Not that I would advocate not paying your bills, not even. But if this climate of tanked economy has hit you very hard, information can be your friend, sometimes in some states. http://education.cardhub.com/statute-of-limitations-for-credit-card-debt/
the "time barred" statute will send them away. It is easier in some cases than a formal bankruptcy. I am not looking at things getting better before they get worse.
The big banks tossed the dice and lost [real estate and other derivative contracts] payed themselves giant bonuses, got bailed out by the taxpayer, refuse to make conservative loans, got credit card debt excluded from bankruptcy protection and now get to stick it to their credit card customers. nice guys.
Cool, so I can borrow money, buy stough with it and let someone else pay for it? Ahhhhhhhhhh, the Amerikan way...
That's the way...I'm constantly amazed at what people can get away with. We have a house listed right now that the guy hasn't paid on in 2 years. He's still living there and actually has tenants as well so he's collecting rent and not paying the bank. He was trying to do a short sale on the property and we advised him to reduce the price and he told us that his attorney informed him not to reduce the price because it might actually sell! He told him to stay there and when they actually file the foreclosure he'll file for bankruptcy and he'll probably be able to live in the house for 2-3 more years without paying.
I think the guy you're talking about works with me. Makes $130k/yr but stopped paying his mortgage because he's upside down, still living there though
This topic kills me. It starts with I am not advocating doing this but here is information how to do it. Then the stories. Wait until some time has passed and these wonderful people find out the REAL cost of their actions. The guy that is upside down and not paying his bills despite a $130K income had better hope that no future employer does background or security checks or bye bye nice income. Next house or car he will either get a stupid interest rate or have to pay cash. There is cases where people need to declare bankruptcy but they are far rarer than the number that do declare. The mortgage disaster is often blamed on greedy banks but seldom on the slothful or greedy borrowers. Search for how many defaulted loans were from people with multiple loans. In other words people that were flipping houses or living WAY beyond there means with multiple houses. But as THC says it is all the evil bankers not the people that signed up for stupid @#$@#
I just bought my 1st house (closed 2 months ago). The bank approved a loan amount that would be 5x my monthly income. Or if the PITI percentage is more your thing, that would have worked out to 51% of monthly income. Yeah the banks are still stupid as shit for offering that amount, but the consumers are at fault for taking it.
