What can happen if I refuse to pay anything against my CC debt?

ohioboy said:
The thread concerns only SS garnishment, re- read it.
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Reread from this page sir.
Recap ...
@gilead said, "Technically they can. You are allowed to keep 2 months SS salary in your bank account. I'm not sure if that includes your PERS."
@Oldeagle66 replied, "That must be SSI or SSDI. I regularly keep more than two months in my account. Regular Social Security you have as much money in the bank as ya want."
@ohioboy replied incorrectly that, "No, that includes regular SS also."

You see, the responses were concerning the number of months SS payments that can be kept in a bank account. I agree with Oldeagle that there is no rule of that for regular SS payments but there is a 2mo stipulation for SSI or SSDI payments.

You see ohioboy, you jumped in with incorrect information regarding where the discussion had led. You disagreed with a correct statement from Oldeagle and your facts had nothing what so ever to do with what Oldeagle was responding to.

Hope that clears it up for ya my friend.

By the way, you are correct concerning garnishment ;)
 

Naturally said:
Reread from this page sir.
Recap ...
@gilead said, "Technically they can. You are allowed to keep 2 months SS salary in your bank account. I'm not sure if that includes your PERS."
@Oldeagle66 replied, "That must be SSI or SSDI. I regularly keep more than two months in my account. Regular Social Security you have as much money in the bank as ya want."
@ohioboy replied incorrectly that, "No, that includes regular SS also."

You see, the responses were concerning the number of months SS payments that can be kept in a bank account. I agree with Oldeagle that there is no rule of that for regular SS payments but there is a 2mo stipulation for SSI or SSDI payments.

You see ohioboy, you jumped in with incorrect information regarding where the discussion had led. You disagreed with a correct statement from Oldeagle and your facts had nothing what so ever to do with what Oldeagle was responding to.

Hope that clears it up for ya my friend.

By the way, you are correct concerning garnishment ;)
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Post 63 has double quotes, a response from OE, then mine, I did not misread anything, hope that clears it up, otherwise, I'm not going to quote and requote meanings.
 
I'm really fascinated by this topic..I was just thinking.. so someone had this £15k debt.. and say they've stopped paying... on that credit card..say American express for example.... does that affect other cards they hold ? I mean can the debtor go on using other cards from other card providors ..while being blacklisted by American Express ?
 
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hollydolly said:
I'm really fascinated by this topic..I was just thinking.. so someone had this £15k debt.. and say they've stopped paying... on that credit card..say American express for example.... does that affect other cards they hold ? I mean can the debtor go on using other cards from other card providors ..while being blacklisted by American Express ?
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From the offers I get, credit card companies will never stop issuing cards. I've heard somewhere, but I can't remember where, that they don't care about your credit rating. They make more money from those who maintain a large unpaid balance, so much that loss from carrying risky individuals is factored into their business model. In fact I also read (one time), that paying off your balance every month does nothing to increase your credit rating. I never knew why, however.
 
Oldeagle66 said:
Same here and it was worth it. I spend around $2 to $5 every few months just to keep them open. Other than that, I'll use a debit card, cash, save or do without. I see so many people using credit cards like their personal bank accounts. I'll never buy something like coffee or lunch on a card.
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I'm the opposite, I use my credit card for every purchase I can, large or small. There's a lot of benefits to using a credit card if used intelligently.
 
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C50 said:
I'm the opposite, I use my credit card for every purchase I can, large or small. There's a lot of benefits to using a credit card if used intelligently.
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Yes, my card gives me a "dividend dollars" credit every month, shown on my statement. It's based on my purchases for that month, and every few months I redeem them for cash. It's free money.
 
MACKTEXAS said:
Yes, my card gives me a "dividend dollars" credit every month, shown on my statement. It's based on my purchases for that month, and every few months I redeem them for cash. It's free money.
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Plus you get to use the CC companies money for the month, and you get purchase protection. Credit cards are a financial tool to be used to our advantage
 
JustDave said:
From the offers I get, credit card companies will never stop issuing cards. I've heard somewhere, but I can't remember where, that they don't care about your credit rating. They make more money from those who maintain a large unpaid balance, so much that loss from carrying risky individuals is factored into their business model. In fact I also read (one time), that paying off your balance every month does nothing to increase your credit rating. I never knew why, however.
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yep I understand that but my quetion is this.. if you have a bunch of credit cards from all different cc companies.. and you stop paying on one of the,,, For example...Visa... and they stop offering you credit cuz you owe them thousands... and your blacklisted by them.. does that mean all the other credit card providers whose card you have.. will block your cards and yur credit .. in essence will they stop off your credit.. even if yoou've been paying them faithfully every month..and they are diferent companies to Visa..

