5 Reasons Not to Pay Your Credit Cards
Submitted by bobbyw24 on Fri, 07/30/2010 - 17:04Are you one of the millions of Americans trying to decide between paying your credit card bills and eating?
John Galt -- Activist Post
We live in a matrix that goes to unspeakable expense to nurture us from the teat to be good consumers. You are issued a tax collection number at birth (SS#), another artificial number for your credit worthiness (FICO), and then you're extended a certain amount of tokens to play "life" based on those numbers. This virtual currency, not unlike your earned Farmville coins, only has value because you give it value.
It is a brilliantly designed game: the banksters create a unit of money out of thin air; lend it to people with interest attached; get them to buy real items; then raise the rates, force people to work harder, hover like a vulture until expected default occurs, and rake in the forfeited assets. Best of all, when the whole Ponzi scheme comes crashing down because they drunkenly gambled with your interest payments, the very people who destroyed you get bailed out by you with tax money. And they call you the thieves when you can't pay them back. The game is rigged for the house and it's always a Win/Win for them and a Lose/Lose for you.
Sure, you get to "rent" a flat-screen TV, a car, or a home from them, making life in the matrix almost worth it. But, ultimately, you only temporarily use that stuff at great expense to you and massive profits to the banks. After years and years of paid interest, you still never truly own anything. The TV is now obsolete and worthless; you still must pay increasing property taxes and insurance on your homes and cars, even when your done paying the bank three times their value, all while they bought your years of servitude with nothing real or tangible.
For the many who are contemplating dropping out of the corrupt debtor system, the least impact from the mafia will occur by ignoring your unsecured credit cards. Before you take this action, be warned that you may have to return the signing bonus gift you received when got your contract to play in the big leagues.
Here are the top five reasons not to pay your credit cards:
1.If you owe $6,000 on a credit card with a 20 percent interest rate, and you only pay the minimum payment each time, it will take you 54 years to pay off that credit card. During those 54 years you will pay $26,168 in interest rate charges in addition to the $6,000 in principal that you are required to pay back (Source).
http://beforeitsnews.com/story/116/497/5_Reasons_NOT_to_Pay_...
Five reasons not to use
Five reasons not to use credit cards:
1. Credit cards cost money. Either you pay money for just having a credit card, or you pay interest on the money you owe, or you pay extra to the merchant for the product or service you purchase. This is just like paying a tax that you don't have to pay.
2. Credit cards leave a record of what you purchased, when, for how much, and more. Why would you want to leave a record of your personal financial transactions?
3. Credit cards open you up to identity theft. Using credit cards enables others to steal your information and impersonate you. They can run up bills in your name.
4. Purchases take much longer with credit cards. Nothing is faster than cash. Why would you want to fill out paper work, and punch numbers into a machine when you could just hand the clerk cash?
5. Credit cards encourage debt. People don't seem to realize that credit is the ability to go into debt. Other than purchasing a home, most people would be a lot better off if they avoided debt. Pay as you go. If you don't have the money for any item, you can't afford it.
I think what bobby is getting at is
who's credit ? Substance was TAKEN from the PEOPLE in the PRIVATE by people in the PUBLIC. It is through the private that the public exists whatsoever. When this transfer took place the as at that time no debt could effectively be paid the Congress constituted the public debt. In this system you are either a debtor in a bankrupted system or you are a creditor outside of bankruptcy. You either accept benefits and privileges in with limited liability or you do not and assume full liability. This is the reason that the Uniform Commercial Code exists at all. It is statute law in all 50 states. It's purpose is to provide the law in the creditor / debtor relationship. You can't pay debt with debt. Take a long hard look at how banks and courts operate and you should understand. They do nothing in substance, everything of value is contractual. Contracts created under fraudulent circumstances are not binding. You might be charged for credit as a convenience but why would you exchange equity for credit that you already possess ?
Just one last kick in the nuts, then a final deathblow
Bingo. Thank you
Bingo. Thank you
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5 Reasons TOO Use Credit Cards...
#1 Credit Cards Save you money and earn you money. I just got a $500 gift card for Home Depot from Amex. I also get discounts on of 2% to 5% on everything else in cash back. I pay no fees, and always clear the balance each month.
#2 Credit cards have a record of your purchase so I don't have to keep any receipts. If something breaks...I don't have to have a receipt for any returns...It is easily looked up on my credit card account.
#3 Credit Cards prevent identity theft and loss of money. If you lose a credit card, it is canceled and you get another. If you lose $1000 in cash...you are screwed. And if anybody does use your card...one phone call, and it is all cleared.
#4 Purchases are faster. Swipe the card done. Otherwise you get to touch all of that contaminated cash that has been in strippers underwear or some unshowered truck drivers pocket for a month. Yum.
#5 Credit Cards don't encourage debt, they teach self control. If you can't control yourself....then get some help. Your credit rating is a track record of your life. If your credit is bad, then most likely your life is a wreck too. Simple.
