How I stuck it to the credit card companies
invite response
2009 Dec 2, 8:00pm 52,282 views 114 comments
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An old bromide to keep in mind :
Gold is the money of kings, silver of gentlemen, barter for peasants, and debt is of SLAVES.
Do your part to CRASH THE ENTIRE FIAT BANKSTERING/POLITICAL SYSTEMS - JUST SAY NO !!
ps : NEVER, EVER ATTEND ANY PROTEST RALLYS FOR ANY REASON OR CAUSE WHATSOEVER - unless you like being clubbed, pepper sprayed, or seek adventure being herded into crowded jail cells, desire being charged criminally as terrorists, have no concern about being allowed to leave the country ever again, and or have no problem paying tens of thousands of dollars to scumbag psycho lawyers to plea bargain a 2 year sentence for civil disobedience, insurrection or trumped-up treason charges. Uncle $am didnt refurbish 100's of FEMA camps for no reason !!
Rather than wastefully expending energy making placards, marching in the rain and snow, or throwing your money away on lawyers and spending time in jail - PROTEST FROM THE SECURITY AND SAFETY OF YOUR LIVINGROOM - GET TO KNOW YOUR NEIGHBORS WHILE PREPARING TO STAND TOGETHER PROTECTING EACH OTHERS BACK DURING INEVITABLE COLLAPSE OF THE ENTIRE ECONOMY - BECAUSE IT IS NO LONGER POSSIBLE TO PRETEND, AVOID OR EVADE.
Financial Armageddon is all around us and upon us - regardless of color, country or continent.
Best of success, and hope to meet you on the other side.
CRASH THE BANKSTERS - BUY PHYSICAL SILVER BARS AND COIN
Peter Carson
cansteel1978@yahoo.ca
This sounds familiar. The Chase stuck me with $40 penalty and interest.
I didn't for some reason receive a bill for the month which they changed
from Washington Mutual to Chase. So I called them thinking they should
forgive me for this one time. They said NO. Not even for the first time.
They said it is my responsibility to keep up the payment. I pay all the
balance every month, and this is what Chase does to me.
Out of anger, I called them three times to their toll free number and
kept them on the phone for a while I got tired of getting pissed off. I
am still pissed.
I thought about going out for a shopping spree of about $10K and default just
out of anger. But I am still looking to buy a house, and I don't want my
credit ruined. So my only recourse is to talk about my incident.
Oh, and one foreclosure I was looking to purchase. I rescind my offer
after learning I had to deal with Chase. I thought about using court
injunction to delay the sale of this property. But I didn't, cause I would
also be wasting my time going to court. I am still thinking about the
ways to screw Chase legally without the risk to me. Maybe it is time
I should just forget about it and just resort to occasional ranting.
Anyone has a good idea to screw Chase, please let me know.
evilmonkeyboy
2011 Mar 31, 1:52pm
Wow! When I read the title I thought you would be screwing the credit card companies the way I do.... buy everything on it and paying it off in full every month to earn cash reward and being able borrow their money for free.
Honestly, what you did was just plan wrong.
When you buy a lot on credit cards and pay it off every month, you aren't screwing the credit card companies...they make money on the transaction (granted, much of it goes to the primary company -- AMEX, VISA or MC), but Citi, Capital One, Chase or whoever else gets a cut...and make money even if you pay it off every month...
Using credit cards, if anything, screws the merchant. Especially AMEX and rewards cards.
Ok Its' Game time for Chase Bank make your normal payment every month on time pay extra if you can, He is where the game starts pay auto paymnets as many as the the bank will let you of 2.00 each time it cost the bank to take 1.50 or so every time thay run a auto payment of 2 dollors. Millions of people at doing this. We the people need to find the loop holes in there system. and work it so it cost them money.
So it looks like you've traded 10k or 20k in equity in a house in mexico and threw a 90k party, in exchange for your good credit in the US?
Why were you laughing all the way to the bank? Because you aren't in jail? It seems like you are gloating in the original post.
Personally I'd rather have good credit in the country I live and work in. What happens now if you need to borrow money for an emergency?
I guess its just a question of values, to each their own.
you didn't get away with anything.
Not listing the house in Mexico was bankruptcy fraud.
Not disclosing the transfers to your wife's account was bankruptcy fraud.
You are a criminal.
could do the dude maybe have chosen a credit card that didn't jump to 29 percent on "the first day" of default?
http://articles.moneycentral.msn.com/Banking/CreditCardSmarts/Your5MinuteGuideToCreditCards.aspx
"Protect me protect me protect me"--from myself.
I see it as follows;
personal responsibility vs. 31% usury credit cards. Yeah, nobody should live beyond their means. BUT...anybody who says "you deserve it" when the CC company violates You is just not realistic
The system has been screwing you for years and you sheep post hate statements against a victim of the system designed to screw you. lol wake up idiots, the banks were the ones that inflated real estate with their no income no asset 100% financing loans and then top it off with a 1% payment schedule. All that did was increase prices through the roof and allowed the the economic disaster. The banks are the poster child of our economic crisis not public that "lied" on their applications. How stupid to believe otherwise. They were told to lie and they were suckered into loans they did not fully understand the consequences of and were feverishly driven to BUY BUY BUY before it's sold! Now the banks want to blame it on the consumer they created. Can't wait to cash out all my credit cards and stick a finger up in BK court after I return from a long vacation.
joshuatrio
2011 Sep 30, 8:08am
I really hate how this thread keeps coming back to life.
