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Re: Credit Card Loophole? [Re: Buckeye Oysters]
    #10483990 -

whatever, think what you will...  I am not in jail, so apparently I have not done anything criminal.  If it is a loophole it doesn't fix my credit, so why you feel I need to be punished?  Maybe you should talk to my landlord who is into real estate and $200,000 in debt cause the county fucks him over on property value and he can't sell anything in this market...  and he intends to borrow even MORE money cause its the only way he is going to make money to get out of the debt he is in.  If he had a way to find a loophole to stop debt collection you bet he would take it.  Completely legal.  And like me, he will have to get his debt paid back in full on paper to be able to get his credit score up.


--------------------
Evolution is Lamarckism in disguise.  Adaptation never creates a new species or trait, but rather the new species/trait always existed within the parent DNA until circumstances allowed it to be activated.  For instance, every wolf has the DNA for poodles, but that DNA would never be revealed without man selectively breeding for it.

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Re: Credit Card Loophole? [Re: Buckeye Oysters]
    #10484345 -

Buckeye Oysters said:
Yeah its called statute of limitations, which for OH is 7years after the debt defaulted (longest in country).



except that after 6 years they'll take it to court, get a
judgement and fuck you for another several years and get
another for collection... they can ream you for a while


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California Has Legalized Child Prostitution

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Re: Credit Card Loophole? [Re: Geomancer]
    #10484357 -

Geomancer said:
Buckeye Oysters said:
How is a loophole a criminal act eh?  It is well within the law.


Thieves always try to justify their theft.

:shrug:


it's not even a loophole, he's just hoping they forget


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California Has Legalized Child Prostitution

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Re: Credit Card Loophole? [Re: Buckeye Oysters]
    #10484392 -

Buckeye Oysters said:
Quote:
Stealing over $40,000 with no incarceration?  I'd say so...


Ahem... being in debt is not a criminal act.  Otherwise well over half the country would be jailed.  I am doing nothing illegal.  Now if I tried to launder money that should be used to pay back debt, that would be illegal.  But believe me, I am broke at the moment.


Buckeye Oysters said:
whatever, think what you will...  I am not in jail, so apparently I have not done anything criminal.  If it is a loophole it doesn't fix my credit, so why you feel I need to be punished?  Maybe you should talk to my landlord who is into real estate and $200,000 in debt cause the county fucks him over on property value and he can't sell anything in this market...  and he intends to borrow even MORE money cause its the only way he is going to make money to get out of the debt he is in.  If he had a way to find a loophole to stop debt collection you bet he would take it.  Completely legal.  And like me, he will have to get his debt paid back in full on paper to be able to get his credit score up.


Any person who borrows money and doesn't pay it back is all of the following
1.  Bum
2.  Loser
3.  Scum
4.  Asshole
5.  Asshole
6.  Asshole
  Are you getting the picture yet?

You fucking stole from someone.  Who do you think owns those banks?  People.  Better people than you.  You make me sick.


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Re: Credit Card Loophole? [Re: zappaisgod]
    #10484443 -

Quote:
You fucking stole from someone.  Who do you think owns those banks?  People.  Better people than you.  You make me sick.


The bank did not lend him $40,000, the bank never had the $40,000 they lent him.

The bank created it out of thin air, digitally wrote a few 0's into his account.

The $40,000 never existed.

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Re: Credit Card Loophole? [Re: Chubba]
    #10484489 -

Chubba said:
Quote:
You fucking stole from someone.  Who do you think owns those banks?  People.  Better people than you.  You make me sick.


The bank did not lend him $40,000, the bank never had the $40,000 they lent him.

The bank created it out of thin air, digitally wrote a few 0's into his account.

The $40,000 never existed.



the bank paid the merchant the money so it is real money, not
just a few digits, if the bank didnt pay then the merchants are
out the money, either way it's theft


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California Has Legalized Child Prostitution

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Re: Credit Card Loophole? [Re: Prisoner#1]
    #10484521 -

I just don't understand.

How the bank can create the $40,000 when they didn't have $40,000.

Then they give it someone and say "now you owe us $40,000 + MORE interest"

I don't get how it's stealing if it never existed in the first place?

