$ debtmaxxing - rugpulling credit card companies

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There is a smarter way of doing this that won't come with the negative side effects of a shit credit score and receiving letters from debt collectors. Balance transferring credit cards and margin loans on assets is how you want to do it. Balance transfer a shit ton of debt to a card with a 0% interest period and a small fee%(0-5%), you will have 12-24 months to pay back the debt this way. Shit, I think some card issuers even allow you to transfer money directly to your bank account via credit card balance transfers. When it comes time to cough up the money, transfer the remaining balance to another 0% interest card or borrow against your assets to instantly pay off the card. You'll still have to pay interest on margin loans but it's much much cheaper than paying card interest. If you're smart, by the time you are forced to pay up all your debt, you'll have accrued so much assets/wealth that the amount you have to pay is nothing compared to how much you made by deferring payments. Hold ETFS in your brokerage instead of individual stocks and only take out 20-30% of a loan on your assets so you don't get margin called.
 
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147573952589676412927 said:
as long as it isn't a student loan or a secured loan, then they can do nothing to you but reduce your credit score.
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Except sue you, get a judgement against you, then garnish your wages and any other unprotected income til the end of time (or however long it takes to get their money). And for the amounts OP is talking, they will sue, and they will win. Bonus from work? Gone. Tax returns? Gone.

They will use the court to come after any and every bit of value they feel they can extract from you, and enforce it via the police if necessary. No, they can't put you in jail for being in debt. But they CAN take your shit. And they can and WILL throw you in jail for the whole bit where you're committing fraud (or in legal terms "unjust enrichment").

If you think all they can do is ding your credit score, you're completely retarded. But let us know how it turns out if you try it. I'm sure Tyrone will have a smartphone smuggled up his ass that you can use to post, for the low low price of 20 menthols or being his bitch.
 
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The Connected Nose said:
Except sue you, get a judgement against you, then garnish your wages and any other unprotected income til the end of time (or however long it takes to get their money). And for the amounts OP is talking, they will sue, and they will win. Bonus from work? Gone. Tax returns? Gone.

They will use the court to come after any and every bit of value they feel they can extract from you, and enforce it via the police if necessary. No, they can't put you in jail for being in debt. But they CAN take your shit. And they can and WILL throw you in jail for the whole bit where you're committing fraud (or in legal terms "unjust enrichment").

If you think all they can do is ding your credit score, you're completely retarded. But let us know how it turns out if you try it. I'm sure Tyrone will have a smartphone smuggled up his ass that you can use to post, for the low low price of 20 menthols or being his bitch.
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Yes prison is totally happening for the average person who racks up debt. What level of the Ramsey method are you on? Or is the only snowballing you do with your father?
 
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This sounds fun until they start garnishing your wages either from your job or directly from your bank account. Not to mention destroying your credit score or risk getting sued/jailed for fraud.
 
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werbwub said:
There is a smarter way of doing this that won't come with the negative side effects of a shit credit score and receiving letters from debt collectors. Balance transferring credit cards and margin loans on assets is how you want to do it. Balance transfer a shit ton of debt to a card with a 0% interest period and a small fee%(0-5%), you will have 12-24 months to pay back the debt this way. Shit, I think some card issuers even allow you to transfer money directly to your bank account via credit card balance transfers. When it comes time to cough up the money, transfer the remaining balance to another 0% interest card or borrow against your assets to instantly pay off the card. You'll still have to pay interest on margin loans but it's much much cheaper than paying card interest. If you're smart, by the time you are forced to pay up all your debt, you'll have accrued so much assets/wealth that the amount you have to pay is nothing compared to how much you made by deferring payments. Hold ETFS in your brokerage instead of individual stocks and only take out 20-30% of a loan on your assets so you don't get margin called.
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You can only get approved for so many credit cards, least of all ones with a promotional 0% interest rate. Then at that point the only "wealth" you'll have is a bunch of useless credit cards whose promotional period ended and now charge something like 25% interest. Closing these cards (even with zero balance) will impact your credit score. You won't be approved for anything in the future, either because you're already debt saturated with existing credit cards or have an awful credit score from closing them. This is also ignoring the reality that you are hard-capped by your income, these credit card companies can figure out your annual earnings.
 
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They will send you to jail for fraud, and regardless of what you buy, they will take anything and everything you own to pay back what is owed.

Bankruptcy won't stop this, they'll just divy up everything you own between all the creditors. This is what Bankruptcy is, they still take your shit, just if all your shit doesn't equal what you owe, the rest is discharged... And again this is highly dependent, they may not even let you do Bankruptcy if your debt is due to fraud. And even if they do allow the Bankruptcy, they may still allow the aggrieved creditor to collect after the bankruptcy is completed.
 
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NuruMaleMasseuse said:
Yes prison is totally happening for the average person who racks up debt. What level of the Ramsey method are you on? Or is the only snowballing you do with your father?
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At no point did I say anyone was going to prison for debt. I said they would go to prison for fraud. Perhaps learn to read instead of being a degenerate who resorts to gay incest fantasies.

Oh wait, newfag with only one message. Of course it's retarded.
 
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