September 9, 2009

What happens if everyone walks away from their debt-traps? Walks away from their car payments? Walks away from their credit card bills? Let's see.

This ain't over.

Anyone underwater on a home loan should be economically motivated to no longer make payments. Live rent-free for a year or two. And eventually be out from under that crushing realtor-inspired debt.

Anyone with an auto payment or credit card bill should be thinking twice now about paying it.

The debt of the past twenty years will be simply washed away. The government will put the taxpayer (i.e. their children and their children's children) on the hook for most of it, so net-net it may be a wash. But just watch this video, and you'll see what's really going on out there.

The bankers got their bonuses. The congressmen got their bribes. And the poor and the middle class got killed.


41 comments:

Anonymous said...

they'll get their money if it means they have to follow her to the grave.

Anonymous said...

SO! Keith are you back to stay or what?

HSpencer

Anonymous said...

I would hope that "their" cars, homes and other ill gotten possessions got trashed by those who played no role in the fiasco and/or I would hope that they were shunned as pariahs till the day they died.

And, I am going to have to call BS on the 30% rate hike she was talking about - I mean, maybe things have changed over the years, but when my card holder raised my rate a few years back, I had the right to stop using the card for new purchases and to continue making payments toward the balance at the old rate. However, if I used the card, the new interest rate would have applied to the old balance. So, I stopped using the card and paid it off.

Psycho said...

There will be many wonderful opportunities for people who have cash and good credit. It will be unfortunate for some that won't enjoy the deflationary collapse where so many nice things will become less expensive.

Anonymous said...

If she DID get a job, they could still garnish her wages.
Why not file bankruptcy..same thing.
But I had a friend who did this, and they did eventually just give up on a CC balance of $12K.(she didn't file bankruptcy)

Side note, my uncle was a bankruptcy lawyer years ago.
Was unaware that 30 years ago, you could file bankruptcy as many times as you wanted.
Banks recently got it lobbied down to two times.
Someone said legislation is being considered to make it legal to be able to file more often.
Can be easily abused when things are good, but now most people underwater due to no fault of their own.
Banks are so dispised...maybe they will get some kind of legislation passed.

Sorry Keith, just keep writing.

Anonymous said...

Maybe it was 40 years ago.
Probably before credit cards.

Remember the first time the VISA/ MASTERCARD signs went up at the banks, in the early 60's.
Only 10, but thought what a ruthless death trap.
Just a year ago, they were sending them out to dogs and dead people. Anybody...no matter what.
Like sending heroin in the mail.
Get everybody hooked.
Money-drug dealers.

Would be good to come up with legal way to screw them.

Angry Leprechaun said...

There is one problem keith, and I do not agree with what BofA has done to this poor woman, there it was, right there, in the small print. She agreed to the fact that BofA could do this when she decided to borrow from them.

So what do you want Keith? More government intervention and regulation? I sure as hell don't. I want the government as you said in the past to uphold contract law. Were do you want this to go?

Randy said...

Yes!

Keefer, you're back!

Stocking up on Popcorn.

All that left-over rice from the rice panic days will come in handy too...

Dr. Huxtable said...

Just think about the timing of the Chapter 7 Bankruptcy laws signed into law by former President Bush (the law was actually written by Bank of America) on April 20, 2005.

As a result, most debtors during this nuclear fallout are no longer able to file Chapter 7 and have a fresh start. They are now forced into a five year Chapter 13 repayment plan.

I just find the timing of this law very interesting. This is also another clear sign of who really calls the shots.

http://www.bankruptcyaction.com/bankreform.htm

Anonymous said...

keith glad you put this up........will go well with michael moores new movie... get that trailer on here...above this post,,,,,,,perfect

edgar said...

The bankers got their bonuses. The congressmen got their bribes. And the poor and the middle class got killed...

Yep, and they are just getting started.

consultant said...

It's happening in a lot of places. Many are so far behind anyway, it just makes sense to let it all go.

The banks are so clogged now, in some places you can live mortgage free for 6 months or more before the bank pulls the plug.

Here in Georgia, it is bad, bad, bad.

In you're in a bad situation, make a plan, quit paying, save money and exit stage left.

Mike Hunt said...

Walk away from paying income tax in the US. As an overseas resident you are in the best position to do this.

Time to stand up and not be taxed for graft, bailouts and cronyism.

Or are you too scared to take a stand?

-Mike

Psycho said...

Beverly Hills USA was a nice place until it imploded. This article hits the same subject well http://tinyurl.com/l7h3of .

long beach, ca said...

only debt i have is my mortgage and i pay off cash earning credit card every month. citibank pays me to use their card. now if everyone manages their money like i do ....

what a hottie said...

