I have a friend who just stopped paying his student loans about a year ago to Sallie Mae. He owes them about $30k. He just doesn't care about his loan and just refuses to pay. Would they have to take him to court to garnish his wage? Would they have to take him to court to garnish his bank account?
I agree with this view. Universities have become trade schools. Completing a four year degree has become a necessity to anyone who wants the prospect of a job with a decent salary. As a result education standards have gone down and tuition has gone up. Universities shouldn't function this way. They should be research institutions that focus on educating future scientists and researchers. Instead they discourage a career in academia by charging rediculous tuition fees and have monopolized the entrance to higher paid careers outside of academia.
Sounds about a big a deadbeat as all these incomptent bastards who had to get the government to bail them out. They still should have let the markets take care of themselves and let it land where it may. What is the diffference between a welfare crackhead and a Wall Street banker? Answer: the size of the welfare check.
That's what I did with my credit cards!! My dad, mob associate that he was, would be proud. I feel that I was ahead of the curve, why wait for the credit freeze and subprime thingy, default early, default often, you'll find you're in good company btw Besides the collectors are fun to mess with... It's just business, tell 'em to go scratch their asses... Actually, what the hell, you get to retirement age and you find that likely you will never really need credit. What are you going to do, make car payments, buy your first home? Burn, baby burn...
This is the type of attitude that will lead to the destruction of our country. I realize honor and commitment are concepts that aren't too popular any more, but I find the fact that your not ashamed, and even proud of this behavior pretty disgusting.
Truth is, i got out of work, too old to get another job, unable to pay, went full time working on auto trading schemes... it's all worked out fine at this point really. Just having some fun with 'yall, you guys take this debt thingy too serious, frickin credit card companies had me at 31% when I defaulted, f&^k 'em...
fractal is showing false bravado (and is dumb for defaulting).. what he's too embarassed to mention is, his credit is fvcked up now and he: 1. can't rent a car or book a hotel room without putting up hundred of dollars cash deposit, because he can't get a credit card. 2. can't get water, phone, electric or cable without putting up several hundred dollars cash deposit 3. can't get the cheapest rate on auto or homeowners insurance (assuming he even owns a home) 4. can't get 0% rates on credit cards for 1 year, or 3% for life on a cash advance like i can 5. would have to pay 12% interest to buy a car instead of 4-6% like people with good credit 6. can't rent an apartment without putting up 2-3 months rent upfront in addition to the normal security deposit .. and on and on.
Oh my, I am missing out on the true American lifestyle!! I'm telling you, it's an illusion that you need credit for any of that shit. Everything is negotiable, everywhere, all the time. And if we do need credit, wifey kept her credit pristine... she manages the rentals and home repairs, pays the bills, all that shit, and I work on the computer side of things... get some business sense, I'm retired, what am I going to do, run away and buy my own house and dump the wife? Get a car I can't pay cash for? I'm telling you, if any single credit card debt is not $25k or more, it's not worth the lawyer time to get a judgement and when they do get a judgement, you wind up with a lien on your house, worst case... unless you are a cubicle slave in which case they attach your wage and you get your work from a temp agency thereafter if need be. I recommend that people really think about things and really think about that 30+ % interest rate they can charge before one pays them... if your situation is such that you can tell them to either lower it to something reasonable or get stiffed, then stiff them if need be... You guys are a bunch of hypnotized chickens, staring at that line on the ground.. "must follow line... must follow line... something bad will happen if I don't follow line"