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

[AccountAnalyzer]

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]

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]

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]

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]

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...