will you need credit in the future? A lot of employers check credit now, for instance, if you want to work in finance; charge offs and bankruptcies are just as bad as a felony. Do you plan on renting or buying anything ever again?
anyway, most credit is created out of thin air.
Mruiz comes to my red plastic cup store and says I would like to buy 10 red plastic cups but I can only pay for 5. Based on Mruiz's good name, I create the credit out of thin air, and give him 3 days to pay me, with a small fee for my terms.
There is nothing wrong with interest. I have a problem with the banks that got the bailouts, but if I had a loan with them, I would have to consider the future problems it will cause for me if I were to default based on a protest.
Are you at the end of your life without assets to will to your children or are you about to leave the country for the last time? If so, maybe you can buck the man.
For most people, ruining their credit will ruin their lives. Bankruptcies never go away, they might tell you after 10 years they do, they don't. They live on your credit report forever. Same thing with Charge offs. It may not affect your score after a certain amount of time, but it will never make it's way off your report.
Also, what if your dad is a BoA stockholder, and you start this trend of massive defaults, and it creates a run on the bank, which then causes the stock to bottom out, who did you screw? The CEO who has been paid millions over the years, or people like your dad