Re: credit card debt

Posted by My Results (168.103.164.242) on July 21, 2003 at 10:57:06:

In Reply to: credit card debt posted by mighty7t5 on July 15, 2003 at 22:18:22:

I did...moving from TX to east coast with over 30K of debt! But....it seems I had to wait out the 7 years or so for everything to start clearing up and re-establish myself.
I know the stress....You just don't care after awhile. Hey...I don't think it's "honorable" but then again I'm not gonna commit suicide over some damn credit cards.
(Hell I even justified it by telling myself that the rates are high, the credit companies are making money, and they help create the mess by over-extending people and shoving cards down college-kids throats).
I think the move and all made it hard for them to locate me..especially since I didn't have a phone in my name for awhile.
No judgements on my credit report, thank God.
(I think they would've had to serve me.....)
Maybe I could've just filed a Chapter 7 and re-established a long time ago.
I didn't feel so bad after some time because the original creditors no longer owned the accounts.
(Though in my mind I thought I would one day make good with them, now with 3rd party collections this is an after-thought).

I recently obtained a Capital One card to re-establish...wouldn't you know it...just like a magnet they bought all my "Old Debt".
Capital One then sends some beautiful letter how they will help me re-establish myself on these "Old Debts" at 1/2 the charge-off on a NEW VISA card. Boy, what pals...., especially since the debt is "way past the SOL"!
Don't fall for the trick of putting life back in your "Old Debt" by re-affirming it after the SOL.
If you decide to walk....look at the consequences, hurdles, and possible pitfalls.
Life on the Run!
As for me, .....it seemed to work.
(Though I don't know still if this was the best way to go, It would've taken me years to pay off all that damn debt, not including all the stress)

Well....each day is new.....I've learned from my mistakes. (Bye the way I maxed out my credit when I improperly started buying a bunch of Real Estate and paying for supplies, etc. from Cash-Outs... a couple bad deals from the start and I was sunk!!!) Not the way to start an Investing Career.....No Fallback!)

Anyway.....good luck on your decisions...

My Results

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