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What if everyone just stopped paying their credit card bills?

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Floogeldy Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Apr-26-05 11:45 PM
Original message
What if everyone just stopped paying their credit card bills?
Not that I would ever suggest such a thing, a ha ha ha, ha ha ha, AH HA, COUGH COUGH, AH COUGH.

But, I mean, what would happen?

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lonestarnot Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Apr-26-05 11:47 PM
Response to Original message
1. Don't know... Don't think that enough people would join as long as they
can pay.
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The Doctor. Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Apr-26-05 11:49 PM
Response to Original message
2. The debt would run it's way around the country....
and after seven years of tiny start-up collection agencies assuming the debt and, shortly after documenting it as an asset to draw credit from and borrow against, sell it all off and declare Bankruptcy.

(anything in the new bill about that?)
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lonestarnot Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Apr-26-05 11:50 PM
Response to Reply #2
4. This all is dependent upon the number of participants.
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The Doctor. Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Apr-27-05 12:30 AM
Response to Reply #4
13. right... it'd be more of a 'flow' and 'volume' equation...
I assumed the massive and extraodinary measures the OP stipulated.

But I imagine that at various levels of 'mass debt-disregard' we would see different variations on the theme, as well as other themes.
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evlbstrd Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Apr-26-05 11:49 PM
Response to Original message
3. First, the collectors from the companies.
Then, the shark collection agencies.
Then, the garnished wages.
Then, your credit rating plummets.
Then, you can't sign a lease, get a job interview, etc.

Turns out, you do have a permanent record.
Your credit rating.
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Cleita Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Apr-26-05 11:51 PM
Response to Original message
5. It would be better to stop using your credit cards.
Do pay them off though. You don't want to trash your credit. You may need to borrow for a house or car in a future that may not be so credit friendly. Most of your debt is unimportant to the CC companies. What would hurt them is to stop collecting the interest. I am working on this myself. Since my ATM card is also a Visa card, I believe it covers the things we usually need credit cards for like car rentals, although I haven't ever tried it yet.
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politicat Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Apr-27-05 12:37 AM
Response to Reply #5
16. They can get sticky on car rentals.
They fear that you'll rent the car, then take the money out of the account. Since they don't charge until you get back with the car, they worry about overdrafts.

Enterprise is reasonable about it.
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Ksec Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Apr-26-05 11:52 PM
Response to Original message
6. worked for me
I just throw the bills away now.
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Ksec Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Apr-26-05 11:55 PM
Response to Reply #6
7. Once the credit ratings goes south why bother?
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jaysunb Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Apr-26-05 11:57 PM
Response to Reply #6
8. We should start a club LOL !
cause that's where I'm am.

Of course I'm afraid that if you can't get 45% of the people to vote, there's no hope for collective action like this.
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Ksec Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Apr-27-05 12:03 AM
Response to Reply #8
9. Sounds good , call it the deadbeats club
Edited on Wed Apr-27-05 12:03 AM by Ksec
Once they started piling on all those late charges I asked them if they wanted what I owed them without the add ons . They replied that I MUST send the payment with all the add ons they charged, so I said fine. Youll get nothing from me and I meant it. My credit sucks now and it was really good before that.

I own my house luckily and I buy everything with cash now. Its much better that way wiythout all the monthly payments .

The only reason to borrow is for a house. Everything else is unnecessary IMO.
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MADem Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Apr-27-05 12:30 AM
Response to Reply #9
14. They could come after your house...you really should do something
Unless you live in one of those states where they can't take the house, it could be an issue down the line.
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Zorra Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Apr-27-05 12:04 AM
Response to Original message
10. It would collapse the banking system. n/t
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LoZoccolo Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Apr-27-05 12:05 AM
Response to Original message
11. They'd threaten to start arresting random people.
As a lot of people would be afraid to be the random person, they would start paying again.
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leftofthedial Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Apr-27-05 12:08 AM
Response to Original message
12. with the new law
the usurers would own all the collateral

and we'd all go to jail
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REP Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Apr-27-05 12:32 AM
Response to Original message
15. The Idea of Not Paying My Debts Is Repugnant To Me
I pay my bills in full, every month. Why? Because I'm the one who generated those bills! No one held a gun to my head and made me buy anything on credit!
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Az Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Apr-27-05 12:38 AM
Response to Original message
17. You can't be Tyler Durden!
I'm Tyler Durden!
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Montauk6 Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Apr-27-05 12:41 AM
Response to Original message
18. Shouldn't the question be what if everyone paid off their balances?
And, subsequently, what if they only paid for items with debit cards, checks and cash?

What would THAT do to the economy?
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