Paying Off Credit Card debt?

[pablo113]

Just wondering what everyone here thinks about paying credit card debt? If TSHTF bad - then there probably wont be any credit card companies left anyhow. Also your FICO credit score wont matter much.

IF things take longer to unfold - then the banks will try to get you - as we all know they have bene able to tie almost all facets of life to your credit score.

On a more serious note - what if you need the funds to prep? My guess is for survival especially, maxing out credit cards with the resulting risk is a good hedge. Huge upside potential (survival) and small downside (bankruptcy, Bad FICO score) relatively speaking.

has anyone else here thought this out 

[houseoftang]

Just make sure that your preps can't ever be confiscated to pay off part of your debts!

I have a feeling that debt will be the chain that shackles most people to the system as it goes down and turns into Fedghettos.  Still, it'd be very tough to round up everyone who owes money but refuses to go to the Camps, so in that sense it doesn't really matter.  But being in substantial debt can put you in a very bad position, gives you fewer options.

I'd say maybe put a few thousand dollars worth of preps on the card if you believe you can pay it off within a year or two, but don't go overboard.

[pamplemousse]

no debt - no debt - no debt - no debt

Do your prepping on the cheap.  Stick with a budget.  You can do a lot if you have a plan and are methodical.  It feels good to not have debt.

[houseoftang]

no debt - no debt - no debt - no debt

Do your prepping on the cheap.  Stick with a budget.  You can do a lot if you have a plan and are methodical.  It feels good to not have debt.

And you can learn ways to do things when purchased options aren't available.  That's true life after the oil crash thinking.

[Poseidon]

Why do one when you can do both?  Indeed, plan on a budget and pay down debt at the same time.  That's what I'm doing, and I've seen my net worth go up a lot even in just the past 5 months, while accumulating a significant amount of preps.

And remember, they will NOT let the banks fail, therefore there will always be someone after the money you owe!

[goanna]

If one bank fail the other will take over and you still owe your depth.
I would pay the credit cards off quickly, you might even borrow money from your family.
Then I would stop having credit cars at all unless you are the person who does not make any depth on credit card at all. Credit cars are too tempting for many.
I would stop every regular payment which is not really essential. Stop eating out, stop buying expensive perfabricated foodstuff, softdrinks, etc. Bake your own bread yogurt etc.
Buy your clothes second hand or sew and have if at all the cheapest car possible. cut your electricity use  in half.
I would maybe buy a bit more food each time you go shopping especially beans, lentils rice. (If you have I would deep freeze the beans for some hours to make sure that weevils are dead)

[houseoftang]

The other problem is that, depending on where you are in life, you might, ahem, acquire debt.  I have a small amount of credit card debt that I can pay off fairly fast.  Unfortunately, I'll be marrying into a fairly significant amount of debt.  I'm wondering whether it's worth paying off my own debt, or just carrying it along for now and putting the money into a house.

[Doomerific]

Just remember that there were a bunch of people like us thinking the same thing in the 1970's, you never know what will happen next. 

[Cornelian]

Someone will *always* come to collect your debts! I think many people seem to see an oil crash (or insert your own doom of choice) as a reason not to pay off debts - but trust me, debts will always be remembered and someone will always come after them. You cc providor may fail, but their debts are assets that will be passed on to someone.

And one day they'll come knocking.

[FullRefusal]

Waste of time. Yea you fucked up but these fuckers invent this money and monetize your slavery. Fuck them. Put your money into your own survival. They can't do or take shit.

[FullRefusal]

Someone will *always* come to collect your debts! I think many people seem to see an oil crash (or insert your own doom of choice) as a reason not to pay off debts - but trust me, debts will always be remembered and someone will always come after them. You cc providor may fail, but their debts are assets that will be passed on to someone.

And one day they'll come knocking.

WRONG...they have 7 years to collect unless they get a legal judgement which most of the time they do not. Been there done that. Don't fall for the scare tactics. Don't pay shit.

[Zac]

Someone will *always* come to collect your debts! I think many people seem to see an oil crash (or insert your own doom of choice) as a reason not to pay off debts - but trust me, debts will always be remembered and someone will always come after them. You cc providor may fail, but their debts are assets that will be passed on to someone.

And one day they'll come knocking.

WRONG...they have 7 years to collect unless they get a legal judgement which most of the time they do not. Been there done that. Don't fall for the scare tactics. Don't pay shit.

The statute of limitations on debts varies depending on the state and the type of debt:

http://www.bankrate.com/brm/news/cc/20040116b2.asp

After the statute of limitations expires, they can still call you and it will probably continue to show up on credit reports for 7 years, but they can't sue you in court. 

Zac

[roccman]

Just wondering what everyone here thinks about paying credit card debt? If TSHTF bad - then there probably wont be any credit card companies left anyhow. Also your FICO credit score wont matter much.

IF things take longer to unfold - then the banks will try to get you - as we all know they have bene able to tie almost all facets of life to your credit score.

On a more serious note - what if you need the funds to prep? My guess is for survival especially, maxing out credit cards with the resulting risk is a good hedge. Huge upside potential (survival) and small downside (bankruptcy, Bad FICO score) relatively speaking.

has anyone else here thought this out 

forget about paying it off...you will not be afforded the opportunity...

on a similar note homedebtors that say, "I have no debt...EXCEPT the mortgage" slay me...

Um...so they really think they will have 25 years to pay it off?

Not only don't pay it off, but run it up to the max and buy preps...

'member class...you can't eat a FICO...

Really - you can't

and if you have a mortgage...

you don't OWN the house.

really.

[roccman]

Someone will *always* come to collect your debts! I think many people seem to see an oil crash (or insert your own doom of choice) as a reason not to pay off debts - but trust me, debts will always be remembered and someone will always come after them. You cc providor may fail, but their debts are assets that will be passed on to someone.

And one day they'll come knocking.

no they won't

really corn...go make yourself a sandwich and enjoy life....

the boogyman is not real

really.

[pablo113]

someone else posted this:
Banks default all the time on their debt. But, if the individual does it we are "bad people." Even with a perfect credit score you can't get a loan. What is the down side to using all you CCs to buy food, etc and use your cash to buy Gold and Silver? Then, just default on the debt and either pay a few pennies on the dollar or, when hyperinflation hits, sell 1/2 an ounce of gold and pay the balances off?

The banks and the Fed has stolen our money (buying power) and now the banks we owe credit card debt to just got our taxes, IRA, and 401Ks. What is wrong with our screwing over the banks!?

Am I missing something?