Reply to Outstanding Debts from 199...????

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Reply to "Outstanding Debts from 199...????"

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]When a credit card company lends you money, they basically make a deal that says you pay back the money (with interest) or they will wreck your credit for a while.  Some people act like the OP stole the money.  OP  paid a price for the unpaid debt (low credit score, difficulty getting any additional loans, possibly some trouble getting some jobs/insurance, etc.) that was the original deal.  His obligation is done.[/quote]

That's a perspective that I hadn't even considered. If the low credit score, difficulty in getting loans/jobs didn't impact the borrower, did he still fulfill his obligation? [b]Isn't stealing taking something and not giving it back under the terms agreed to?
[/quote][/b]

Read up on how the credit card industry works. They make money off of EVERY cardholder, even the ones who default. Between sky-high interest and late fees while the debtor is still paying, plus swipe fees.

If card-issuers actually lost money when cardholders defaulted, then they might stop issuing cards with high credit limits to oeople with no reasonable ability to repay. The reason they will issue a card to anyone with a pulse is that the house always wins. [/quote]

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