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Lucas
Joined: 11 Sep 2012
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 Posted: Wed Jun 18, 2014 10:26 pm Post subject: Debt |
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I was speaking to someone the other night, we got onto the issue of debt.
They told me how they took out several credit cards (in their home country) and when the debt go too much, got on a plane and came to Korea.
They've not contacted the banks, made no arrangement to pay any of the debt off.
I just can't understand how anyone could do this......
Has anyone else done this? |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Wed Jun 18, 2014 10:39 pm Post subject: Re: Debt |
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| Lucas wrote: |
I was speaking to someone the other night, we got onto the issue of debt.
They told me how they took out several credit cards (in their home country) and when the debt go too much, got on a plane and came to Korea.
They've not contacted the banks, made no arrangement to pay any of the debt off.
I just can't understand how anyone could do this......
Has anyone else done this? |
I'm sure there are a few who have run out on their debts at home.
The only problem is, depending on where you are from, the simple fact that it can take from 7-10 years to disappear from your credit score / credit report
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even after that - those particular companies that you ran out on (Visa, MasterCard, Discover, etc) can still see your old file with them (it never disappears, they just can't report it to others) and they will probably never grant you credit again.
In some counties it can be a criminal offense if you get the cards and knowing of your intent to leave then run up the cards with no intention of payback (onus on you to prove otherwise). It goes from the realm of unpaid, unsecured debt to fraud.
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Lucas
Joined: 11 Sep 2012
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| Posted: Wed Jun 18, 2014 10:48 pm Post subject: |
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| Quote: |
I'm sure there are a few who have run out on their debts at home.
The only problem is, depending on where you are from, the simple fact that it can take from 7-10 years to disappear from your credit score / credit report
and
even after that - those particular companies that you ran out on (Visa, MasterCard, Discover, etc) can still see your old file with them (it never disappears, they just can't report it to others) and they will probably never grant you credit again.
In some counties it can be a criminal offense if you get the cards and knowing of your intent to leave then run up the cards with no intention of payback (onus on you to prove otherwise). It goes from the realm of unpaid, unsecured debt to fraud.
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6 in the UK I think.....
If this affects you - do something about it! |
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radcon
Joined: 23 May 2011
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| Posted: Wed Jun 18, 2014 10:54 pm Post subject: |
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| Future credit worthiness aside,in the US that person's ability to get hired for a new job, rent an apartment, get car insurance and other things will end or be greatly curtailed. |
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Fox
Joined: 04 Mar 2009
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| Posted: Wed Jun 18, 2014 11:17 pm Post subject: |
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| Lucas wrote: |
I just can't understand how anyone could do this...... |
I can understand it. I wouldn't do it, but I can understand it. The world is filled with people who choose present pleasures or benefits at the expense of future complications. This is just one manifestation of that behavioral pattern. |
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KimchiNinja
Joined: 01 May 2012
Location: Gangnam
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| Posted: Wed Jun 18, 2014 11:21 pm Post subject: |
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It's called "strategic default" to use a fancy word.
Not sure why you "can't understand how any can do it". You just don't pay it back, done. |
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le-paul
Joined: 07 Apr 2009
Location: dans la chambre
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| Posted: Thu Jun 19, 2014 12:59 am Post subject: Re: Debt |
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| Lucas wrote: |
I was speaking to someone the other night, we got onto the issue of debt.
They told me how they took out several credit cards (in their home country) and when the debt go too much, got on a plane and came to Korea.
They've not contacted the banks, made no arrangement to pay any of the debt off.
I just can't understand how anyone could do this......
Has anyone else done this? |
but you can understand how banks and loan companies etc etc can lend money to people knowing that theres either no possibility of them ever being able to pay it back, at a ridiculous high percentage or trapping people when they are students with an overdraft knowing that theyll have them by the short hairs for life...
etc
etc
etc
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KimchiNinja
Joined: 01 May 2012
Location: Gangnam
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| Posted: Thu Jun 19, 2014 1:22 am Post subject: |
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The topic no doubt descends into a discussion of morality, which I don't recognize as existing...
But as Le-paul brings up, if you start talking about borrower morality, you need to also talk about lender morality. It's a lopsided situation because the lender seeks to enslave the human race with debt (morality does not exist in the finance profession). Yet the borrower is brainwashed that they have a moral obligation to repay the debt. So from the beginning things are stacked in favor of the savvy 1% becoming richer and the naive 99% becoming poorer.
As a finance professional I would encourage the 99% to strategically default when they learn they have been subject to immoral finance trickery, that balances the game. |
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Dr. Lipschitz
Joined: 30 Aug 2013
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| Posted: Thu Jun 19, 2014 7:05 am Post subject: Re: Debt |
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| ttompatz wrote: |
| Lucas wrote: |
I was speaking to someone the other night, we got onto the issue of debt.
They told me how they took out several credit cards (in their home country) and when the debt go too much, got on a plane and came to Korea.
They've not contacted the banks, made no arrangement to pay any of the debt off.
I just can't understand how anyone could do this......
Has anyone else done this? |
I'm sure there are a few who have run out on their debts at home.
The only problem is, depending on where you are from, the simple fact that it can take from 7-10 years to disappear from your credit score / credit report
and
even after that - those particular companies that you ran out on (Visa, MasterCard, Discover, etc) can still see your old file with them (it never disappears, they just can't report it to others) and they will probably never grant you credit again.
In some counties it can be a criminal offense if you get the cards and knowing of your intent to leave then run up the cards with no intention of payback (onus on you to prove otherwise). It goes from the realm of unpaid, unsecured debt to fraud.
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FALSE-
Visa, Mastercard, Discovery, etc... do not issue credit. They are contracted by banks to provide a means to use credit. THe funds and credit are issued by financial institutions such as BOA, Wells-Fargo, CHASE etc. |
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Lucas
Joined: 11 Sep 2012
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| Posted: Thu Jun 19, 2014 3:10 pm Post subject: |
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| Quote: |
The topic no doubt descends into a discussion of morality, which I don't recognize as existing...
But as Le-paul brings up, if you start talking about borrower morality, you need to also talk about lender morality. It's a lopsided situation because the lender seeks to enslave the human race with debt (morality does not exist in the finance profession). Yet the borrower is brainwashed that they have a moral obligation to repay the debt. So from the beginning things are stacked in favor of the savvy 1% becoming richer and the naive 99% becoming poorer.
As a finance professional I would encourage the 99% to strategically default when they learn they have been subject to immoral finance trickery, that balances the game. |
I'd like to eat 30 cookies in one sitting, but I dont. |
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