I ask this simply because there are so many people here who seem to have no visible means of income other than Dole money.. yet they seem to have all high end items.. and non stop spending..and I'm wondering if they sign up for a bunch of CC cards.. max out one.. then continue spending on the others !...
 
hollydolly said:
I ask this simply because there are so many people here who seem to have no visible means of income other than Dole money.. yet they seem to have all high end items.. and non stop spending..and I'm wondering if they sign up for a bunch of CC cards.. max out one.. then continue spending on the others !...
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The secret is having nothing to lose.

In this area much of that high end merchandise is counterfeit or stolen and available at deep discounts from street hustlers selling out of the trunk of their cars, in local bars, etc…

You don’t have to be poor or delinquent for a card issuer to change terms or close accounts.

Why No-Warning Credit Limit Cuts Happen and What You Can Do - NerdWallet
 
hollydolly said:
I ask this simply because there are so many people here who seem to have no visible means of income other than Dole money..
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Dole money? You don't mean Social Security, right, because that is not Dole money. We paid into the system when we worked.
 
hollydolly said:
I'm really fascinated by this topic..I was just thinking.. so someone had this £15k debt.. and say they've stopped paying... on that credit card..say American express for example.... does that affect other cards they hold ? I mean can the debtor go on using other cards from other card providors ..while being blacklisted by American Express ?
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Banks watch a person’s credit. The moment they see a habit of not paying on time or simply not paying at all, they will act to protect themselves. At the very least they will drastically cut down the amount of credit they will grant a person.
 
hollydolly said:
yep I understand that but my quetion is this.. if you have a bunch of credit cards from all different cc companies.. and you stop paying on one of the,,, For example...Visa... and they stop offering you credit cuz you owe them thousands... and your blacklisted by them.. does that mean all the other credit card providers whose card you have.. will block your cards and yur credit .. in essence will they stop off your credit.. even if yoou've been paying them faithfully every month..and they are diferent companies to Visa..
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I've never been in the situation but believe if you have multiple cards and go delinquent on one it's won't affect the other cards. It would certainly ding your credit rating, and your other CC companies wouldn't want to increase your spending max because of the poor credit score or collections alert.

Sadly even if you're delinquent on a card you may be able to get a new card with a different company, but at a very high interest rate. And the hole keeps getting deeper.
 
C50 said:
I've never been in the situation but believe if you have multiple cards and go delinquent on one it's won't affect the other cards. It would certainly ding your credit rating, and your other CC companies wouldn't want to increase your spending max because of the poor credit score or collections alert.

Sadly even if you're delinquent on a card you may be able to get a new card with a different company, but at a very high interest rate. And the hole keeps getting deeper.
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you see this is what I think must be happening with these people with no visable means of income aside from unemployment money..there's no other real reason why so many of them can buy such expensive items...
 
C50 said:
I'm the opposite, I use my credit card for every purchase I can, large or small. There's a lot of benefits to using a credit card if used intelligently.
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My daughter does the same.. she uses her cc's almost exclusively because she gets loads of points back etc.. also she says it's so much safer than debit cards.

I use my debit cards for every day purchases.. but online and for purchases over £100 I always use a Credit card, because there's security behind that..whereas there's none with debit cards
 
I remember when I was 18 buying tools at Sears on credit, paying it off and buying more on credit.
That got me a good credit score and I never had trouble buying on credit, just paid them off.

If one only uses cash / Checks Credit rating may tank. Buy a New Car 1st. Pay it off. Buy a House.
Buy a New Cell Phone from Waldo, then realize you have no Cell Coverage in your lil town. Waldo
has ripped you off, return it and watch your credit score. Your Cell phone only worked in a big city.

Verigin did that to me last year an tower was 2 miles away. 5G sux. Ya got to have WiFi. Live in town
and 2 bars on the meter. Add Wifi repeaters doesn't seem to help. LTE was always good power.
 

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