Is this what america has become?What a bimbo.I hope BAC cuts off her credit.

Ross said...

This is basically what I have done.

Why does she keep addressing Ken Lay? I don't think he cares a whole lot. LOL

Nick said...

I have come to the conclusion that won't happen. For example, I have several coworkers who bought a house in the 450K to 650K range. They can still afford to make the payments on it (but they are coughing up 55% to 75% of their take home pay).

Now that the real estate bubble has burst, and prices are not going straight up, they too are asking if they should stay or walk away.

My advice to them (4 coworkers) was to "walk away, live rent free for two years and don't pay your other debts off either. The only debt you should pay is your taxes. You can't rip off Uncle Sam, everyone else, you can".

Guess what? These suckers won't do it. They are conditioned to "pay off their obligations". In the mean time, AIG, Chase, Goldman Sachs are issuing another round of bonuses.

Besides, if everyone did what I am doing, then we really would have a Great Depression.

Anonymous said...

That white trash whore still cooks after a few miles. She should get a mortgage loan from BOFA and refuse to move.

i've had it said...

i hope she shows up to the tea party rally in DC this saturday.

Chris said...

Sounds like a loser to me.

I still believe in personal responsibility. I borrowed the money, I used it. I am going to pay it back.

It really doesn't matter how repugnant the banks are. It is my honor that is at stake.

I have already paid off 21,000 out of 28,000 in debt this year so I am not going to default now.

Some would say I should have just kept the money and defaulted on the debt. That I paid 28,000 dollars just to keep my credit score good.

I paid 28,000 dollars to do the right thing and kept my word good also. And that is something you can't put a price on.

Anonymous said...

FUCKING REVOLUTION, NO MORE FUCKING PAYING ANY MORE BILLS! RISE BITCHES!

Anonymous said...

$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$

It is so wrong!
Why would you carry any balance anyway? To buy more crap you don't need?

F*ing bitch! Pay off your debt, shred your card and never use it again. This is capitalism. That's the way it works.

If you would take my money, I would find a way to make you pay it back and believe my, you would pay all the money back including interest.

If you borrow money, you have to pay it back. That's the rule.

Yes, I don't like Bank of America either, but vote with your dollar. Stop using them! That's why I closed my checking account and $15000 credit card (without any balance).

Man, this "middle class" is so retarded. I guess it's lack of education in the United States. There are so many opportunities around you and all you see is using credit cards and home equity loans to live the lifestyle you do not deserve and never will.

Shut the f*ck up, pay off your debt and stop using credit cards.

You will pay back everything. They will make you pay and you will. Ha-ha-ha.

$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$4

Anonymous said...

Keith,

I was saying this last year!!!

Everyone stop paying for everything!!!

RayNLA

Anonymous said...

I did what this lady is doing, but not by choice. I lost my job, and couldn't find another. I drained my savings. Then I turned to credit cards to live. I've been servicing the debt with cash advances to keep the lines of credit open until I can max them. I've gotten four more cards in the interim, because on paper I look okay. I'm almost maxed, about $73K. I don't know exactly what I'm going to do after this lifeline is cut, but I definitely won't be paying any of it back, ever. However, I won't put up a YouTube video about it. Sometimes it's better to keep your head down.

Anonymous said...

Note to all the self rightous posters.

Credit cards are unsecured debt.

She has no job or assets.

What they did to her interest rate is called usury. It used to be illegal in this country.

Good for her. Bank of America is like the Titanic. The bad debts are flooding in faster than can be bailed out.

I'm sick of these dead man walking banks offering 0.1% interest rates on savings but raising interest rates and fees everywhere they can to bail out their own bad decisions. F*** them!

Jymkata

SeattleMoose said...

What is the use of trying to be responsible and accountable when all those who have power over you...ARE'NT?

I agree with her, BofA, Goldman Sachs, etc. are criminal parasitical organizations that screw us upfront and behind the scenes our tax money/TARP.

Why would you pay the same criminals who are screwing you....one penny?

Lost Cause said...

I am trying to see if I can go till the end of the month without spending a penny.

never_forget_the_summer_of_no_rage_whatsoever said...

I can't even watch this garbage. Obviously the b!tch borrowed money she shouldn't have, and now instead of accepting responsibility or at least accepting she is a deadbeat, she is casting her failure to meet her obligations as part of a 'revolution'.

If she is the middle class, she deserves to be wiped out. F her.

Anonymous said...