#6 If you do not live under a rock.....you have to have a credit card to actually function. And having a credit card will actually save you a TON OF TIME AND MONEY. Try getting a deal on a plane ticket going down to the airlines with cash. Tell me how that works out for ya? Oh...you will probably tell me that you don't fly. Also, ordering online when a deal pops up.....try shoving cash through the cable modem....Oh...you will tell me you have dial up. Whatever...
I understand the argument against credit cards. Don't get me wrong. But this list above is wrong. Now....if you can not manage your credit, then you have some problems. It is not the credit cards companies fault. This same argument holds about as much truth as the "Gun Control" argument. My favorite new line is this.....and it applies to people who argue the "Credit Cards are Bad" argument.
.
Pencils don't misspell words....do they?
And ONE GOOD REASON you SHOULD pay your credit cards...
Because if you don't you have committed FRAUD which is a CRIME consisting of breaking a CONTRACTUAL AGREEMENT between you and whoever loaned you the money.
You OWE the money back based on your agreement.
We are a nation of LAWS - NOT a Democracy.
If you think we are a DEMOCRACY (Rule by MOB) and we shouldn't follow the law, then you're on the wrong site.
But the Huffington Post would be happy to have you because liberals don't know right from wrong anyway.
They don't believe in property rights as evidenced by their concurrence with income tax laws which are IMMORAL.
"We have allowed our nation to be over-taxed, over-regulated, and overrun by bureaucrats. The founders would be ashamed of us for what we are putting up with."
-Ron Paul
The key word being owe ?
There is a difference in expending your equity and discharge.
The law was made in 1933 that he who STOLE THE GOLD PAID THE BILLS. Nobody is trying to get anything for free, indentured servitude was outlawed long ago. You need to understand from which that credit was derived, the credit is yours, the credit card company / bank just accesses this credit. If you give over power of attorney they can do this and that's what you'll find in a credit card application. Bank loans are the same thing. There is no substance with which to pay anyone anything, your using debt chasing more debt and IOU's. Why do you think the national debt is so high ? The people are the creditors, none of the debt is discharged the way it is supposed to be, it's just shoved right back into the system.
If you ever receive an insufficient funds notice on a check
go to your bank and ask for the days balance the day that check cleared the bank. Their books will balance. WHAT DOES THIS TELL YOU ? Use your heads. Your being robbed of all your equity and you don't even realize it.
Just one last kick in the nuts, then a final deathblow
Objection
"Liberals don't know right from wrong, anyway" is a gross generalization. Each person is an individual, and that statement is clearly false.
Liberals tend to focus on the right and wrong of creativity, kindness, and tolerance, versus uniformity. Unless they have an education in economics, they may not realize how it relates.
Income taxes are immoral, and cruel, but since many liberals and conservatives, both, advocate using them, your statement about right and wrong is not helpful.
You can reach voters in California, here: http://consequeries.com/California-voter-guide.php
I think it's useful to ask
I think it's useful to ask about anyone who refers to themselves (or is referred to by others as) "liberal", what it actually is they are being liberal with or about (correct definitions of "liberal" being: "generous", "not literal nor strict" or "not bound by authoritarianism, orthodoxy, or traditional forms").
Likewise, I think it's useful to ask about anyone who refers to themselves (or is referred to by others) as "conservative", what it actually is they are conserving.
Breach of contract, but not
Breach of contract, but not fraud. It is fraud only when the person borrowing, at the time that they borrowed, had no intention of paying the money back or knew they had no ability to repay.
...
Glad people understand this
Glad people understand this
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The contract you have with an
The contract you have with an unsecured creditor, gives you two options: Pay as per the contract, or allow the debtor to take certain actions that may be detrimental to yourself, such as referring yo to collections, obtaining a lien on some property or whatever.
Financial contracts between arms length parties are not moral ones, just legal ones. Just like if you have a house with a common mortgage, it is no more right or wrong to not pay and hand over the house, than it is to pay and keep the house. Both actions satisfies the terms of the contract. With credit cards, things are no different.
A big reason for the asymmetry in power between banks and most people, is that the banks are perfectly aware of this, and use it to its fullest extent. While most people (probably due to having a few more moral fibers than most banking executives, but still), starts dragging morals into it, in essence giving the bankers "more" than what the banks negotiated for in the contract.
In some theoretical Utopia, it "might" have been better if both parties had some morals, but the worst of all outcomes is for one to do so, and the other not, since that only leads to systematic and unnecessary wealth transfers from moral people to immoral ones.
So, the moral ( :) ) of the story is; when dealing with banks, try to get all you possibly can out of them. Heck, try to work up to hoping with every fiber in your body, that the action you take causes a banker's innocent child, to freeze to death under a bridge during a cold New York winter, as a direct result of his dad failing to get another penny out of you. It may sound harsh, but rest assured, that's exactly all the concern said banker has for your child when he goes about making his decisions. And reciprocity is a good thing.
What a crock
Your argument is a line of twisted logic and against basic responsibility, which is a core philosophy of freedom advocates. You want all of the freedom and none of the responsibility. There should be "customer blacklists" to keep track of deadbeats who would actually put into practice this advice. Deadbeats should be shunned, not glorified.
