Can you do it? Only if you have no job and no traceable assets. By the way, if you have no job you also may not get many new credit cards since the banks are finally beginning to check this kind of thing. It is basically the same situation as the real estate bubble. The liar loans (people claiming unverified high paying jobs) have created an enormous bubble of bad credit card debt that is about to burst. Chase, Citibank, Bank of America - I can only imagine how much more bailout money these parasites will need from the taxpayers "in order to avert disaster". As for the ethics of it all - you know I used to think it was basically just theft - but now, what the hell... the dollar is going down anyway, the banks are going to rip off the sheeple one way or another, and then maybe the sheeple will wake up. You are basically just hastening an inevitable process, so what the heck - donate half the $ to charity, buy silver with the other half, and sleep well knowing you helped hasten the demise of a parasitic industry. Just my opinion for entertainment purposes only.
thanks, buddy! you should be lucky to have a friend like myself. so canadians have no future either. where to an english speaking person can go once US and canada implode? the essence of the game is to horde as much moneys as possible to have more options when sh*t hits the fan. this is a cruel world - nothing like what they taught me when i was a kid.
THIS from a moron who has 1,000 aliases, constantly comes back to a trading Board that obviously doesn't want him in any way, shape or form and thinks that his 10k Interactive Brokers account makes him the King of the Hill. Only on ET folk, only on ET.
Its already happening look up debt settlement lol ... anyone wonder why those unlimited amex credit cards are no longer unlimited?
This economy is not recovering yet folks, it will be dismal world wide for at least another 18 months, Real Estate has not bottomed yet.. I wouldn't be burning my credit rating just yet, wait until you see the whites of their eyes.. about summer of 2011, then burn the credit cards and the credit rating bullshit and buy some rentals.... the collectors can put some liens on the properties or whatever, in about ten years refi and pay them or keep offering them 15% to pay it off every six months, you might hit them right when they need the money, they will start to see it as a bank account and eventually, catch them in a moment of weakness and pay them off cheap... if inlation hits, all normal bets are off, burn the credit cards and get rentals, the rentals hold their value while the currency value falls and you pay the debt off in cheaper currency later on after the collectors put liens on the properties... make sure that you guide the proceedings towards the liens if you are working... tell them if they attach your wages you will quit the job and go manage your rentals... A side note in the law.. in some states, if your wage is attached, your employer cannot fire you or lay you off!! I knew a guy that went through a massive layoff and still had his job, they kept his department open with just him working it for awhile... his wife had screwed him with a divorce attorney and got his wage attached.... but he kept the job and eventually remarried and his new wife and he were a great little real estate team and they made a small fortune for themselves.... it's funny how things work a lot of the time..
Or just move to the UK Here if you rent instead of have a mortage the baliffs cant touch you or do anything to you at all! (Apart from send you loads of junk mail letters with loads of nonsense in them) And we also have new government schemes called DRO, which means all your debt is wiped off in 1year, and you do not even have to go through a court to get it, and you are not made bankrupt. Or just wait 6years and all debt is automatically cleared if you ahvent made a single repayment.
My old buddy the plumber/artist, had $500 SS check every month coming to him. (obviously not enough to live on), but while he could he still worked... He is now 87, a while back while it was easy, he took out $140,000 on various credit cards and then he showed a middle finger to the banks and declared bankruptcy, he is still laughing at the fucking cc companies (who are SCUM by the way) if he is still alive..... had he bought land or stuff and hide it, he could have been charged with fraud, but what the fuck are you going to do with a dead beat, artist/plumber who is a geriatric? This whole affair took him a while and he lived off his credit basically, also run his business off it....