What Happens If You Never Pay Your Credit Card? (Explained)

[@prakashnmoorthy]

so much blackmail in this video. wish the same standards applied to corporations who get bailed out with tax payer money. and govts who get bailed out by raking in ever increasing debt.

[@dougs7367]

Video didn't mention Chapter 7 Bankruptcy, which is the better option

[@johnny7121]

I don't think chapter 7 applies for everybody...

[@1GQ_gent]

Here, thinking about it 🤔 I ha r 14 yrs 100% on time. My annual salary has dropped a DTI ratio, which increased 153%

[@Joshua_DeMoss]

If you’re on disability they can’t do anything to you. So if you’re to far in debt just say screw it. Pay cash for everything and cut up your cards. They can’t collect from you if you’re disabled.

[@Happiest1024]

If none of us pay what can they do lol go bankrupt lol

[@silkroad1201]

They can bring you to court and a judge will order you to pay. If you don't, you can go to jail, have your wages garnished, or they can seize any of your assets or put a lien on your house (which I doubt you have anyway). People are unbelievably stupid to think they can just ignore it and it will go away. For the people saying it did go away, just wait. It'll catch up to them. I've seen it catch up to people I love years later and it ruined their life. My girlfriend has been dead for 2 years and they're still coming after her and her family. All over $1600 Don't be a loser. Pay back money you borrow. Most lenders will happily cut your debt by more than half with a simple phone call.

[@gucci_guero]

Fr,😂😂😂 basically nothing happens , you can fuck around,debt over 1m & nothing happens too you , we live an a scam, so basically we can file credit & loans , & nothing happens , you get bankruptcy & still nothing happens too u

[@BRIGHTJUS]

FACTS BIG SCAMM ​@@gucci_guero

[@ShaferHart]

@@gucci_guero except having debt collectors chase you around for the rest of your life 😂 but in all seriousness, filing for bankruptcy is serious business and a huge scarlet letter on your credit report--should not be taken lightly. If you know that you will forgo credit for the entirety of your life then sure, "nothing happens to you", otherwise life will be significantly harder for you. In some countries they look at your credit score before renting to you and buying a home is out of the question unless you pay cash. You'll effectively be a second class citizen, or close to it, in many countries.

[@Joshualibbyy]

@@ShaferHart its not as bad as u think. Ur credit bouncrs back very fast

[@phish_1]

people keep applying for credit cards and they never pay the banks! In USA, you can apply credit cards easily even you are a non-US citizen or non-resident!!! I’m afraid the banks will be bankrupt! Lowe’s store has credit card and I am not sure if the card holder are paying their credit card bills!

[@tlazo997]

Are you sure because I know someone who doesn’t have papers, they tried to but couldn’t they were denied immediately.

[@luisquijada9764]

It's not real money anyway

[@christianestrada2002]

@@tlazo997secured credit card yes, then build up

[@pcoleman2562]

lol the banks will be fine. they've been caught stealing tens of millions from their own customers and causing multiple financial crises. and they keep getting bailed out. not one prison sentence either

[@holyspot8964]

Bidenonmics has hit my wife and I. We had to stop paying credit cards to pay on other stuff, food, mortgage, cars. Figure we can wait 7 years, will take that long for economy to come back anyway. In mean time, can pay off cars, and lower mortgage to get back on track. As long as people wake up and stop voting Democrat.

[@ShaferHart]

figure it out bro because it's not coming back. It's by design. Good luck.

[@holyspot8964]

@@ShaferHart 100% agree with you. I don’t mind it really. I was homeless for 2 years at 16 living in the woods. No big to me, it’s my wife and kids I worry about.

[@LelandFikes]

They will seize money in your bank accounts and can garnish wages in some states.

[@holyspot8964]

@@LelandFikes yeah, can’t garnish social security. And have to have money in account to begin with

[@jbrumundsmith]

Imagine being a grown man with a credit card balance and blaming it on the president

[@Greynor]

Crypto recked me I made 85k but then had to pay 11k in taxes. Of course market dropped 80% so I had no way to pay both taxes and card😢

[@MG46931]

I feel your pain. Same thing happened to me but at least I was able to pay back my credit cards. So glad public education "taught" us about taxation.

[@EricSmyth4Christ]

Buy Bitcoin and never sell Send to sports book and cash out litecoin Cash out litecoin and there’s no taxes

[@harrisontorres5025]

So what end up happening to u? Or what did u end up doing Genuinely curious since im in a similar situation lol

[@Kenneth-m1d3s]

How come you could not pay 11k when you made 85k

[@EricSmyth4Christ]

@@Kenneth-m1d3s he switched coins lol

[@akbuilder7626]

The banks got the money for very low interest rates. Nothing even close to what they charge us. I wish everyone would just stop making their payments. The CC racket will grind to a halt.

