$ debtmaxxing - rugpulling credit card companies

[werbwub]

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.

You don't even have to get approved for that many cards since banks will occasionally send you 0-2% interest balance transfers for existing cards on occasion. It's actually a good thing that you get 20+ cards with no fees, more cards = more lines of credit and higher credit limit = better credit score. You also don't really have to worry about having to much debt affecting your credit score if you only transfer debt to a single card and have a high credit limit, Having a high credit limit is piss easy to get even on minimum wage. But yeah, your total take home income and how much assets/stock you own is going to be the main limiting factor on how much debt you can safely withdraw.

 

[NuruMaleMasseuse]

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.

Thanks baby. You should be flattered you're my first. Anyways. I'm feeling sad so im going to Klarna some doordash and eat my feelings since the overweight sperg doesn't like my post. Fingers crossed they don't bust me for not paying.

 

[drfuzzyballs]

Now hypothetically you could commit bankruptcy fraud but if you're at all concerned with your future credit then it won't be worthwhile. When the judge asks where all the money went a gambling addiction would be a plausible explanation.

 

[oh no its pipkun]

Also, there's a bunch of laws about debt falling off your credit report if you don't interact with your debtors.

while true, you'll find the major banks will sue people who default on 5-6 figure credit card debt which will lead to wage garnishments. i dont know how it is these days with lots of people defaulting on cc debt.

look at the "infinite money atm glitch" retards being sued and charged with check fraud.

 

[Joshua Connor Tomar]

I think I'll debt max when I get a new house and a boat.

 

[Major]

debtmaxxing is good actually. I sold some of my investments to buy property years ago with a 2% mortgage. This was a bad idea in retrospect and should have taken on more debt and kept the money invested instead. Unless your interest rate is >7% you shouldn't pay it off and take on as much as you can an invest it instead.

 

[ShootyPee]

Rn I am stack piling money in a HYSA so that my monthly pay outs cover the minimum payments to debts so I can keep as much of my monthly takehome as humanely possible. This is my debtmaxx strategy

 

[888Flux]

Something called fraud. Intentionally defaulting on debt, lying to creditors, and manipulating credit systems can lead to problems.

I AM STEALING FROM YOU
I AM STEALING FROM YOU
I AM STEALING FROM YOU
I AM STEALING FROM YOU
I AM STEALING FROM YOU
I AM STEALING FROM YOU
I AM STEALING FROM YOU
I AM STEALING FROM YOU
I AM STEALING FROM YOU

 

[Naproxen Sodium]

while true, you'll find the major banks will sue people who default on 5-6 figure credit card debt which will lead to wage garnishments. i dont know how it is these days with lots of people defaulting on cc debt.

look at the "infinite money atm glitch" retards being sued and charged with check fraud.

Only way this really works is if you ignore your creditors and they don't sue you until the statute of limitations is reached. But that's not a game that should be played unless you were diagnosed with stage IV cancer, have less than two months to live, aren't married, and don't give a fuck. But doctors have been wrong so...keep that also in mind before running this sort of scam, particularly if you do have assets.

 

[LOWERCASE LETTERS]

Yeah this shit doesn't work. Anything over a few grand, and the debt collection company will go to court and get a judgement, which doesn't time out.

Also, word gets around and you will find yourself unable to bank, well, anywhere.

 

[Abella]

Nigga just make a bunch of purchases on klarna and don’t pay any of it back. They can’t sue you if they’re busy suing all of the other groids that have done this.

All joking aside, this is a bad idea, but I’ve also enjoyed watching videos about people finding out that buy now/pay later is a scheme.

 

[CYBER_SOY]

A common strategy in the videogame Elder Scrolls II: Daggerfall is to rack up as much debt as you can, then move to a different jurisdiction. As long as you didnt return to the region you were indebted to, you could play the game as normal and it wouldnt be a problem.
It's similar in the real world, but with a few caveats to remember:

1. Say you grow a sizable debt in the USA and then go to Croatia. You debt in the USA does not disappear and depending on the tenacity of the people working at the collections agency, they might do everything in their power to pursue you if you ever return to the USA.
2. Any assets, bank accounts, crypto you hold on USA exchanges, wages from jobs you hold in the USA even if working remotely can be potentially seized or garnished again, depending on the knowledge and tenacity of the creditor or the collections agency assigned to you.
3. This will severely fuck your credit score if that is something you care about though this is very easy to repair once you start paying down your debts for a few years.
4. Sometime your toxic debt will be written off by creditors and will be considered income which you can be taxed on. Then it becomes an IRS issue, and you don't want to be on their bad side.
5. If your offense reaches such a level that you piss off the wrong people, you could risk passport revocation which will make it harder for you to travel outside of your home country and easier for you to be deported back to it.
6. Started a new life in a new country with no network is extremely difficult and costly. Given your history of solving your problems with debtmaxing you are probably a retard who will just make the same mistakes again and again, alienating everyone you come across in the process, and eventually you will piss off the wrong people and you will have exhausted your allies and become such a burden that no one will really care if you die.

On the flip side, most people that work at collections agencies are fucking retards who failed their way into their current careers and don't give enough of a shit to overcome the least bit of resistance. With these people you could potentially just keep kicking the can down the road indefinitely until you are just another line on their books that they have forgotten about. I should stress, though that debt maxxing is still a retarded idea even if you come out a hero. Just my opinion.

 

[Rei is Shit.]

Daggerfall as a source of financial advice is an incredible post. One of the best I've ever seen.