 2024 on 06/04/2023 - 08:43
    +1

    Lmao so much incorrect info from armchair experts.
    Basically after a set period it is against the law for the lender to ask for the money back with unsecured debts.
    Technically it is still owed but unless you hand it over in a good mood, there is no way for them to force you to repay.
    The trick is to avoid any action for the 6 years, which admittedly can be difficult.

    If the debt is more than six years old and you have not made a payment or acknowledged the debt in writing it may be "statute barred". This means the creditor cannot legally collect the debt or take court action.
    …

    Any action on your part may affect this limitation period. For example, if you have made any payments during this time then the six year period begins again. The same is true if you have made any communications in writing admitting to owing any money or a court order has been made in that time against you. If you are unsure about whether this is the case, seek legal advice before you speak to your creditor or make repayments.

    https://lawhandbook.sa.gov.au/print/ch15s03.php
    https://financialrights.org.au/factsheet/recovery-of-old-deb…
    https://ndh.org.au/debt-problems/debt-collection-old-debts/
    https://stonegatelegal.com.au/how-long-can-debt-chased-austr…

  • Poor Ass on 06/04/2023 - 09:41

    Interested in the woman's age and what she did in the 7 years but can conclude she is scum either way

  • dowhatuwant2 on 06/04/2023 - 10:20
    -7

    I'm surprised there's so much hate on here for someone that ripped off a credit card company. Credit card company's being predatory and immoral institutions in the first place I don't really agree that she did anything wrong, stealing ill gotten gains from a thief isn't immoral to me even if the original theft (fee's and excessive interest) was legal.

    • StingyBritches on 06/04/2023 - 10:33
      +3

      Using that profound “predatory and immoral institutions” logic you wander in to Harvey Norman, pick up a TV and walk out without paying for it.

      • dowhatuwant2 on 06/04/2023 - 11:28
        -2

        Sure, if i can do it legally. Same logic they apply to ripping people off, what's good for the goose and all that.

        • SydStrand on 06/04/2023 - 22:29
          +1

          What an interesting moral compass you have..

      • baldur on 06/04/2023 - 23:34

        They arent the same dude.

    • Randolph Duke on 06/04/2023 - 11:11
      +3

      No one forces you to sign up for credit.

      • dowhatuwant2 on 06/04/2023 - 11:28

        No one forces them to charge fee's?

        • Ughhh on 06/04/2023 - 11:57
          +2

          There wouldn't be any fees if you didn't sign up?

          • CrowReally on 06/04/2023 - 12:17
            +7

            @Ughhh: I think the mentality is

            1. "Hi, I'd like some credit. Yes, I'll sign something confirming I understand there are interest and fees on this and I agree to pay these amounts on top of what I owe".
            2. (buys things for themselves using credit)
            3. (credit is due to be repaid)
            4. "Those credit card companies are manipulative and predatory, they deserve not to be paid back, they're a bunch of illegal scheming arseholes and they just rip people off, I'm not paying. They get people to trust them and then betray them and rip them off, which is just low. I hate credit card companies"
        • Randolph Duke on 06/04/2023 - 12:13
          +2

          They are a business and have determined this is a way to generate a profit from their service. It’s up to you as a consumer whether the product and its fees suit your needs or not.

          Making a point that “no one forces them to charge fees” is dumb when no one makes you sign up for a credit service, when all of this information is disclosed up front.

          • dowhatuwant2 on 06/04/2023 - 12:21

            @Randolph Duke: Ahh yes because credit cards don't have a history of charging hidden fee's and specifically targetting those that can least afford them in the first place. (profanity) off mate.

            • Randolph Duke on 06/04/2023 - 12:41
              +3

              @dowhatuwant2: It's always someone elses fault.

              • CrowReally on 06/04/2023 - 12:54
                +5

                @Randolph Duke: Like the supermarket shoplifter getting caught, then telling everyone how "all the Colesworths prices are ripoffs anyway and they factor shoplifting into their prices anyway so the shops are stealing for everyone anyway and they all pay bonuses to the CEOs who never do any work anyway and the nightfull guys get their paypackets shortpaid sometimes anyway and it's not good value at their stores anyway and shops just rip off the customers from the smaller shops anyway and they never pay any taxes anyway and.."

                Abrogation of personal responsibility is a disappointment, but casting selfish behaviour as justified/Robin Hood style vigilante behaviour is frankly on the sociopath side of misguided.

            • Ughhh on 06/04/2023 - 13:20
              +2

              @dowhatuwant2: Was the $30k debt the lady owed all "hidden fees"?

