Better Off Deadbeat: People Get Into Debt, Learn the Law, Become "Credit Terrorists"

reply to post by jaysconspiracy

OK,,,,, So if "the money loaned by a bank, or whomever, does not come out of their existing assets." then where is it coming from in the end?? I know a man who just retired who ran a finance company for years. Did he borrow from banks to build his business? Yes. Was it ultimately his butt if the loan went belly up? Yes. Was it then his personal money that had to cover that debt? Yes.......... Again, people need to take responsibility for what they are doing....

When someone takes out a "loan" the money is simply printed out of thin air, which is why our currency is basically inflationary. If you do not believe me, the Federal Reserve admitted it themselves:

Modern Money Mechanics PDF

The Federal Reserve does not want us to be able to pay back our "debt." They have convinced us that the "debt" is ours, but in reality it is not. They charge interest so there will always be more debt in society as opposed to physical capital.

Its a ponzi scheme.

Who benefits from foreclosures???


[edit on 1/31/2010 by dalan.]

umm...ya, who is benefitting from the foreclosures....
I'll take a guess....

the home flippers and real estate companies who still have liquid assetts available to be able to scoop them up at bargain prices...
the same ones who caused the mess in the first place!

I once had a green dot credit card. This is a prepaid card. It comes with a monthly fee. I found the fee to be ridiculous and just started using a debit card instead. Anyway, I called and told them to cancel the card. Not long ago I got an e-mail from them, as if I was still a card holder. I bet the person I asked to cancel the card didn't cancel it and I've got fee debt accumulating. They haven't asked me to pay anything in years. Wonder if I have a big surprise in store for me.

[edit on 1-2-2010 by ivorywire]

reply to post by ProtoplasmicTraveler


You sound EXACTLY like Mary Elizabeth: Croft.

spiritualeconomicsnow.net...

We call in the biggest, best, most-efficient debt collectors in the world: the IRS. If they can’t do it, no one can. So, by filing the correct forms with the IRS, we let them know how much of our cash/labour/debt-notes we have errantly put out there into the public. We are so sorry we made this ridiculous mistake, but, we took the word (“Be sure to return this voucher with your payment” – hmmm. I guess I have to send a cheque along with the voucher – BEEEP! Wrong-o!) of people at corporations, forgetting that corporations are “for-profit”, faceless, heartless, entities with no intent other than ‘economic growth’ and to control the planet through the use of our energy. Sure, we might encounter a friendly voice at the other end of the phone, but she has been as programmed as the rest of us in our thinking that we are obligated to “pay our bills”. Very few of us know that with every dollar we put into the public and neglect to claim it back, we are creating more and more problems for our fellow man, never mind for ourselves and our families.

AND

IRS to the rescue! Filing the proper forms at the proper time will allow the IRS to go back to the banks which are withholding the tax – the credit we created by writing cheques, wiring funds, using debit and credit cards, etc. and request that the funds be returned to the creditor. The IRS will gladly deposit, into our bank accounts, that which the bank has been withholding, in escrow, because when funds are in escrow, no one can use them. They are just sitting there. THAT is “the public debt”. If we don’t get the debt moving and functioning, we will be taken down by it. Our cash/labour/debt-notes will sit in escrow, doing nothing, for 36-47 months (depending upon when we put our cash into the public) when both we and the banks could be using it to continue to circulate and keep the economy moving. After this time, if we have failed to claim our abandoned cash, the banks will. THIS might be why banks got a bad name, yet, what’s true is, we created our own problem by not knowing that we are responsible for recovering the funds and keeping us all out of debt. Our claiming a refund of our public funds will work for all involved.

Everyone should visit her site and read her articles, download her book, it's FREE at the icon on the right..."How I Clobbered"

Life is great!!!

reply to post by jaysconspiracy


I'm afraid you missed the point.
1. if somebody is cheating on me than it is perfectly moral for me to cheat on him.
2. guy discussed in the article IS NOT cheating - he is just using legal ways to milk out cheating companies ...

In my personal view I'll never borrow from some # company ... they are criminals and I want to have nothing to do with them - NO creditcard, NO loan, NO mortgage. They produce nothing, just debt and evil. But if I'll find myself in discussed situation than I'll fight this bastards till my death - and I'll be honest.

I'm having a little problem with a finance company. On the first page, right column, it states "Maturity Date: The Maturity Date of this Agreement shall be twelve (12) months from the date indicated as the date of the Agreement was signed.......". This agreement was signed 4-28-2009. The problem that I am having right now is that they are telling me that this loan was due 12-31-2009 and in default now. I told the lady that my contract stated 12 months after I signed it. Well, I got a certified letter Friday that says that it is due in full by 3-10-2010 or they will "seek to enforce whatever legal remedies are available to us. Failure to make payment in full may result in additional legal fees, collection fees and interest charges under your account agreement.". At the top of the letter in bold type it says "DEMAND FOR PAYMENT-SECOND NOTICE". I never received a first notice.

Crap like this gets under my skin. I have all intention of having it paid off at the agreed time, but I can't get that much money together that fast. I am in Georgia and they are in Iowa. Anybody have any ideas?

I logged into my Chase account today and they have the newly required disclosure posted. If I make the minimum payment each month my balance will be paid off in 29.6 years.

I say that everyone has the responsibility to act within the law and do what they can to reduce the further burden on themselves. There are many government programs available. You can even declare bankruptcy with your credit card debts, and keep your secured debt (home, cars, etc,). Sure it will ruin your credit for seven years plus, but most likely if this is a consideration your credit is probably already toast.

The worst alternative for anyone is to let their current debt ruin all prospects for ever being financially secured.