My mom would scream at my dad, "I told you not to give him money! I was a little kid but I felt scared and didn't know why. My dad was too trusting and too sad and died from the cocktail of both.
Default in the credit card industry is, by itself, an entire industry that many people benefit from. But here's the good news: not everyone will follow this advice. But if you are struggling and your kids need food and your marriage is at stake and you lost your job, then simply stop paying your credit card debt and follow the process I describe above. I would say mortgage debt also but that's another post.
They can actually threaten you with court action and they might not be bluffing. It's not like friendship debt where you need to pay back.
told me he would publish a book with my formulas if I wrote them down. I bragged in school I was going to be a published author. She said, "You can't say it again until it happens." I ended up not finishing it.
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There's usually other terms in the fine print, by the way. No problem: they borrow money from the US government, and the government will seize customer savings accounts if the bank defaults. I'm being very rough here, but that's $200 billion in potential profits. Easy: they pay 3 to 6 cents for every dollar you borrowed. Maybe they give the collection agencies, on average, two cents. By the way, hedge funds analyze these collections of bad credit card debt like they would any other investment.
It's "I will do X, and if I don't satisfy my responsibility, you can do Y". And this is how banks make money: the difference between that 20% (give or take) and 0%. There's about a trillion dollars in credit card debt out there. They have 100 Ph Ds who have already modeled out how many people will default. Why would a hedge fund buy your debt once you start to default? They outsource to either collection agencies or law firms in your local area to collect from you. In 1994, collection agencies would call me and I would get scared. A few months ago I decided to purchase a months Xbox Live Gold membership. Enter your credit or debit card details and Microsoft take your money before you can blink.Then you receive the obligatory confirmatory email thanking you for your However, you can’t cancel your membership or remove your credit card details either via your Xbox dashboard or com/live/accounts. One card, with First Premier Bank, even had interest rates go as high as 80%. The question was this (verbatim): "Hi James, Please please help me. Answer: DON'T PAY YOUR CREDIT CARD DEBT if it is hurting the rest of your life. Then the courts just give the credit card companies your money. North Carolina and West Virginia, for whatever reason, are the worst states if you are a buyer of batches of bad credit card debt. But they might only pay 2 cents on the dollar for those. Credit card debt is NOT the same as friendship debt. A bank is usually a trillion dollar institution that charges you fees, interest payments, has lots of fine print, and makes you sign lots of contracts. The bank says, "we will lend you up to $X, and you will pay us back all the money plus interest, plus penalties. A) If you default on even one of your credit cards, the interest rates on other cards you own might go up. B) You usually get low rates for the first six months, and then much higher rates, and if you miss a payment, your interest rates might be as high as 20% or more. This post is in response to a question I got a few weeks ago. I'm really depressed and I think my wife is going to leave me and I have to put food on the table for three kids. If you borrowed 00 on your credit card, the bank will sell it to a hedge fund for . So now the hedge funds have made 100% on their investment. They look at the ages of the borrowers (younger age means they will pay less money), they look at the age of the debt (older means they will pay less money for the debt), and yes they look at race and gender and what state you live in. We will not share your email address and you can unsubscribe at any time.