Is it really true that if you have $10,000 in credit card debt and decide to

[AccountAnalyzer]

Originally Posted by Mistawho

Nice, then you have nothing to worry about then. Lucky you!

That's the same thing my mom said which is why she told to apply and see if I could get a credit card in 2006 and I did and I'm so glad I was given a new opportunity to have another credit card and I'm doing all the right things in 2007

[AccountAnalyzer]

Originally Posted by sweeps

Be sure you've checked all 3 credit reports (TransUnion, Equifax, Experian). Sometimes items appear on one report but not others. If the delinquent item doesn't appear on all 3, you're in the clear (at least financially, not necessarily morally).

Be aware that debt collectors may still call you to try to entice you into restarting the clock on the debt. Do a google search for "zombie debt".

Those were the three I did and It was gone which shocked me

[InDebtInDC]

I'll give him credit for trying. I think we beat up on the orignal poster enough and he knows how we feel about it. Let's just let it go.

I would say learn from your mistake and make better credit decisions. It appears that you're trying to do so.

I would go ahead and call the creditors that you owe money to and at least negotiate with them. Maybe they can accept partial payment as payment in full. Maybe the statute of limitation for collection has already expired. Maybe just tell them you have no money so don't bother collecting.

Don't be afraid to deal with them.


Also, document these calls. At the very least you'll have a record that you're trying to make good on your debt. I don't know what the statute of limitation is in the state, but you may have an active warrant or collection notice that you don't know about.

Who knows. Maybe if you're lucky the CC company went out of business or don't keep records back that far.

Good luck.

[AccountAnalyzer]

Originally Posted by InDebtInDC

I'll give him credit for trying. I think we beat up on the orignal poster enough and he knows how we feel about it. Let's just let it go.

I would say learn from your mistake and make better credit decisions. It appears that you're trying to do so.

I would go ahead and call the creditors that you owe money to and at least negotiate with them. Maybe they can accept partial payment as payment in full. Maybe the statute of limitation for collection has already expired. Maybe just tell them you have no money so don't bother collecting.

Don't be afraid to deal with them.


Also, document these calls. At the very least you'll have a record that you're trying to make good on your debt. I don't know what the statute of limitation is in the state, but you may have an active warrant or collection notice that you don't know about.

Who knows. Maybe if you're lucky the CC company went out of business or don't keep records back that far.

Good luck.

yeah we are talking about debt from 1993-1996, so that was a long time ago. And lot of CC create the situation for themselves by luring in college students with free candy so they can get a credit card. Giving a college kid a CC who has no money will result in high debt most of the times

[DebbieL]

Actually it was stupidity on your part. I was 20 and I never did that. I make good on any debts I incur. You are really rationalizing when you blame the CC company.

[AccountAnalyzer]

Originally Posted by DebbieL

Actually it was stupidity on your part. I was 20 and I never did that. I make good on any debts I incur. You are really rationalizing when you blame the CC company.

I agree, it was stupid but people change as they get older and realize not to charge their CC to the limit and not pay it. I was fresh out of highschool and did not take anything seriosuly back then like I do now. As i stated yesterday, i'm just so thankful I was given another chance to prove to myself I can manage my money and maintain good credit

[eisor]

Originally Posted by DebbieL

Actually it was stupidity on your part. I was 20 and I never did that. I make good on any debts I incur. You are really rationalizing when you blame the CC company.

I agree. I'm 21 and I've had credit cards since I was 18. I use them for everything. I've never carried a balance, never paid a bill late, never gone over my limit, etc. I know many college students who have also made very wise credit decisions, despite the hundreds of credit card offers they've been sent.

I think the blame lies on the individual. If we start blaming the credit card companies, we'll have to also start blaming parents, the media, etc.

[fsfty]

Im not sure why everyone is wasting their breath with this guy. He is clearly what is wrong with society; sense of entitlement, lack of responsibility, etc. I was hoping this was troll, posting to get a reaction, but sadly I believe he is just a deadbeat looking for affirmation....

[AccountAnalyzer]

Originally Posted by eisor

I agree. I'm 21 and I've had credit cards since I was 18. I use them for everything. I've never carried a balance, never paid a bill late, never gone over my limit, etc. I know many college students who have also made very wise credit decisions, despite the hundreds of credit card offers they've been sent.

I think the blame lies on the individual. If we start blaming the credit card companies, we'll have to also start blaming parents, the media, etc.

well that's the difference, you are a mature 21 year old, i wasn;'t

[Chalatenango]

The best advice is education so that you can make the best informed decision.

[naomibatac]

The credit card companies have ways in collecting credit card debt balances that are not being paid such as taking the collection matters to some collecting agency.

[mrpaseo]

I too think the OP is a troll, someone just looking for attention. In my home we call these people "Attention Bunnies" because whore is such a strong word.

[red92s]

Originally Posted by Chalatenango

The best advice is education so that you can make the best informed decision.

"Oh look, a four year old thread . . . I think I'll throw my 2 cents in"

Sounds like another scammer trying to pad the post-count before starting to list handbags and electronics for sale.

[GrimJack]

Originally Posted by AccountAnalyzer

I received my credit report last year it and was not on there

At some point, the IRS might be interested because they consider a 'forgiven' debt as income. If the CC company officially writes the debt off as a loss on their taxes, it will be considered income and taxed with penalties and interest. Generally, you get a CP2000 letter from the AUR unit (automated underreporter unit); if, today the cc company decides to write off your debt for whatever year, these are the ones who will ask for an explanation. AUR may never come after you but if they do, the failure to pay penalty is .5% per month until it is 25% of the debt and the interest varies but is about 4% per year compounded daily.

[Nika]

wow. Also research some crimes that have statute of limitations. If you don't get caught in a set amount of time, imagine how far ahead you will be. Go out and commit those. Lets all go out and do it, as a society.

Some people...

[jteezie]

There's a moral and a legal issue here. Morally, sure it's wrong, but legally what he did is fine because of the statute of limitations and nobody cares to collect on the debt.

If you think about our financial system, it's based on good faith and people believing in the system and government setting up the right laws and deterrents for moral behavior which the people agree to comply with. There will always be deviants and cheats; it's human nature. The laws are flexible enough to allow for some of this.

Banks write off debt, loans are forgiven, guilty people are set free, crimes have expiration dates for prosecution, people declare bankruptcy, people live in houses without paying the mortgage and some laws give them the house for free...

Is it the people or is it the system? Maybe this is for another thread...