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Can't Pay Credit Card Bills? I can HELP!
Credit card companies are blood sucking vipers. They will offer you credit on the one hand and take your soul with the other!
Who needs this advice?
This blog is for people out there who cannot pay their credit card bills. If you have lost your job or possibly have suffered from a debilitating illness, whatever the reason and you cannot pay your credit card bills...well this article is for you.
I'm sure you have already had many a sleepless night wondering what you are going to do, maybe you've had good credit your whole life, maybe you've already tried credit card consolidation and now that you missed a payment or two and your interest rate has sky-rocketed, your FICA score has plummeted and you know that you can't pay your credit card bills. Well, what I am going to tell you may go against the grain of many but here is my advice...are you ready, hmmm?
If you aren't working, if you are renting your home or apartment or sleeping on your brother-in-law's couch, if you are barely able to buy food for your kids:
DON'T PAY YOUR CREDIT CARD BILLS!
That's right, don't pay them. Don't file for bankruptcy and for goodness sake don't sign up with a consumer credit counseling company. All these people will do is take what little money you have left and leave you penniless, with bad credit and in a worse position than if you had never contacted them.
What NOT to do..
If you file bankruptcy, you will have to pay thousands of dollars to do it and then it will be on your credit report for ten years. Depending on where you live if you simply can't pay your credit card bills then STOP trying to pay them. Your credit will be clean after possibly six years (in some states as little as three). Whatever you do, DON'T TALK TO THEM. If you talk to them, you will be giving the credit card companies or banks the advantage and you will also be setting the clock back to zero on the six years. You will have to deal with phone calls but that is easily remedied by getting a cellphone and screening your calls. If you are not working, the credit card companies cannot take your unemployment checks. If you are working they can sue you and garnish your wages, but unless you owe them a lot of money they probably aren't going to go through the trouble and expense of doing that...it is a risk. Furthermore, if you are summoned to court make the company provide verification of the debt and proof that they own the debt. If they cannot supply this (and almost all of them cannot) you win!
Don't even think of calling a consumer credit counseling company!
All these people will tell you to do (after taking their fee which is quite substantial) is the same thing I am telling you to do right now (only I'm not charging you a fee). They will tell you to stop paying your bills, then after a certain amount of time the credit card companies will start negotiating with you. They will offer to settle with you for sometimes as much as half as much as you owe them but if you hold out you may be able to settle for 10 cents on the dollar. If you can settle with them, do so, if not you will have to run the risk of harassing phone calls (get a cell phone and only answer calls that are identified) and possibly a lawsuit. However, they aren't going to take you to court if you don't have any money. It's not worth their time.
There are more and more instances of people who owe money being issued a bench warrant for their arrest. These instances usually involve failure to appear in court. So if you are summoned to court, by all means go. What is the worst that they can do? The worse thing that can happen is that you will be given a judgment on your credit record. In many instances if they cannot prove that they own the debt they debt is unenforceable but that is another story. So what if your credit is ruined, the credit system is a contrived system put in place to control you. Stop using credit completely.
For the Naysayers...
Now, for all of you out there who think that this is awful, who think that I am encouraging irresponsibility all I have to say is these are the same BANKS that stole millions of dollars in bail out money using a Ponzie scheme that they benefited from. They took a risk, lost, could not pay their bills and now we are paying their bills for them! These are the same banks that have lobbied (otherwise known as bribing congress) for decades to stack the deck against the consumer. These are the same banks that have brought this country to the worst depression since 1929. So, don't cry to me about irresponsibility,that is exactly what the banks want you to feel, they want you to keep on that hamster mill until they have sucked every ounce of blood from you. You'd better believe that the CEO's of these banks aren't sleeping on their brother-in-laws couch or staying up nights worrying about how to pay the electric bill. Not only that but the money that was lent to you was made out of thin air! That's right, the money that banks lend to you they CREATE out of thin air, it's not your neighbors money, it's not the "banks" money all it is are digits in a computer made up. It's called the fractional reserve system and it's the biggest scam you never heard of!
Now, if you own a couple of houses or have any kind of real assets you then may have to consider filing bankruptcy. If that is the case you should speak with a bankruptcy attorney because if you stop paying your credit card bills they may go after your assets. But, if you are like many of us who have nothing, then just stop paying, there is nothing they can do but give you a bad credit rating and guess what, your credit is probably already bad!
In the end, it's up to you. You can try to pay them but if you can't pay your credit card bills, don't! Just don't file for bankruptcy and don't sign on with a consumer credit counseling company, if you can't pay your bills just don't pay them until they knock them down to half, then wait until they knock them down to 10 cents on the dollar, then think about it :)
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