My brain hurts :mad:

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Re: Credit Card Loophole? [Re: Chubba]
    #10484614 -

they dont just create money

you apply for a card, $10k limit, you're approved
you charge $10k worth of shit
Bank pays merchants for $10k worth of shit
you owe bank for $10k+interest because you agreed to the terms

the money comes from investors and depositors


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California Has Legalized Child Prostitution

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Re: Credit Card Loophole? [Re: Prisoner#1]
    #10484640 -

Quote:
the money comes from investors and depositors


...but it doesn't, I thought that's the point.

The $10k they just created, digitally, there isn't $10k in "REAL" money to back it up... I think there's roughly $1k to back up the $10k? Therefor $9k just came out of NOWHERE.

Edited by Chubba (06/10/09 07:54 PM)

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Re: Credit Card Loophole? [Re: Chubba]
    #10484931 -

what is "real money"?

you are essentially describing the modern banking system

http://en.wikipedia.org/wiki/Fractional-reserve_banking

how does this in any way abrogate his debt?

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Re: Credit Card Loophole? [Re: luvdemshrooms]
    #10484966 -

Okay.

Who gives a FUCK if the money is real or if it isn't.  Thats getting balls annoying.

The way our system works is you have debt you pay it that's it.  If you're using the credit card you obviously don't give a shit if the money is real or not, your still getting what you want and the bank is still getting what they want. 

Just because the money might not be real doesn't mean its suddenly OK To just say "F MY DEBT THE MONEY I'M SAID TO OWE ISN'T REAL SO I DON'T HAVE TO PAY ANYTHING AND ILL JUST KEEP USING MY CARD TO GET STUFF AND NOT OWE A DIME!"

No.

Pay your debt.  Don't complain if they call you 5x a day either, you owe money.  What would you do if someone owed you money?

The easy way to avoid this situation is live within your means its honestly not hard.


--------------------
:peace::awebig::aum:

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Re: Credit Card Loophole? [Re: luvdemshrooms]
    #10484995 -

luvdemshrooms said:
So you're content being a thief?

Karma. I'll be laughing the day it comes and bites you on the ass.


ok sorry, but you even saying this seems like it will be "bad karma" or whatever on you.  laughing at the misfortune of others and getting on a high horse with your karma garbage?..pretty lame in my opinion.


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What Would Dexter Do?

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Re: Credit Card Loophole? [Re: BenRichards]
    #10485027 -

Carelessly and irresponsibly racking up $40,000 in debt with clearly no intention of paying it back just doesn't make sense to me.  Your credit score is now ruined for life.  The 40,000 never existing argument is bullshit. If your debt becomes delinquent, the creditor can take legal action against you. They could petition to garnish your wages, get a lien against your possessions, or get other legal judgments requiring you to pay up. Those credit lines were more then likely insured and are probably not even in the hands of the bank anymore.  The bank will recover a substantial portion of the money from insurance, who will then sell the case over to an independent collection agency.  These are most likely the people who are calling you 4-5 times a day.  You can go to jail if you attempt to hide assets or income to avoid paying a debt for which there is a judgment against you.  I wouldn't count on getting by through this "loophole".

Edited by lind2388 (06/10/09 08:59 PM)

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Re: Credit Card Loophole? [Re: Chubba]
    #10485104 -

Chubba said:
Quote:
the money comes from investors and depositors


...but it doesn't, I thought that's the point.

The $10k they just created, digitally, there isn't $10k in "REAL" money to back it up... I think there's roughly $1k to back up the $10k? Therefor $9k just came out of NOWHERE.


then who pays the merchants for the goods they paid for in order to have the shit in stock to sell to you


--------------------
California Has Legalized Child Prostitution

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Re: Credit Card Loophole? [Re: zappaisgod]
    #10485173 -

zappaisgod said:
Any person who borrows money and doesn't pay it back is all of the following
1.  Bum
2.  Loser
3.  Scum
4.  Asshole
5.  Asshole
6.  Asshole
  Are you getting the picture yet?

You fucking stole from someone.  Who do you think owns those banks?  People.  Better people than you.  You make me sick.


