Credit Card Debt?

Question

All these credit card companys send out checks that enables you to write them for the amounts allowed ...sometimes thousands of dollars...I get several every week in the mail...Seems like an awful lot of money at your finger tips....Has anyone ever took advanage of this knowing they cant pay it back and has anyone ever try to beat the system without paying it back

Answer 1

Credit is worth more than any small amount of money you could cash out today...what you consider large sums is really peanuts. There will come a time when you want a new car, or a new home, or a new.... IF you screw up your credit today, count yourself out of the running for about half your life...that is a long time, and when you consider what it will cost you, it would be plain stupid to play that game...unless you knew you were dying soon. Good luck. Bye the way, someone has to pay for all this mismanagement of money..it is me, and all others who take care of credit..we are charged higher interest rates because of this kind of stuff. Cheating is cheating, I don't care how you look at it.

Answer 2

First of all by not paying them back your credit would suffer greatly. Before they changed the bankruptcy laws it would have been easier to take all the money than file after several months of not paying anybody, but now it is more difficult to file. I have known people to have maxed out all the credit available to them then not pay on time and get offers from the credit card companies to pay it off for 50 - 70 % of what is owed.

I suppose that if they could prove you had the intention of doing this when you accepted the offer it could be fraud. It is people that do this that cost everybody else money as the companies have to make up for these loses somehow.

My advice is do not use it if you can't pay it back, if the rate is really good maybe use it to pay off another card then when that offer is up change to another card if needed, but be careful as any negative reports on your credit will affect everything you do (insurance, jobs, loans, etc) for years to come.

Answer 3

that is cause your credit is good and they send them hoping to lure you into a big debt at high interest . Why woyuld you want to beat the system or try and ruin your credit which must be good otherwise they would not be sending them out . Your credit rating only ranks below family and god . If you have lousy credit you pay more for loans- if you can get themm even - insurance for home and ato is based on your scredit , rates on apts, mortgages, and so many things are based on your credit rating . The higher your score the less you pay while all the losers with lousy credit pay higheer and actually make things cheaper for those who do pay .

Answer 4

I'm sure there are people who do, but in over 13 years of law practice, and filing bankruptcies for people, everyone I represented got into trouble because of a job loss, uninsured medical bills, health problems, disability, or some other bad luck. Granted, some might have been living from paycheck to paycheck before something happened to put them over the edge, either because the job was low-paying, or they were somewhat over-spending, but I never had a client who had purposely run up their credit card debt.

Also, the bankruptcy laws have recently changed to make Chapter 7 more difficult to file, but I haven't practiced law in several years, so I don't know the particulars.

Answer 5

I know of a man who learned in advance that he had 6 months to live - he got 13 credit cards, all unsecured debt, sold his house and car and bought a junker, closed out his bank accounts so that in effect his estate had no assets and then went on his final world tour visiting out of town familiy members and old army buddies. Used one card at a time until they would stop accepting it because of no payment. He lived the high life for 6 months and then died just as the doc said. No estate and the banks were screwed.

Answer 6

I just recently got a credit card but I can afford it. I just got one with a $250 limit so I won't go hog wild. The only way to maybe "cheat" the system would be to go on a mad shopping spree and then flee the country.

Answer 7

I did the credit card thing with my first husband...it ruined everything. I am now credit card free for 10 years and when I get this mail I throw it away, not even opening it. Learned my lesson!

Answer 8

the only way to Reduce Credit Card Debt is by consolidating your bills into a monthly payment, this is called debt consolidation.
if someone wants to get out of debt today it is pretty easy with a debt consolidation plan
however it may get a bit tricky at times, I suggest you get as much information as possible online on this first,

a good place to start in my humble opinion is an online ebook :

you can read it for free at:

http://umgarticles.atspace.com/debt-consolidation.htm

Answer 9

oh no don't do that if you can't afford it, even if you can afford it.

just stay with your limits and avoid all those other 'fringe' benefits they throw you way.

that APR in the long run will catch up with you and you'll never be able to aleve that debt. just stick with the basics and use it wisely as usual and pay more than the monthly limit...

and there's no such thing as not paying back they want all their money.. yesterday.

:D

don't do it, i wouldn't recommend it.

Answer 10

You don't pay it back, you get them calling you every day, and your credit will be ruined!!!! If you do plan on paying back, read the fine print. Most of them come with a big ole intrest rate.