How To Legally NOT PAY Your Credit Cards Without Bankruptcy
Tearing out your hair over credit card debt?
The secret the credit card companies don't want you to know!
If you are like most Americans, you are probably under a ton of credit card debt. Lots of people will tell you that it is all your own fault, but I will have to disagree!
This hub is actually about beating credit card companies at their own games and it has nothing to do with credit card counseling which is nothing but another big rip off created to scam you out of your hard earned money. Don't fall for these scams, read on and learn what your legal rights as a consumer are.
Credit cards companies have very devious marketing programs that can get even the most sophisticated consumer into big trouble. Obviously the credit card industry needs a complete over haul, but don’t hold your breath on anything like that happening in the near future. Too many people are making too much money off the sweat of the credit card holders, and we know what that means. Any changes within the credit card industry will not come easily and in the mean time you and I will continue to suffer.
Basically, credit card companies are thieves, pure and simple. Up until now I would just shake my head and grind my teeth in anger. I thought there is probably not a thing I could do about the total injustice of credit card debt, but that’s where I was wrong.
The fact is that you can legally not pay your credit card debts WITHOUT going bankrupt. Some of these ideas are just common sense, while other things like the “statute of limitations” are just pure law.
Do you have an unpaid credit card balance that has been on the books for more than 7 years? Because of a law called the “statute of limitations” you do not have to pay this debt!! Yes, I said you do not have to pay this debt, LEGALLY! Google “statute of limitations” to find out how many years the statute of limitations is in your state.( Most states are 6-7 years). All states are different. The good news here is that from the date that you no longer use your credit card or MADE A PAYMENT on that card……the statute of limitation time starts ticking. Many credit card companies will call you and try to talk you into making a small payment, and then the statute of limitations starts all over again. If you make that payment or use your card for even a penny charge the time starts all over again. So, beware! The statute of limitations also applies to medical bills.
Are you disabled or collecting sick pay? By law no bill collector can touch disability pay! Unsecured credit cards and other unsecured debts are just out of luck. However, this does not mean that your car or house could not be repossessed if you stop making the payments. So if you should become disabled or ill, forget about making your credit card payments and worry about keeping your car and a roof over your head. In fact that makes the most sense if you should find yourself in financial trouble. And once again, this law also applies to medical bills. If you are collecting disability or medical pay, a medical bill collector cannot touch that pay. Don’t let barracuda bill collectors push you around. Know your rights!
Cut credit cards from your life.
The above are just two ways to avoid paying your credit cards without going bankrupt. There are other unconventional ways of handling your credit card debt other than just paying up. If you lost your job, or can’t make your payments for whatever reason, call the credit card company and ask them to work with you.
Credit card companies are happy to get paid…period. Many times they will take up to 90% less of what you owe them. You have nothing to lose by asking if a lesser amount would pay up the account. Of course you have to be reasonable too. If you have no real reason for not paying your credit card accounts other than bad money management and getting in over your head….then, the card companies may not be as lenient. Everyone’s situation is different. However, no matter what the circumstances, because of the dire condition of the economy, I urge everyone with a credit card to call and ask for a reduced pay up balance. Make sure you get it in writing, trust no one! Credit card companies are not at all honorable businesses. Their motto is to lie and deny and to stiff the customer whenever they get the chance.
Once you have your credit cards paid off, you may get an entire slew of new credit card offers in the mail. Don’t fall for these offers again. It is best to have one credit card with a small limit to use in case of real emergencies. A better bet is to get a debit card which works just like a credit card. The good thing about a debit card is that the money comes right out of your bank account. That way you will not be overspending.
Americans have to re-think the way they feel about spending and money. We have become a society of “I want it now” children. We have run amuck and we are paying for it now….big time!
We have forgotten the lessons our great grandparents learned during the Great Depression. My grandmother told me a lot about her days during the Great Depression. Some people only had oatmeal to eat, day in and day out. Other people DIED for lack of proper nutrition. It was a time when just about everyone was POOR.
Let’s face it, things are not that bad now. The good thing about economic bad times is that it brings everyone back down to earth and helps us sort out the things that are vital and important from the STUFF that is just superficial fluff. Actually, being liberated from all that STUFF is very empowering.
So, if you are battling the credit card monster, my heart goes out to you! It is not really all your fault either. I know many very intelligent people, lawyers and doctors, who end up with so much debt they will never be able to pay up. Credit card companies need to be regulated. But, the ordinary person needs to end their love affair with those little cards also. It’s a toxic relationship that will spell doom for your financial life, and will leave you frustrated and miserable. It is always wise to live within your means, and it will also save you a lot of grief and anxiety.
If you don’t get everything you think you have to have, you will appreciate what you DO have all that much more. Have you ever come home from a shopping trip with a bunch of STUFF you charged on your credit card because you thought it was such a great deal, and then 4 years later it is still hanging there in your closet, taking up valuable space and you have yet to wear it? Now, really, what kind of deal is that?
Don’t let the credit cards companies win! Defeat them! Don’t use that card unless you can really, really have an emergency! Then pay it up the next month. The credit card companies will hate you for that. Revenge is sweet.
Little by little the American people are beginning to realize that credit cards do not make them happy, MORE of WHATEVER does not make us happy. Happiness is found in the peace and security of living within your means, a concept that is always relevant no matter which generation you belong to.
Obama promised there would be credit card reform, well, where is it?? Credit card companies continue to charge outragous interest rates. Don't lay down and take it!Call your local politicians and tell them they better do something about credit card reform, or they will not be getting your vote. Its time we got angry and started to stand up for ourselves or nothing will change.
Statute of limitations Links
- Statute of limitations on debt collection
The statute of limitations refers to the number of years that certain debts can be collected such as credit cards, oral agreements, promissory notes, written contracts and judgments!
- Debt Collection Statute of Limitations – What’s the Statute of Limitations On Debt
The statute of limitations on a debt keeps debt collectors from collecting on it forever. The limit varies by state and depends on the account's last date of activity.
- FindLaw Bookshelf - Learn About the Law
FREE EBOOKS on credit cared debt and problems!
- Statute Of Limitations For Debts
CardReport.Com Credit Card And Banking Tools, News, And Reference - Credit Applications, Directories, And Information
- States of Limitations on Debts
Find out the statue of limiations on debts in your state. This is the amountof time a creditor has to sue you for a past-due debt.
- Statute of Limitation laws for all 50 states - credit card debt, medical malpractice, personal injur
An idex of the statute of limitation laws for all 50 states.
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