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With the bailout on wall street and the American being burdened with this debt and not getting any bailout, I myself decided to stop paying on my credit card.

If they can get away with a bailout, then I'm going to get away with it.

How this relates to this forum. To any payday loan people with loans that are not licensed in a state or are illegal, forget about paying them back. They have no legal recourse and in this day in age with the economy you need to look out for yourself. Push aside any moral obligations, these people don't care about you, show no mercy.

I'm personally not paying my credit card as more of a stand up and fight the hypocrisy stance then anything. I know i'll get the calls, whatever, but I will change my number. They might try and seek a judgment but I'll judgment proof myself.

If they get a bailout, then I get a bailout. Forget bankruptcy and the hassles that go along with it as well.

I know posting this on this specific forum might be considered crazy, but like I said it's time to take a stand, to forget these companies who could care less if your dead or alive, and take care of yourself.

Guest · Posted: Mon Sep 22, 2008 3:53 pm Subject:

You have just said what I have been thinking myself over the last week. I am on the edge between settlement and BK and it really makes me mad that the millionaires get a clean slate and not even a slap on the wrist. I am working 2 jobs 14 hours a day and can get sued or my wages garnished. I think they should just give us all a one time clean up. Just let us start over. I am 54 days late on one of my accounts and am really not that worried about it. Thank you for expressing for me!

Posted: Mon Sep 22, 2008 4:14 pm Subject:

hummmm I'm not sure what to think or say about this post. I personally don't think it right to "just" not to pay your bills. I know a lot of people that work for the credit card industry and if we go charging up bills and just decide not to pay them back we are hurting a lot more people than the "credit card companies" I'm not sure that I agree with the wall street bailout, however, something has got to be done, or we will all go under. Its to late to agrue why it happened, it happened and now it must be fixed! You chose to take out those credit cards, no one held a gun to your head, you are repsonsible for paying them back. As for the PDLS that are not legal, again you took out the loans you should pay back at least the principle. I'm sorry if this sounds nasty but I think you should re-think your decisions.

Posted: Mon Sep 22, 2008 4:35 pm Subject:

lmale, in times like this, you have to look out for yourself. these companies don't care about your well being, all they want is your money. this same fiscal responsibility that you preach is absent by our government and they get bailed out, so why can't I get bailed out then. If they don't pay, why am I stuck paying still.

I've got no problems with paying your bills. My problem is the hypocrisy of the wall street bailout and how the american who will be paying for the bailout is still stuck in quicksand.

you can pay your bills and continue to fight the quicksand, but the quicksand will eventually envelop you. look out for yourself, stand up for yourself, don't continue to be a tool for them to use. they are not better then you.

Posted: Mon Sep 22, 2008 6:26 pm Subject:

I feel your pain, I really do--and although I'd love to see someone stick it to the man right now, the man still has power to royally screw you over--not so much with internet PDL's, which are mostly illegal, but definately with credit card debt.
It's a fact of life in George Bush's America: the rich have gotten richer and the Middle Class is dying. And the bailout? I say put all the CEO's on trial and give the golden parachutes to the workers. And as usual, the workers, the tellers, people in the call centers and behind the scenes, will be the ones feeling the real pain.

Posted: Mon Sep 22, 2008 7:41 pm Subject:

I don't agree with the bail-out, but it's not "free money" that the government is giving to these companies. The government is simply buying and taking ownership of all these defaulted mortgage portfolios.

Going back several years, these companies made bad business decisions and gave mortgage loans out to people who they probably shouldn't have given loans to. Now those people can't afford the payments and all these mortgages are defaulting.

Problem with the government doing nothing? Well, A) all these people are losing their homes to foreclosures. B) The lenders' liquidity is gone because all their money is tied up in bad real estate that is not selling, or selling far less than par. They're not in business to sell real estate, they're in the business of making loans, and without any liquid capital they can't give any new loans out and therefore can't make any money. I know, boo hoo big bad corporation. (Guest says "it really makes me mad that the millionaires get a clean slate.")

Problem is, who owns these corporations? Not millionares. WE DO. These are publicly traded companies. OUR 401K and retirement plans are made up of these companies' stocks. If these huge corporation go bust, it's not the millionares who lose -- it's you and me who lose our retirement vested in these companies.

On top of that, if the company's had to BK, it wouldn't mean all these people get free homes. The trustee/receivership would actually come in and want to liquidate all the company's assets - and so it would make them foreclose a lot quicker to get that real estate turned into liquid cash. Bottom line in letting the companies fail, people lose their homes and their retirements.