Pretty much sums it up.  Its a matter of character.  You signed on the line under all that fine print that says: "I will pay this back". 

Then you did not pay it back.


--------------------
...the whole experience is (and is as) a profound piece of knowledge.  It is an indellible experience; it is forever known.  I have known myself in a way I doubt I would have ever occurred except as it did.

Smith, P.  Bull. Menninger Clinic (1959) 23:20-27; p. 27.

...most subjects find the experience valuable, some find it frightening, and many say that is it uniquely lovely.

Osmond, H.  Annals, NY Acad Science (1957) 66:418-434; p.436

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Re: Credit Card Loophole? [Re: badchad]
    #10488218 -

The real crime is the banks being allowed to charge a 25%APR+ on debt when a single payment is missed.  That is how my debt ballooned to $40k.  Back in the day there used to be what's called usury law's that prevented banks/institutions from charging even any interest.  But the banks rightfully bitched that some people were unable to pay their debt and so the banks were allow to charge interest to make up for the loss.

But 25%APR+ is ridiculous and makes repayment of debt near impossible.  Sure its in the fine print and I signed on to it, but does that make it ethical?  Thats how the IMF buys out 3rd world countries by making impossible to pay back loans.

And Jesus, did you people forget that I said I used the cards because of my medical issues?  You know what I could have done?? I could have pushed my way on to SSI/medicaid, etc.. and be taking thousands of dollars from the tax payer for honest reasons.  But INSTEAD I decided to do my best to live life without government assistance, growing pot to pay bills and my monthly cc bills.  And I got robbed multiple times.  But I haven't taken any money from the taxpayer, only borrowed money from the banks.  Even if I didn't want to pay the money back I will have to pay it back eventually to get financially ahead.

So quitchurbitchin!


--------------------
Evolution is Lamarckism in disguise.  Adaptation never creates a new species or trait, but rather the new species/trait always existed within the parent DNA until circumstances allowed it to be activated.  For instance, every wolf has the DNA for poodles, but that DNA would never be revealed without man selectively breeding for it.

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Re: Credit Card Loophole? [Re: Buckeye Oysters]
    #10488251 -

Ethical?  You have the nerve to raise an ethics issue?  You are an adult who signed a contract.  Honor it.


--------------------

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Re: Credit Card Loophole? [Re: Buckeye Oysters]
    #10488375 -

It really wouldn't matter if the interest was 25% or not... You wouldn't pay it if it was $4000.

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Re: Credit Card Loophole? [Re: usefulidiot13]
    #10490189 -

usefulidiot13 said:
luvdemshrooms said:
So you're content being a thief?

Karma. I'll be laughing the day it comes and bites you on the ass.


ok sorry, but you even saying this seems like it will be "bad karma" or whatever on you.  laughing at the misfortune of others and getting on a high horse with your karma garbage?..pretty lame in my opinion.


It's a good thing your opinion is absolutely worthless.

I don't steal nor do I blame others for my problems.

I have no fear of karma because I go above and beyond to do the right and smart thing.


--------------------
You cannot legislate the poor into prosperity by legislating the wealthy out of prosperity. What one person receives without working for another person must work for without receiving. The government cannot give to anybody anything that the government does not first take from somebody else. When half of the people get the idea that they do not have to work because the other half is going to take care of them and when the other half gets the idea that it does no good to work because somebody else is going to get what they work for that my dear friend is the beginning of the end of any nation. You cannot multiply wealth by dividing it. ~ Adrian Rogers

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Re: Credit Card Loophole? [Re: luvdemshrooms]
    #10494234 -

Everyone needs to slow down here.  What the OP did was not theft or any other criminal activity.  He defaulted on a contract.  Happens every day all day.  Companies do it on purpose all the time.  Yes, it may not be the moral or ethical thing to do.  However, the system is set up so that the OP may do exactly what he's doing.  He'll suffer the consequences and can declare bankruptcy and/or have a shitty credit score for a while.


--------------------
"I now have absolute proof that smoking even one marijuana cigarette is equal in brain damage to being on Bikini Island during an H-bomb blast."

-Ronald Reagan


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