[@ShaferHart]

you agreed to the terms of the credit card and nowadays they're written in plain English for everyone to read in a single page. Yes, there's a lot of illiteracy when it comes to financial products but that shouldn't absolve you from being responsible for the decisions you make.

[@nonmups9973]

​@@ShaferHartwhy should we pay when the money is just numbers on a screen and they print it out at the federal reserve whenever they feel like it?

[@sosomelodies659]

​@@nonmups9973Facts! It's a sham that started way at the top.

[@straightedge4life861]

So if you don't pay at all, what happens?

[@nonmups9973]

Have you found out what happens if you don't pay at all?

[@pcoleman2562]

I'll tell you what happened to me. I got like hundreds of letters and emails and calls from debt collectors. Sometimes even offering to let me pay as low as 5% of the total debt I owed and call it even. I never responded, changed my number, ignored the emails. And after about 7-8 years they stopped. And my score came back from 300s to almost 600. On its own, I didn't do anything.

[@straightedge4life861]

@@pcoleman2562 appreciate it

[@Abundance4LL]

@@pcoleman2562how much did u owe?

[@TheSushiandme]

How can they garnish a wage if you are overseas and have no income 😂😂😂

[@k.musitano4754]

Just apply for bankruptcy and start fresh ,best option if u can’t pay

[@DynamicGracer]

The IRS will tax you for being THIS broke Wow...

[@mr.frandy7692]

yep, and the ultra-rich are paying capital gains rates at a very low tax rate. makes me infuriated.

[@jaysentbanks6172]

damn homie...you seem kinda broke there lemme get some off of that

[@DynamicGracer]

@@jaysentbanks6172 it’s wild

[@SOULFORESAKER]

Meanwhile, the US government is MORE broke. They owe Trillions in Dept.

[@curvyblue2843]

Its called a social score.

[@Phil-w4u]

It's not that difficult..if you run up your credit cards and not pay..your credit goes to hell and it eventually ends up in collections.this is why they charge absurd interest rates. They know they're going to charge off half of what they lend..they also have to pay interest on the money they lend out. It's not free money..if you don't address your problems..good luck buying a house or refinancing in the future because they won't touch you with a ten foot pole.sure you can walk away from your obligations but it will come back to haunt you..

[@Daddywarbuxs]

Great collection agencies are illegal. It is illegal to sell debt. It's as simple as disputing you never had an agreement with the collections. They have to prove a wet signature that you entered into a contract with them. Or else everything is null and void.

[@hungup555]

so do they put you in jail! coming from an unemployed man, with zero interest about my credit score?

[@Mikebuddy2229]

This video is very one sided and is intended to scare people.

[@sH-gh8ww]

In 2024 there will be no credit scores no more could you please look up that information because I I’ve already heard it tell your people that listen to you that there’s not gonna be any credit scoring in 2024

[@MrsEJV]

I’m not sure who you are talking to but stop. There is talk of credit scores being phased out over the next ten years but there will always be a way to check your loan worthiness.

[@ShaferHart]

they'll just rename it to green score or some other bs. No way finance will forgo all that data.

[@sosomelodies659]

​@@ShaferHartI believe it's still possible. We just don't know what the elites behind Washington is up to. During Covid, the President passed the Heros Act, which allowed people to cash out their 401k money without penalties. You still have to pay income taxes on it but, never in my life was it ever possible to cash out a 401k account without early penalties. Another time, the government granted a bailout money to GM automobile manufacturing just so it can keep the business going.

[@julianvincent4481]

What if the money is not tied up

[@youknowmyfirstlastname3206]

What if I don't have a loan to pay for nothing?

[@christianestrada2002]

Then that means you get charged quadruple and then pay me 3% of your annual income

[@Ronin42069]

They want $1200 in fees

[@HOTBOII-lt7yx]

America so as an American this country is not number one in my book

[@HulaaKunema]

You must one of the Creditors 😢

[@RotterStudios]

This is BS, most not true.

[@TunesofTransformation]

Sooo evrn if you get sent to court from collections but don't have a job for them to garnish wages then go to jail...after your free😅😅

[@hgdcbbgilnvd]

They cannot put you in jail for not paying your credit cards

[@mr.frandy7692]

yeah i think in most states the maximum amount of COMBINED court ordered repayments is something like 25 percent of your income, which means that once that's reached, no one else can get any more from you. they'll have to wait in line. if you have no job or are self employed it's easier to cheat the system... just have two or three checking accounts. one "official" one and one or two secret ones. just makes sure that the accounts you keep your money in don't pay any interest. then they will stay secret if you're smart about it.

[@jaysentbanks6172]

@@hgdcbbgilnvd not even if you dont pay your court ordered debt?

[@nala3038]

You can’t get jailed!

[@stevestephens6155]

​@@jaysentbanks6172 Good question? I honestly think it's possible to get thrown in jail "for not obeying a court order" to pay your debt. 😅