I have not paid my mortgage for six months. In the process of a loan mod.
Screw them if I don't get it they have the freaking keys back. I can sadly rent my house now for 1000 less than my mortgage.
Totally rail roaded by my realtor on what a "great deal" I was getting... What a scum bag....

patrat said...

So the credit card companies can just up the rates to 30 percent whenever they feel like it - is that in the spirit of the law? Is that usury?
Even if it is in the fine print, it seems like you have a contract - you will pay and they will accept it, so you pay, and they do accept it, and everything is fine, but suddenly the whole contract is changed at their whim. When that happens, people don't respect any contract, and in fact they shouldn't. That is what is happening now.

Anonymous said...

Are all those toy cars behind her bought with her BofA credit card? It's so obvious what got her into DEBT, ENTITLEMENT! Pay off your debts, quit whining and quit buying things you can't afford!

Anonymous said...

All the people that went into debt beyond your means ,or attempted to get rich quick by selling to a greater fool ,now want to walk on your obligations.

Your all scum . Don't deal with banks that are scum ,but honor contract law .When the bank was willing to give you a bogus opportunity to get rich quick by taking out a home loan you didn't deserve ,that was ok I guess .

The banks gave you leverage and you abused it by buying shit you couldn't afford in a million years .Pay off your stupid debt .

The system is rigged against fools .Admit that you were a fool and than don't deal with the thieves anymore ,but pay your debt you flakes .

Anonymous said...

Totally rail roaded by my realtor on what a "great deal" I was getting... What a scum bag....

You picked the wrong blog/bloggers to look for sympathy because you fell for some line from a salesman. House prices stopped going up at the insane rates they were, and it's the realtors fault you bought at the peak? Puh-lease.

Anonymous said...

JP Morgan jacked me up to 33% and I have no balance, good credit. I don't use their card anymore. lol

Anonymous said...

New development depends on paying customers

http://news.pickuptrucks.com
/2009/09/spied-coyote-5-0-liter-
v8-ford-f150.html

Look for a twin-turbo 5.0-liter V-8, code-named "Road Runner," with well over 500-horsepower to debut first in the Mustang GT500 in 2012 and possibly, in F-150 Harley-Davidson edition pickups.

patrat said...

Things have only gotten worse lately.
Now, if you pay on time and pay your balance every month, you will be penalized. There will be an additional fee for that.
Also, if you apply for a better deal - another credit card- you will be penalized. Your FICO score will drop.
If you decide to cancel a card, you FICO score will drop.
Cards that have no annual fee, will now have them and you will have to pay or suffer the above consequences.
Rates for good payers are going sky high but there is no way out.

These are the banks that we have bailed out, now double screwing us.

patrat said...

AND, when the gmnt puts new rules in effect, they always give the banks months to do their dirty business before the new law starts? Never is the change immediate. Why is that? Could it possibly be payoffs or politics? Ooo could they be the same thing?

patrat said...

If you could get most of the people to rebel at the same time, you could pull off a lot. You could bring companies like Bank of America and Goldman Sachs, who are double screwing us, to their knees. But you will never do it in America. It's all about money and status.

Let's say everyone suddenly stopped contributing to their 401K. What do you think that would do to the stock market?

Let's say evetyone suddenly refused to pay the usury rates on their credit cards. What do you think would happen?

The problem and catch 22 of Capitalism - the individualist system - is that you will not be able to get everyone together because everyone is looking for their personal advantage and believing they will have it. Competition brings good things when it is real, but often it is not - it is a lie consisting of kickbacks, favoritism
and cheating.

As it stands, most Americans abide being ripped off because they believe they will get the next chance at it. That's the status part.
So sad.

Well, everyone deals with the moment.

In Europe, jobs are guaranteed, so they can have strikes without any consequences. So they strike all the time. But they are subjects of the state and they are frustrated by that. They don't know how to be any other way, though.

In Europe these things are changing as the Powers That Be (PTB) realize that it is to their advantage to become "capitalist".
Socialism allows rebelliomn. Capitalism has that built in incentive not to do it. To be silent.

I don't know - Brits have asked me why don't we rebel? These are my best shots at it for now.

The whole thing in my mind boils down to morals. What are they and do we have them. It bears investigation. I think our country's survival actually depends on it.

John said...

That would be trying to back off a lawful agreement. How about refusing to pay a unconstitutional income tax instead. There is no law requiring you to do so.

Anonymous said...

I find it amusing when people refer to this woman in crude terms and insist that she pay her bills. What idiots! The banks and government are screwing the people left, right and center, and the sheeple are still insisting that we should behave with integrity. If you have nothing to loose and you don't care about your credit rating, then screw the banks and the system!