              • dowhatuwant2 on 06/04/2023 - 13:49

                @Ughhh: I mean, i said it was like someone stealing a thiefs ill gotten gains. I didn't say they were stealing back what was stolen from them. Reading comprehension is a skill you should practice.

                • Ughhh on 06/04/2023 - 19:43
                  +1

                  @dowhatuwant2: Being a responsible adult should be a skill you should practice. A banks not a charity.

                  Clearly reading skills was not used when Lisa signed up.

                  But please do go raid Woolies, HN, the bank etc

        • gyrex on 06/04/2023 - 13:43

          "fee's", "company's"… Might go some way in explaining this bloke's failure to apply basic logic or comprehend moral culpability.

          • dowhatuwant2 on 06/04/2023 - 13:50

            @gyrex: Oh no, not grammatical errors, how will i go on? Clown.

  • Willy Beamish on 06/04/2023 - 10:29
    +1

    That's the Sam Hyde strategy
    https://youtu.be/BD5anPSzS-0

  • idonotknowwhy on 06/04/2023 - 10:30
    -1

    This is what I don't like about these "forgive the hecs/help debt" and "freeze indexing" arguments.

    When I went to uni, I knew I was signing up for a huge debt, and agreed to it.
    Even though it was a big debt, I was happy to pay it back because that's what I agreed to.
    Some of my peers went straight into the workforce to avoid the debt and start earning faster.

    Seems unfair and unethical to simply let our debts go just because they look like a lot of money.

    • mavis30551 on 06/04/2023 - 11:36
      -2

      Yes! I also dont want people to have a better life than me!
      Why should people have it easier than me for any reason at all!
      its all about me me me.

      /S

  • mavis30551 on 06/04/2023 - 11:32
    -5

    I hope she got away with it and is having a good life.

    Screw credit card companies.

    My mate ran up a fair bit of debt when he was 20, totalled a car, ran up hex debt and when he realised he was going to go bankrupt put about 50k on credit cards and declared bankruptcy.
    I doubt the collectors hassled him for those 7 years because you cant get money out of someone who doesn't have it.

    Hes doing OK now, much more mature but doesn't own his own place but I put that down to a misses who doesnt earn more than 50k in an expensive city and 3 kids.
    Definitely detrimental though. Shes probably a troll.

    • liongalahad on 06/04/2023 - 17:01
      +1

      between a CC company and people who burn through debt they cant repay, I choose the CC company every day. I have the fullest disrespect for people who get CC debt they cant repay - unless they suddently become disabled or something completely out of their power.
      If you cant afford a new car, buy a $2k piece of sh** and drive around with that. Or a bike.
      Rule No.1 : only spend the money you own and you'll be fine.

      • mavis30551 on 11/04/2023 - 12:21
        +1

        nah corporations arent your friends.
        Theyre evil soulles things ruining the planet.
        People need to stop licking the boot of these companies.

        People love some outrage at people getting anything for free meanwhile corporations lobby government for massive tax incentives and grants. The same mentality that has us demonising people on poverty welfare , under funding hospitals and medicare , stagnation of wages all the while corporations make record profit year after year.

        Credit companies are not any better, they are predatory loan sharks targeting uneducated, lower-middle income earners with inflated credit limits and ridiculous interest amounts that can easily cripple a person for decades if they're naive.
        They're satan incarnate.

        When a person trys to beat the system by crippling themselves for 7 years by going bankrupt everyone is like "poor credit card companies".

        GTFO of here.

        • liongalahad on 11/04/2023 - 14:58

          That's a vary populist position, with a hint for conspiracy theory, even some occultism (satan incarnate?).

          Reality is credit institutes are an essential part of how capitalism works. And they are a for-profit entity. So your moralist accusations are worth nothing. So it's simple, if you can't afford paying back, don't buy whatever you are asking the money for. I see so many luxury cars around, I wonder how many of these are paying high interest every month because if stupid decisions like this. Ignorance and nativity unfortunately is not an excuse for anything. Only a sudden disability would be, or a massive and sudden change in one's situation, beyond their power, and I'd be all for government helping in those cases, other than that homo faber fortunae suae.

          I'd add that a bank should not lend money to someone who is at risk of not repaying, if the person defaults and declared bankruptcy the bank should cope the loss (as they were willing to take the risk), but that person should be prevented from being able to get credit ever again.

          • baldur on 16/04/2023 - 07:12

            @liongalahad: you sound like poor people are able to drive luxury cars because of credit options. lol.

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