Enter the government "bail-out". Like I said, the government is not giving free money. They are just buying up the defaulted mortgages. In this event, 1) it gives the lenders some liquidity in which to resume normal business; 2) when those mortgages are backed by the government, foreclosures will go down. Theoretically it's a relief valve, and may push the economy a bit in the right direction. I'd assume the fed is looking several years down the road, when the economy is back on track, and the government will be able to sell these mortgages back to the private sector, or else sell bonds against them.

Now I don't agree with this whole "bail out", I just wanted to shed a little more insight. But I also don't believe it creates an excuse for everybody to stop paying their bills. Creditors will still sue, and if you're on the receiving end of a lawsuit, this whole "bail out" is not going to be a valid defense in court. If you need a bail out, the government has one, it's called bankruptcy.

Yes the CEO's created this mess, they have their big salaries and golden parachutes. When/if the government steps in, they'd better clean some house. BUT the CEO's were appointed by the shareholders. Did you know as a shareholder you can vote for the CEO? How many of us actually send in the proxies we get in the mail every year? How many of us have a 401K or IRA and know what a proxy is? So it is easy to blame everyone else and say we're such a victim, now I want something for free because of it. But nothing is free in this world; and those who think they've gotten something for free, will end up paying for it somehow.

Posted: Tue Sep 23, 2008 1:12 pm Subject:

these times are scary, i know this. every month it seems i am scared of not making rent or having my electricity cut off. i also am disgusted by how the big companies always get bailed out.. it seems like nobody looks out for the little guy! but from experience with foreclosures, something has to be done. it's not even just the people losing their homes.. nobody's even buying them because the money they owe is so much more than its even worth! what happens than is that the bank is stuck with it, has to sell it and has a lose. which means laying off of jobs, etc. it really is a big cycle.
i do try to make good on my payments. i am having a bad year and am behind. thanks to this board, i managed to settle with several credit cards and all but one payday loan. that said, i always pay rent, car, etc. before even thinking of my debt. if i had the money, i'd gladly pay it all off today but i just cannot afford it. just ignoring your debt will only hurt you in the end, so i do hope you reconsider - i had to pay literally double on a credit card because i ignored it for too long.

yoseppi · Posted: Fri Sep 26, 2008 5:50 pm Subject:

DebtCruncher ,

It is a useless bailout. We are seeing this as mainly a morgtage problem. Which it basically is, but the reason behind a majority of it is because the cost of oil. It controls everything. People get pushed further to the brink, can't make bills, morgtage, go into default. It is a trickle down effect where it eventually hurts us all. Bad thing with no alternatives in line in any forseeable future, it will just continue to get more & more expensive, and there will be no magic recovery, and this 700 billion will be pissed away and it will just be a band aid for a few years, then it will happen again. The government is just trying to hold off the inevitable. Survival of the fittest is how it should be. I feel sorry for those who will lose their investments, but maybe they should have sold, or should sell now to minimize losses.

In a few years we will see it all happen again because with this bailout, the companies didn't need to adapt to the new world with this bailout, just business as usual till they go belly up again, but on our dime this time.

guest · Posted: Fri Sep 26, 2008 5:59 pm Subject: what she was talking about....

I'll tell you....if a judgement is placed upon you....you have a legal right to appeal and this could takes many months if not years and during this time....the creditors are not allowed to try and collect this debt....if you clearly show that you have a hardship.....the cc will usually set up a payment plan or settle. In the environment today....its likely they'll grant you an extension to pay or reduce balance(settlement.)

Posted: Sat Sep 27, 2008 6:58 am Subject:

I understand your point, but in the end, your credit will be shot - Wall Street will still be able to get credit, you won't!

No need to cut off your nose to spite yourself! Again, I understand your position and in an ideal world that would be great. Unfortunately, we don't live in an ideal world.

BelovedAmI · Posted: Wed Oct 01, 2008 10:23 pm Subject: I feel the same way

I wonder what would happen if 1,000's of people did this? We need a revolution. That "Credit Card Bill of Rights" can't come fast enough.

Posted: Thu Oct 02, 2008 1:38 am Subject:

Tejasfight · Posted: Thu Oct 02, 2008 6:44 am Subject: Options . . .

Am considering my options (i.e. bankruptcy or negotiating directly with the card companies) --- but simply stopping and going underground isn't the answer. They will find you and as someone already pointed out --- you'll be looking over your shoulder forever. Prefer facing the embarrasement than be looking over my shoulder.

Posted: Thu Oct 02, 2008 8:23 am Subject:

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