[QUOTE]Originally posted by jpsartre12
[B]Right on JP!!!

 

...............Everybody is entitled to their Opinion. Circumstances are unique for each particular situation. I won't try to justify my particular situation but suffice it to say that if there had been some other viable route i would have gladly pursued it . You can postulate about "Never" having to consider ch7 but life has a way of kicking you in the gut when you least expect it. ...s.kuteman

 

If life ever kicks me in the gut and I have to file Ch 7, I'll gladly eat my words. But don't bet on it. I wouldn't want you to go further into debt.

 

I'm just curious why you call them names and say they can go "cliff-diving"...

Didn't they extend you the credit you asked for?
Are they really the bad guy???

Regards,
Scott

 

................Because , if I had stated my my true feeling towards these corporate money changers and utilized the Terminology I would have preferred I would Have been Banned from here for about 20 years or so. You see, for those who carry and use their card(s) and pay off all outstanding balances at the end of every month , everything is cozy and that is the way we should ALL conduct our affairs.
..............But, as in all things human we make mistakes, we rationalize our ability to repay at some undefined point in the future and just keep hiding from the truth.Then , eventually, we miss a payment , the card companies start the "piling on" with those insanely high fee's that they love so much. It is at this point that they MAKE their biggest mistake, because when they start DOWN this road it becomes Patently obvious that the card holder is never going to beable to catch UP. When this happens the cardholder QUITS caring about Repaying what they owe and starts looking for relief instead of a way settle their obligations. It's really very simple isn't it. The card companies start imposing ridiculous fees along with their Mafia interest rates and make it totally impossible to ever payoff their oustanding balances.
.............The irony of the situation is that they don't seem to understand that they , being the PIGS that they are are, have any culpability in the overall cause and effect of forcing cardholders to seek relief from their onerous attitude(s) in the assignment of fee's , etc. You, obviously, have never delt with this type of situation and therefore can't relate to having to make choices that all have negative effects regardless of which road is chosen. Nobody is seeking forgiveness nor asking for absolution from you are anybody else in this thread. Large corporations seek ch11 relief all the time and wipeout the Total value of Stockholders equity with no remorse at all so when individuals use the LAW for their own injunctive relief they shouldn't have to wear the "Scarlet Letter" on their CH.7 sweater.......s.kuteman

 

I don't expect anything from you - apology or otherwise...this is just a discussion.

You admit that you ran up your debt (as all too many do (myself included), but then you blast the credit card companies for doing exactly what they say they'll do when you agree to the terms/conditions (the fine print) of their contract with you - the cardholder...

I may have to file bankruptcy myself, someday - one never knows - but if/when that happens, I'll have only myself to blame - the credit card company didn't hold a gun to my head and tell me to go out and spend beyond my means.

That brings to mind the folks who sued McDonalds, for selling them food "that the company knew could make them fat"... Give ME a BREAK! Just because they didn't have the intestinal fortitude to limit their intake, they thought the restaurant was responsible for selling them the food....that's one of the biggest problems in this country today - everyone blaming everyone else for their own problems/weaknesses.

Many people today refuse to accept responsibility (personal accountability) for their actions - hence all the frivilous lawsuits such as that one against McDonalds (or whatever chain it was).

This is NOT a personal attack on you...only my .02 cents.

Regards,
Scott

 

..............Scott, I didn't take it personally. It is just that I have absolutely no sympathy for the visa\Mc companies of this world. You stated your case very fairly and I just tend to react alittle stronger than I should. We, all have to accept the consequences of our actions, both from our overt decisions and those that happen from Murphy's law. The cr. card companies could prevent alot of the marginal accounts from seeking ch.7 if they would exercise alittle more judicious use of their onerous fee's. Once a card holder realizes he\she cannot see a point of closure at a definite point in the future there is NO reason to keep paying , is there. What's the Point in living a Spartan existence and doing "Without" if it is never going to get any better??.......s.kuteman

 

None of us knows what its like to walk in another's shoes unless we've been there ourselves...and there are still so many variables that any one situation is going to be difficult to duplicate....

Regards,
Scott

 

The mistake credit card companies make is the same one banks make: they loan money in good faith and trust the borrower to pay it back. As long as the borrower performs as stated in the contract he/she signs upfront, things don't have to get ugly. With the exception of medical catastrophes, people don't get into financial trouble overnight, it happens one purchase at a time. Unfortunately, it's not just the credit card companies that get stiffed. I've seen it from the tenant/landlord point of view and I can assure you my lenders still expect me to make my payments even if I can't collect the rent.

 

I believe that statement sums up your situation exactly. Why SHOULD you have to act responsibly with your credit cards?

 

Hauling, Your the one who was complaining about 23% intrerest rates, if you ARE paying 23% then its because you had a few bad months, not because anyone else did. IF you was using 23% as an example and not a personal experience, then sorry for the Mistake. We also have an American Airlines Card. My Wife got it when Her father owned a Company and they used it for company purchases and really racked up the free miles.. We went on our Honeymoon for free with those miles, and still have enough for about 5 more round trip tickets to different places.

Anywhoo. the truth is, whether anyone filed bankruptcy or not, the card companies would still be running 6%, just because thats how they make their money.

Ron

00 Excursion Limited 4x4 V-10

 

skuteman-

Good answer.

You know the inner workings of the Matrix.

 

And the key to financial disaster. Que Sera Sera may have worked for Doris Day, but I wouldn't recommend it as a personal financial strategy.

 

Why not take a debt consolidation loan? You get out from under all the card companies, back to a resonable payment without high interest. Your score will drop but it will not be bankruptcy. Debt consolidation is far easier to recover from than Bankruptcy, is it not?

At least with consolidation you are paying the debt you incurred, not sticking it to the lender.

It seems a far more honorable option.

 

I believe that debt consolidation only works if you have equity in your house to tap into.