So credit card debt must really "Vanish" after 7 years because how was I able to

[disneysteve]

I was 18 and tricked into signing up for a credit card. They knew I had no job

You weren't tricked. You knew exactly what you were doing. You knew you were filling out an application for a credit card.

The problem, and this part isn't your fault, is that they actually gave you a card. Someone with no job and no income should never qualify for a credit card. That was a big problem for a while but there have been some changes to the lending laws to crack down on crap like that.

Back when I was in college in the 80s, that didn't happen. So we used to apply for cards all the time to get the free stuff because we all knew there was no way in hell we'd ever qualify, and we didn't.

I believe the debt was $800 and no once it falls off your report you don't owe it anymore

No, that isn't true. You STILL owe the money. They just can't come after you for it anymore.

Saying you don't owe it anymore would be like saying because the statute of limitations ran out, you didn't actually commit the crime just because they never caught you. You committed the crime. You borrowed the money and didn't repay it. The 7 years is the statute of limitations for them to collect it. Just because that time ran out doesn't change the fact that you were guilty.

[saver17]

You weren't tricked. You knew exactly what you were doing. You knew you were filling out an application for a credit card.

The problem, and this part isn't your fault, is that they actually gave you a card. Someone with no job and no income should never qualify for a credit card. That was a big problem for a while but there have been some changes to the lending laws to crack down on crap like that.

Back when I was in college in the 80s, that didn't happen. So we used to apply for cards all the time to get the free stuff because we all knew there was no way in hell we'd ever qualify, and we didn't.


No, that isn't true. You STILL owe the money. They just can't come after you for it anymore.

Saying you don't owe it anymore would be like saying because the statute of limitations ran out, you didn't actually commit the crime just because they never caught you. You committed the crime. You borrowed the money and didn't repay it. The 7 years is the statute of limitations for them to collect it. Just because that time ran out doesn't change the fact that you were guilty.

In all honesty, what do you think a 18 year old with no income is going to do with a brand new credit card?

So if you want to blame anyone blame Discover

[disneysteve]

In all honesty, what do you think a 18 year old with no income is going to do with a brand new credit card?

So if you want to blame anyone blame Discover

As I said, the card companies were absolutely at fault. They knew exactly what they were doing - giving credit to people who had no means to repay it. It is a sleazy way to do business and since that time, there have been changes to the laws to make that harder for them to do.

That doesn't eliminate the personal responsibility piece of it though. My daughter got her credit card when she turned 18. She understands that she is responsible for repaying anything that she charges, and that she damn well better pay it in full each and every month - and she does.

[saver17]

As I said, the card companies were absolutely at fault. They knew exactly what they were doing - giving credit to people who had no means to repay it. It is a sleazy way to do business and since that time, there have been changes to the laws to make that harder for them to do.

That doesn't eliminate the personal responsibility piece of it though. My daughter got her credit card when she turned 18. She understands that she is responsible for repaying anything that she charges, and that she damn well better pay it in full each and every month - and she does.

You live and you learn which is evident from my 725 credit score. I been a Amex cardholder for 11 years and now know how to use credit wisely since I am no longer 18

[disneysteve]

I been a Amex cardholder for 11 years and now know how to use credit wisely since I am no longer 18

You missed the part where I said my daughter got her card at 18. Age is no excuse for racking up debt you couldn't afford to repay. What did you think happened when you chose to use that Discover card? That part wasn't the company's fault.

[AJ444]

In all honesty, what do you think a 18 year old with no income is going to do with a brand new credit card?

So if you want to blame anyone blame Discover

What age do you think we should have personal responsibility and be responsible for debts? Nobody is arguing what Discover did wasn't inappropriate but there is personal responsibility as well. I took responsibility for the college loans I signed on for at 17 and the loser of a house I bought at 21, I never once thought it wasn't my financial responsibility.

[PeggyHefferon]

In all honesty, what do you think a 18 year old with no income is going to do with a brand new credit card?

So if you want to blame anyone blame Discover

The majority of the blame falls on you and your parents.

[saver17]

What age do you think we should have personal responsibility and be responsible for debts? Nobody is arguing what Discover did wasn't inappropriate but there is personal responsibility as well. I took responsibility for the college loans I signed on for at 17 and the loser of a house I bought at 21, I never once thought it wasn't my financial responsibility.

21 sounds about right

[saver17]

The majority of the blame falls on you and your parents.

Most people are not mature and responsible at 18

[Joan.of.the.Arch]

You racked up the debt when you were 18. At least seven years have gone by, so you must be at least 25. Why not pay off that $800 at some time during those seven years? So you are older and wiser now. I bet your could pay it off.

[saver17]

You racked up the debt when you were 18. At least seven years have gone by, so you must be at least 25. Why not pay off that $800 at some time during those seven years? So you are older and wiser now. I bet your could pay it off.

No I got a new start in life and now have a 725 credit score. I have to move forward and can't live in the past

[PeggyHefferon]

No I got a new start in life and now have a 725 credit score. I have to move forward and can't live in the past

What a crock

[saver17]

What a crock

I;m confident you made mistakes as a teenager too and learned from them

[AJ444]

I;m confident you made mistakes as a teenager too and learned from them

I'm not sure what you learned here besides if you wait out a debt for 7 years you can get out of paying it. The positive thing to have learned would have been to pay your debts as agreed if you are able which at $800 shouldn't have been much of an issue.

[disneysteve]

I;m confident you made mistakes as a teenager too and learned from them

I never stole $800.