Shame on me for bumping it back up.
Corporate communism is the result of people pursuing unrelenting personal self interests. And then people and corporations justify their actions by saying it was for the public good (corporate) and by playing the victim (personal) as MM did with his example. Both actions by big corporations and individuals are taken without regard to the right and wrong of such actions in a communist system.
The federal government only reflects the lack of moral convictions that our electorate possesses, and as a result our elected officials have allowed the corporations to grow without controls and without failure.
Capitalism without failure will eventually lead to communism or socialism. In essence, we have become here in the US at least partially a communist state.
Actually, you realize this country is all F_cked up, but your conclusion is incorrect. What you describe is more closely defined as fascist corporatism. In short, one of the most notorious of them all defined it most succinctly "Fascism should more appropriately be called corporatism because it is the merger of state and corporate power." - Benito Mussolini
What we find ourselves in is the solidifying of the fascist/corporatist system. Heck, the Supreme Court of the US has declared that now Corporations have the same rights as humans do, and one can easily argue that corporations and those who lead them possess far more rights than humans.
The great unraveling has just begun. The upcoming civil unrest and complete financial collapse has its underpinning in these comments. What is happening? Easy, the contract was broken. The corporation ideal was that the worker was loyal to the corporation and held secure by the corporation for this same very loyalty. Give and take. This social contract slowly eroded and is now for all practical purposes defunct. The corporation has long neglected its half of the bargain. It was helped along by both the right and left but obviously more from the far right. Folks are slowly waking up to the reality that has long since been present. Namely, the corporation is vested with huge government powers and is allowed to run amok and given carte blanche to NOT follow the rule of law or rules of any kind. Now, a few have started playing by the same rule book as is clearly illustrated by MalcombMichigan.
Yes, the corporatist fascist system only works when the passive subjects allow the corrupt economic and merged corportist political consolidation to go unchallenged. It falls apart very quickly when the body politic realize that they have been on the losing side of this contract for decades and that they will now play from the same corrupt playbook as MM has done.
People get pissed at MM, not because he has done anything anymore wrong than the owners of the great corporate and political wealth, but because they have been brainwashed into this type of mindf_ck. Love the corp./ and corp government and hate the one who challenges the lawlessness and corruption with equal force.
From this perspective, I give MM an A-. All is fair in the game of love and war. The corp and most on the right wing/some on the left, now including even Obama, have pushed it too far. When a large enough faction of working stiffs wake up, the party is over. The invites have been sent. RSVPs trickling in....The party is just getting started. Enjoy if you can. It ain't going to be pretty.
Um... bankruptcy has changed significantly since the 2005 reforms. I wouldn't advocate to fake that you cannot pay bills in order to do it. Before the reforms it could be done..now it's not nearly the same thing. Chapter 7 is now up to a judge to declare. In addition there are a increasing number of employers that perform credit checks for terms of employment. Some states are blocking this but they can get away with in some areas
Interesting read. Even though I agree it's just a contract and morality doesn't enter into it I don't condone what MM did. I was pretty savvy about money all my life and still found myself in $40 K in cc debt last year. Four years ago the person I was married to slammed our 7 year old daughter's head against the wall one night in a fit of rage when she got up to get her blanky. In one instant my verbally and emotionally abusive marriage ended because I had to protect our children from their out of control father. Unfortunatly just before the abuse escalated I had given in to his pressure and left my highly paid engineering job (where I made more money than him) He convinced me to do it b/c he would be happier and less angry - also our investments were doing well and we could afford it. Using the money from his well off family he lawyered up and we spent four years litigating. Absent physical wounds nobody believes abuse happens - even though the child reported it to her teacher the next day. I did what many divorce litigants in my position do - after I couldn't find another job I started living on credit cards and using the money I did have to pay attorneys and other divorce industry bottem feeders. After four years of this I racked up a big cc debt even though I was careful and did a lot of the work myself. I am actually proud that I 'only' spent $40K compared to the nearly $200K he ended up spending to destroy me. Needless to say, it was very demoralizing to be so far in debt after having been careful with money my whole life but in the last year I have managed to pay off 2/3 and am hacking away at the rest.
Since I had been one half of a high income couple I had access to lots of credit during the first year of my divorce and I looked at every credit card offer I got, opening several cards, I took out credit lines and juggled payments for several years. Now my credit is trashed (dropped over 100 points) but to me none of that matters. What matters is that my children are now living in a safe sane loving household free from abuse. Even though I get why people hate the banks I thank god I had those cards and was able to extract myself from an abusive marriage and protect my kids. Unlike my ex, my family has no money to give me and without credit I would have been toast in the legal system. Had I not been able to hire attorneys and pay for custody evaluations there is an excellent chance the kids would be living with their still angry/still abusive dad and they'd be having the same miserable childhood that he had with his abusive dad. My access to credit is giving my children a happy childhood and that's priceless.
