CC Debt
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- monNom0
honestly, 10k is a drop in the bucket compared to the head-aches resulting from defaulting on a debt. He should sell some of his shit and work it down.
He'll probably never rack up debt again after going through the shit of paying it off.
- pr20
For every dollar you take out you need to pay back about $2-3 to the bank, so your friends debt is in reality closer to 20-30k... Clearly all the above speaking about how little he owes don't really know what hey are talking about.
- oh so when you get a mortgage - do you go around saying you owe approx 3 x the value of your property -pah!fadein11
- domacle0
what happens if he goes back in 7 years? Is it wiped? He seems to think after 7 years they wipe the debt (or stop chasing it as such)
- He's thinking of the 7 year itch ;)goldieboy
- But seriously, I haven't a clue if that's the case. Google?goldieboy
- Um, no. If you let it linger for 7 years it just wrecks your credit worse and worse. Bankrupsy will clear it after 7 years. Letting it build is a bad idea.mynameisdave
- Letting it sit without doing anything is a very bad idea for your credit.mynameisdave
- formed0
Yeah, 10k is nothing in the big picture. As he matures, he'll realize that there are far larger losses possible (look at all the investors that lost fortunes buying an "investment property")
People gotta take some responsibility for their own ignorance/greed/stupidity. It'll catch up sooner or later, as it should.
- 10k is nothing. take a chill pill. and why cant he afford minimum payments on that - does he work?fadein11
- lowimpakt0
i've only used a credit card three times in my life. don't own one now.
fuck that.
- that's great.akrok
- Good luck getting any type of loan, credit or mortgage.MarleyMarl
- Haha, Americans and their obsession with "credit rating". Your rules are a local scam, don't apply everywhere.raf
- I'm like lowimpakt - no credit cards or debt. No credit score either, because of it, but fuck that scam. Loyalty points is all.mikotondria3
- No credit card or one with a lower limit (like $1000) is ideal. Pay off the bill in full every month and it's all good.Jaline
- 74LEO0
Is there a CL in Australia? He could escort, do porn or be a fag for a lil bit.
- stoplying0
Bankruptcy is only a 7 year stint. Get on board!
- monospaced0
What happens? Bad credit happens and your friend could be fucked for a long time if he ignores it. That shit follows you and only gets worse when collection agencies are after you.
- BattleAxe0
you mean it does not magically disappear ?
- popfodders0
Happens all the time in the USA. Knew of a girl that did that from USA to Asia. About 20K in debt.
Who do you think absorbs that sh*t? APR's and such skyrocket.
- lol - bollocks - credit card companies have defaults already built into the systemfadein11
- shade0
bankruptcy. ch 7. feels great!
- JSK0
This is for child support but..
"Under the Passport Denial Program, states certify cases in which an obligor owes more than $5,000 in unpaid child support. The Office of Child Support Enforcement transmits the information to the Department of State so that a U.S. passport will not be issued, or renewed, to someone who is not supporting his or her children. Passports can be seized if the holder requests a change, such as a new address or an additional dependant. In some cases, the CSE agency can help to obtain a Federal warrant. The Department of State can then start procedures to revoke the passport or arrest the obligor at the border when he or she returns to the United States."
- aldebaran0
"thinks that the debt will disappear magically"
lol - let he be damned. worry about yourself.
- It's called a Jubilee. Haven't had one in a few millenium.TheBlueOne
- sofakingbanned0
seriously 10k isn't shit, 100k ok maybe.
Pussy.
- goldieboy0
In the UK there are special debt government agencies which help you find a solution before it's get's to being bankruptcy. I'm sure they must have something similar in Australia? Usually, approaching the people who you're in debt to works... They want there money back so would rather you didn't go down the bankruptcy route.
- Oh, and if he lives in the UK and doesn't pay he's debt off in Oz he'll be fine ;)goldieboy
- akrok0
yeah, 10k. you can pay off.
100/mo. = 10 years
200/mo. = 5 years
300/mo. 2.5 years
- meffid0
I'm in the same boat, but for twice that and the same countries, but reversed.
- kris krossedprophetone
- What are you doing about it meffid?domacle
- ukit0
Believe it or not the average household credit card debt in the U.S. is 15k.
I know people (who went to law school and other higher education) who are on the hook for 100k or more.