Isn't credit card debt a more efficient for of slavery?

Question

I mean with slavery the captor has to feed, clothe the slave. Not to mention the possibility of a revolt.

With credit card debt, the companies peacefully recieve interest money and fees with little or no risk.

The only difference is debtors let their desires trap them into debt.

Answer 1

Actually, it's closer to what is called "indenture", where someone promises to pay for a service or material goods with labor. Slavery is involuntary. While indenture may feel like slavery...it IS payment for value received. You don't get out of debt easily when you overspend in ANY way! Good luck

Answer 2

I think it is usually better not to do bankruptcy, which will harm your credit report worse than mere charge-offs and collections will. But of course it depends on a lot of factors. You could also consider credit counseling. Your creditors can take you to court and sue you to get a judgment. The judgment MIGHT lead to garnishment of wages or a lien on your house, or access to your checking account. Note that those options are pretty limited -- bankruptcy is primarily a means to protect your assets from creditors -- usually not needed for unsecured debt. Note that your situation with credit cards is way different than the guy above who had medical bills. Different laws apply. I very much doubt anything as draconian would happen to you. And you don't get arrested for not showing up in court. You just lose default judgment. More likely, they will never take the step of suing -- that takes time, money and effort. But no guarantees. Your state has a statute of limitations, after which creditors cannot successfully sue you (varies, usually about 3 - 6 years). You should research that, and what triggers the "clock" and what if anything can restart the clock in your state. Some people just wait it out til SOL expires, then take action to clear up their credit reports.

Answer 3

It's not necessarily that debtors let their desire trap them, it is the many fees that credit card companies impose on the card holder that traps them. To name a few; junk fees,penalty rates, universal default, allocation of payments, late payment triggers, and unilateral change-in-terms. If you need more information, you can go on line and check for yourself, [e-mail], or call [phone] which is the number for Alys Cohen, staff attorney with the National Consumer Law Center.

Answer 4

I always thought slaves were forced into being slaves. If you don't like the interest, don't take the loan. You have that choice.

Answer 5

Slaves didn't have bankruptcy as an option.