Taint Boil
2011 Oct 1, 11:56am
Got some homework for you Nomograph:
Google this: [Useful Idiot]
Basically - someone who believes their own BullShit.
I know MacombMichigan personally and I know his story - really, it is not what you think it is.
Even though I get why people hate the banks I thank god I had those cards and was able to extract myself from an abusive marriage and protect my kids.
Russell, good for you for making the only sane decision left to you. You would be surprised how many folks would stay in such a situation all due to poor cash flow and damn the kids. You should be commended for being what every parent should be, namely, the protector and nurturer of their children.
Of course this also brings up a good point. Very little in the world is black and white or all good or all bad. Credit is much the same.
This guy bragging is a loser. Deadbeats defaulting on credit cards will make responsible people pay more when they need to borrow.
By the way, there is only one safe state in Mexico where you should build. I wonder where you are putting it? Watch out for squatters because guess what? They can keep the place if you are not careful.
Bragging about being irresponsible or screwing a rich bank or whatever is a sign that you have a screw loose. This is your problem. Good luck with your loose screw down in Mexico.
Full Disclosure: I have lived in Mexico, so I know whereof I speak.
HydroCabron
2011 Oct 3, 1:38am
Deadbeats defaulting on credit cards will make responsible people pay more when they need to borrow.
Bankruptcy reform, thrust upon us in 2006 in order to protect us from those flakes who were ruining the fun of indebtedness for the rest of us, failed to cut interest rates and late fees in general, and - surprise! - boosted the profits of credit card lenders.
Look especially at sections:
-- 4.2. Credit card late fees and over-limit fees increased while grace periods decreased
-- 4.3. Credit card interest rates and the spread above the risk free rate both increased
-- 4.5. Credit card companies achieved record profits
Thanks Buster and Taint Boil! I try to see that most things in life are neutral and that we can put a negative or positive spin on it. Credit card companies charging 29% interest seems pretty negative (and I know how difficult it is to pay off cards at that rate); On the other hand if those cards can get you out of a bad situation then the good outwieghs the bad. No matter what happens I do try to see it as potentially neutral - that there are both good and bad sides to it - and the choice is mine whether to make it positive or negative experience. This has helped me a lot in RE investing in the past b/c even if I really want a deal to work out just being able to dispassionately look at the negative side helps me stay detached - which I believe leads to better investing results. MM may feel good that he 'stuck it to the CC companies' but he won't be gloating if a Mexican drug cartel gets ahold of him after he moves into his new house.
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How I stuck it to the credit card companies and bought a house with a cash advance. All the figures are approximate.
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1.      Make all credit card payments on time and establish good credit.
2.      Working overtime allowed me to use credit cards for everything and make huge credit card payments every month - always on time.
3.      Credit card companies continue to increase my limits. At one point in time my credit limits were over $90,000.00 (unsecured).
4.      Take a $10,000.00 cash advance. Deposit some of this money into my sister-in-laws account in Mexico.
5.      Continue to make credit card payments on time.
6.      Start to build our house in Mexico on my wife’s land that she was given from her mother. The house is started using some of the cash advance from item #4. This money is never re-paid.
7.      Continue to make on time payments to the credit card companies.
8.      Take out a huge $25,000.00 cash advance and deposit into my Scottrade account.
9.      Trade and sell equities in my Scottrade account - making and losing money for about a year.
10.  Cash out my IRA account and pay off some credit cards (about $8,000.00)
11.  Use the money in My Scottrade account for a down payment ($25,000.00) on a bank owned property. No one ever asked where the money came from in the Scottrade account (cash advance from credit card).
12.  Owned a condo before buying the house. Was told by Countrywide agent to make up a fake lease contract so it would “look better†on the application.
13.  Rented out the condo after we moved into the new house.
14.  Take another cash advance to deposit into Scottrade account (this time will be different).
15.  Use credit cards to buy trees, window treatments, appliances for new house.
16.  Stock market crashes – lose all the money in the Scottrade account.
17.  Hours are reduced at work.
18.  First time (actually the second time) late making a credit card payment - one day. Let me repeat that again – ONE DAY LATE.
19.  Interest rate increased to 29% on credit card that was late receiving payment.
20.  Called Credit Card Company and asked them to lower rate because this was the first time I was ever late. They told me “no this is the second time you were lateâ€. Oh, my mistake but I was only late one day, can you give me a break on the interest rate. Nope! There is nothing anyone can do; you are a risk to the bank.
21.  Soon all other cards raise their rates to 29%.
22.  Panic for about 1 minute.
23.  Reduce my hours at work and stop all payments to all credit cards and condo.
24.  File for bankruptcy.
25.  Return security deposit I received from my condo tenants and tell them to live there rent free for as long as they can.
26.  Bankruptcy finished (about $90,000.00 debt erased). Increase hours at work. Continue building house in Mexico.
27. Laughing all the way to the bank.
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