Do you think there should be harsher laws with people with delinquent debt?

Question

Ok here is the thing, i see people owing thousands of dollars in debt and get away with not being forced into paying it. For cc companies/collection companies dont sue because its too much hassle and cost too much. Then if they do get a judgement the person who had to pay it back goes bankrupt or fazzes off the map. So it ends up being a bad mark on the credit bo who! In my opinon it should be a crime/fraud. you are basically stealing. Any one else can give an opinion/ eather way.
Thx

Answer 1

Lots of good answers but I think Renee527 said it best.

It is frustrating to see someone who runs up debt without the intention to pay, and I agree that it is wrong, but I'll go to bat everytime for someone who is in debt due to hardships. Especially if their account is with a collection agency.

Yes there are people who intentionally run up debt knowing they won't pay, but for every one of those people there are probably 3 or 4 who have debt that they had totally intended to pay but..... well...... life happened.
It could be job loss, illness, death of a family member etc., etc., etc.

Many pay if they can but the creditors/collectors don't make it easy since they tack on so many outrageous fees that it soon seems like a never ending debt.

And then you have the people who are hounded for a debt that isn't even theirs. They are put through the wringer just because their name or SSN is "SIMILAR" to the original debtors.

And, when the debts do hit the collectors, well just take a look at Vadalias post.
I'm sure when Vadalia posted about "joking" with friends about being able to break thumbs, Vadalia probably actually wishes he/she could. And this person actually feels joy over someone being "racked with fear, anxiety and depression"

I think that when a person has to deal with slimey collections agtency's, thats harsh enough.

If anything, the laws should become stiffer on the collection industry.

You talk about committing crimes and stealing, but I think you are looking in the wrong direction.

If you are a debt collector, you know exactly what I'm talking about.

If you aren't a collector, maybe you should study that industry. If you have any sense at all you would become outraged at the underhanded practices of a collection agency.

Answer 2

I know what you mean, I am paying my debts back, have been for the last few years, I had a tragedy which lead to depression and then spending on credit cards, causing me to owe thousands, but I sought help. I am paying back what I owe. I don't understand how people can just walk away from their responsibilities like that. So I do not fit into the category of just walking away, my morals are good and I know what I did and am making good for my mistakes. I have not used any credit cards for a few years now just been paying them back. But it makes me mad too when people get away with stealing from credit card companies and then others, like me, have to pay more because the companies lose money.

Answer 3

That's up to the lender. There is to much credit given in the first place. I want to see the lenders lose some money so the will stop preying on people that have not learned the dangers of credit.

BTW:

How the heck does some rack up 27,000 in a gas bill, that's 300 a month for almost 8 years, its the lenders responsibility to cut of the credit (or gas) at some point. Most gas companies cut you off after the first month of not paying the bill, if I was the judge in that case I would but just as much responsibility on the lender.

Answer 4

Bad things happen to good people. There is no one reason why people run up CC's and then don't pay, Some are doing it on purpose .. some are faced with crisis like job loss, illness (cancer), death in the family. This is a touchy subject with me and a lot of other people because the implication of your email is that everyone is out there just running up cards, engaging in fraud and declaring bankruptcy. That is simply not true. There ARE already stiffer BK laws these days that make it a bit tougher to file Chapter 7.

Answer 5

Yes, owing money is bad. Some people do it intentionally. Others run into bad times. What would you have us do? Go back to debtors prisons? A bad mark on credit keeps people from getting more credit. That's about all we have now. Wage garnishment and bad credit scores. Get your tax dollars ready if you are in favor of the prison idea. Then when they are in there and we the tax-payers are paying to house them, feed them, pay for their medical and dental you'll have something else to cry about. Pick your fights. Worry more about making our country's freedoms whole again. Maybe you work for a collection agency. Have a better day.

Answer 6

boy Denny I sure hope the rest of your life is perfect and all the other jerks on here who think people do these things to there selves on purpose. Things happen that are sometimes out of peoples control and they have no way to stop it.

A few months ago a family in my subdivision left at night while we were all sleeping they have 4 girls 16, 14, 14 and 10 do you think they did this to there selves on purpose?? Getting behind on there bills so they were going to take there home in for- closure. Do you think they would of did this to there children, oh my god no. But things happen and cold hearted people who say mean things because it has never happened to them sure better hope they are perfect and have the perfect job.

I live in the Detroit area and for-closures in this area are the hightest they have been ever in history. Kids lives are being turned upside down and you want to send there parent to jail?????

NICE REALLY

Answer 7

Let's keep in mind that the credit problem is partially the fault of the people giving the credit, because they are too greedy. I don't feel sorry for them when people take off without paying, with the amount of interest they charge and the profit they make.

Answer 8

I always joke with my friends that I wish we could go back to the days of breaking people's thumbs when they don't pay their debts.

It is very frustrating to be someone with good credit who pays their bills and see someone who isn't bothered in the least by the fact they owe tons of money. I work in collections for utility departments and have seen someone with $27,000 on their gas bill (not even a business- one person)

The only thing that makes me feel better is to know that while there are some people who just don't care, most of those who don't pay their bills are racked with fear, anxiety, and depression over their financial status. And most of the people I've seen who just don't care are those who have spent their whole lives in crushing poverty and, because they don't care, will never know a better life.

ETA:

David W.-

Yes, in some ways utilities are extending credit, however most utility companies have to deal with state regulations that govern who and when they can disconnect service. The $27,000 debt was on an account set up on a payment plan for low income persons (conversly, I've seen people with lower balances who haven't made a payment in three years, who were on the same plan) On this plan, they can get energy assistance agencies to pay the payments owed on their payment plan (which goes by their monthly income) and never make payment or touch the past due and it would be illegal for the company to disconnect service.

Echo-

Perhaps I should have quanitifed my answer a little better. People who charge groceries to a credit card because they lost their job or who've become ill or disabled? That's not who I believe this post was speaking of. I'm talking about people (which, you can find a lot of stories about this kind of thing in the book "Why keeping up with the Jones' is keeping us in debt") who've got two mortgages on their home and can't pay their bills but still have to go on a vacation to Europe every summer and join a country club or go on shopping sprees every weekend. With irresponsibility like that- I'm all for the thumb breaking/ sleepless nights. There are enough people in debt because of things beyond their control for me to waste time feeling sorry for people who dig their own financial grave.

Answer 9

particular, they are able to take criminal action. in case you owe the money and you have not repaid it, in keeping with even though words and prerequisites you agreed to, they are able to return once you. the suggestion decrease than--that as long as you're paying they are able to't do something--isn't maximum appropriate. for occasion, if the minimum charge on the mastercard is $seventy 5 and you pay $50, you're violating the words you agreed to. in simple terms as in the journey that your automobile charge have been $3 hundred a month and you desperate to pay $200. The worst element that would desire to ensue relies upon in part on the guidelines on your state. they might have the potential to garnish your wages, or those of your considerable different. they might have the potential to get a lien against your place, in case you own one. Or a lien against different issues you own. I anticipate the mastercard corporation has already mentioned your delinquencies to the credit bureaus, so your credit is already being broken. yet whilst it escalates extra, your credit would be broken even extra. The regulation company is enjoying hardball. They probably will negotiate, yet you will might desire to artwork on that.

Answer 10

No.

But there should be more accountability on how much credit companys give to people. Many college students are racking up thousands of dollars, then interest is kicked up, and they can barely make ends meet.