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So, educate me, exactly which
So, educate me, exactly which part of the argument is it that you don't understand? :)
Or do you genuinely believe it is the responsibility of one party to an arms length business or financial contract, to tie oneself down with moral concerns above and beyond those which are explicitly outlined in the contract to which they are party?
And, if you do, how far does this implied moral "responsibility" go? Should a debtor pimp his first born to pedophiles before missing payment on an unsecured loan? Or is it enough if he pulls his child out of school so he can help work off the debt instead? Despite the fact that the interest rate the lending bank demanded for extending the loan, specifically was set in an attempt to cover an expected number of cases of non payment?
Also, do you know of many cases where a large financial institution has told a customer that; hey, we really have the legal right do foreclose/sue/not pay you here, but we'll just be nice anyway, since it's our moral obligation?
Even in a world where people all felt exactly as (un)bound by moral concerns as Gordon Gecko, banks would still have an edge, simply by virtue of being able to afford higher priced lawyers to argue their side of a dispute. Demanding that individuals, in addition, tie themselves down asymmetrically; however nice it may sound in reference to bygone years when one borrowed from friends and family on the strength of character alone; in practice amounts to no more than crass wealth redistribution in favor of the wealthy and well connected.
So, again, when dealing with institutions with which your only connection is an arms length contract, wear your sociopath badge with pride. The world will be a better place for it.
There is a blacklist, the
There is a blacklist, the credit report / credit score system.
...
"Deadbeats" in credit card company terms are: "Those who
pay their bills on time and in full." If you truly love the cc companies, encourage people to pay late and infrequently. Sometimes your shill skills lack luster.
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Mike, your logic is so
Mike, your logic is so convoluted, it barely qualifies as logic.
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It's all dependent
on the validity of the contract.
The law distinguishes
The law distinguishes bewtween simple breach of contract and fraud. Fraud requires a much higher burden of proof and intent to commit fraud as opposed to simple intent to breach terms of a contract.
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No a contract without full disclosure is not a valid contract
All bank contracts are one way contracts in which you give up all your rights and they risk nothing. Your blue ink signature provides the bank full payment of the amount of the non loan within 72 hours of it drying. Study HJR-192 passed June 1933 and learn how the Promissory note standard works. A contract without full disclosure is not a valid contract. Read " Give Yourself Credit" by David E Robinson to get a better handle on this reality. Banking is a scam at every level.
the answer is
The answer is to stop everything, not just paying the credit cards. EVERYTHING. STOP. Turn around. Even stop working.
and when
you don't pay they garnish your wages and take 25% of your take home pay and then what do you do? They get you again.
Read "Give yourself Credit" by David E Robinson
Study this book. Banking is a scam. They are stealing this country and we have to fight them with the real laws on the book. You need to know the difference between UCC and civil law. God bless.
Learn the difference
Learn the difference between public and private law.
A4V.
Amen Brother !
You know it !
Well....people need to stop
Well....people need to stop working as well.
Instead of "not working", why
Instead of "not working", why not just engage in trade that does not involve money? For example, you shovel the snow to your dentist's office in trade for a dental exam... or you exchange something you own for a good or service of another... Barter is not the only form of exchange that need not involve cash, but it's the right idea as long as there is another party available with products or services to trade.
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Furthermore...they would be
Furthermore...they would be backlogged for 500 years with pending lawsuits if everyone did it.
Not necessarily in Florida
Not necessarily in Florida where wages of heads of family can be totally exempt in many cases
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Ron Paul says: Bankruptcy is Economic Stimulus
The distraction on Capitol Hill this week has to do with the jackpot bonuses that executives at AIG recently received. The argument is over a relative drop in the bucket. The total amount of bonuses given out was $165 million. The government has put $170 billion into AIG so far. Many now are demanding we get this money back. We ought to be spending our time and effort doing something more worthwhile, like figuring out how the Federal Reserve is handling the trillions of dollars they are creating and pumping into the economy, and how that is affecting the purchasing power of dollars in your pocket.
The big mistake was appropriating the TARP funds in the first place. A Johnny-come-lately bill of attainder won’t stop the spending epidemic. This whole situation is a perfect demonstration of why “doing nothing” and letting failing companies fail would have been much better than sinking valuable money and resources into them.
When a company makes a profit, it is a signal that it is taking resources and increasing their value while controlling costs. When a company operates at a loss, it is a signal that it is decreasing the value of its resources or letting out-of-control costs outstrip any value it has created. A company operating at a loss is therefore an engine of wealth destruction. Bankruptcies are a net positive for the economy because more productive competitors are rewarded by opportunities to buy up remaining assets at bargain prices to strengthen their operations. In an economy that allows this kind of growth and change, any jobs lost by bankruptcy are soon replaced by new ones as the most efficiently managed businesses gain access to more assets and expand.
Bankruptcy was the stimulus that we needed in the case of AIG. More bankruptcies would clean out malinvested resources and enable economic growth again.
http://www.house.gov/htbin/blog_inc?BLOG,tx14_paul,blog,999,...
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Fraud makes any "contract" null and void
Credit card companies are not fully disclosing info concerning these "loans" therefore they have no standing to bring a case.