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Makes me think of the movie "Office space" where the guy just decides to stop paying them alltogether.

I did the same thing when I was a student (and didn't have any money). Ended up having an unpayed parking ticket that went so far that I coldn't buy anything except with cash. Couldn't get a mastercard, buy anything on credit or had trouble even getting simple things like getting extra channels on the tv or getting a cellphone. This lasted for 5 years and I woldn't exactly describe it as fun.

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Makes me think of the movie "Office space" where the guy just decides to stop paying them alltogether.

I did the same thing when I was a student (and didn't have any money). Ended up having an unpayed parking ticket that went so far that I coldn't buy anything except with cash. Couldn't get a mastercard, buy anything on credit or had trouble even getting simple things like getting extra channels on the tv or getting a cellphone. This lasted for 5 years and I woldn't exactly describe it as fun.

 

Sounds like ChexSystems to me (though probably something different in Europe) I always loved explaining Chex to people when I worked at the bank. I would inform them quite matter-of-factly the chain of events that takes place when we charge off an account, and they would get in my face and tell me to stop threatening them with my BS - then 63 days later when they realize they have no banking priveleges anywhere in the US they call back begging for another chance. Good times.

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Yeah I used to have that philosophy too until it earned me bad credit marks, which basically makes doing anything you need to do (like finding a place to live, turning on utilities, getting a decent job because lots of HR people chekc your credit, etc) a big pain in the glutes. I've spent the past 5 years or so trying to pay off and rebuild. Just like offense74 wrote, it's not fun at all

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I have good credit since i paid off lots of stuff like car loans and whatnot.

 

I never want a credit card. and I like paying for things with cash. i could care less about this invisible thing called credit. i dont want a house, a car, utilities, or a decent job.

however

gonna start paying back school loan after holiday. but for now, fuck it.

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Working for a bank was such a learning experience for me, and I credit it with saving me a lot of pain in the ass experiences since I dealt with them vicariously through my customers...

One thing I definitely learned, even if you think credit and bills and whatnot are a bunch of BS, do things their way anyway! The smallest little things will come back to screw you over, and even if you really never need credit in your whoooooole life, why waste money on late fees and interest charges and all sorts of other such things?

One of my 'favorite' policies of credit companies - if you miss a payment or go over the limit on ANY credit line or even a utility payment (yeah, they even watch your electricity bill), credit companies can immediately raise your interest on every line of credit. It's crazy. Read the fine print on everything! I refuse to open a credit line with anyone that uses that policy because it's so absurd...unfortunately it's becoming more common so pretty soon I'm sure they'll all do that.

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Credit cards are evil, but even though you say you don't want anything you'll need credit for you'll likely change your mind in time. When I was 18 I told my dad that I never planned on getting a credit card and it was cash all the way - he said that sooner or later I'd fold on that one, and about 4 years down the road I did I wish that I never needed one, but there are plenty of things out there that having crappy or not enough credit can damage your chances of owning, which sucks. Best thing you can do - get a low balance card, only use it 1-2x / month, only what you can pay off extremely easily and build up that way.

 

Or, you could be like me now and owe American Express so much $$$ that I could sell all my organs on the black market and still have an outstanding balance. Scary stuff when I think about it.

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Or, you could be like me now and owe American Express so much $$$ that I could sell all my organs on the black market and still have an outstanding balance. Scary stuff when I think about it.

 

Me too Except Visa, not AmEx

 

Paying off half of it this month though if everything goes as planned, wheee!!!!!! And the other half in March. And then........yeah, I'll still be nowhere near debt free, but at least I won't be spending my every last dime on interest anymore.

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Creditors can be really bad. My score was badly effected after my divorce. X didn't pay the bills knowing it was hurting me. By the time I even knew about some of the bills, my lawyer advised me not to pay (bad advice on hindsight).

 

Well I paid dearly, over a decade later I am just now able to repair my credit. My score has jump 100 points since last year and continues to finally climb.

 

I really wish I had been taught early on how to handle credit. I had to learn through the school of hard knocks.

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I started my sign company when I was 19, and had a bad habit of spending the money I was making when I should have been paying more to my supply credit card. Little bit here and there (lots of money spent on travelling!) added up over a few years, and I had a good chunk of debt.

 

I haven't used a credit card for anything (except business supplies still) in a couple years, and pay a few hundred a month to my old debt, and it is coming along fine. Now I always pay back the full amount of supplies upon completion of jobs, plus a little extra just to chip away at the remaining balance.

 

I always warn people not to spend money before you make it, I learned the same way it seems most did, by ringing up debt without realizing it. People are so ready to spend money these days, and they get screwed by the cc companies.

 

One good thing is that by spending and paying off a couple thousand a month for my business, and owning a house, I have really good credit, so I frequently transfer my balance around to a 0% or very low APR card, so I almost never pay any interest anyway. I play the bastards off of eachother.

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Credit cards are evil, but even though you say you don't want anything you'll need credit for you'll likely change your mind in time. When I was 18 I told my dad that I never planned on getting a credit card and it was cash all the way - he said that sooner or later I'd fold on that one, and about 4 years down the road I did

 

I'm 22 right now... so it is 4 years down the line, and I dont see myself changing my mind anytime soon.

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Debt is about the worst place to be. I was completely debt-free earlier this year, until I had to buy a new car last month. I hate owing money, even if it's not really a lot.

 

My post-divorce credit score was getting better, too... until Capital One VISA screwed me over. I got a payoff quote, closed the account, paid the balance in full, and thought it was a done deal. They decided it would be fun to charge me $0.91 in interest after the fact, then slap finance charges and $29 late fees on top of that the next month. I didn't figure it out until the 60-day lates started hitting my credit report. ARRGGHH!! I'm still fighting that one.

 

It's good to use just enough credit to keep a positive credit rating. You might think you'll never want or need it... until you try to get a small business loan or something.

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  • 2 months later...

My wife and I use our credit card almost exclusively. I hardly ever carry cash anymore except an "emergency $20" tucked in the back of the wallet. We don't carry a balance. We pay the credit card off every month!! We've never paid once cent of interest. There were a few times we were a day or so late with the CC payment due to some oversight, like 3-4 times in 6 years, and we just called an asked nicely, and they removed the $29 fine.

 

If you've got credit card debt, I know the "pay it off every month" advice is useless, but for young folks who are thinking about getting credit cards, they are super convienient. I can't imagine having to walk into the service station to pay for gas with cash, especially if you've got little one's in car seats.. are you going to leave them alone in the car, nope, you'd have to drag them out of the car and into the store, ugh!

 

Now just because you've got a $3K limit on the card, doesn't mean that all of a sudden you can afford that HDTV, that'll put you in debt, that would suck. We have a General Motors Mastercard, so when we bought our new vehicle last september, we cashed in $3200 in credit we'd built up on the card in the last 6 years (5% of purchases go to the cost of a new GM vehicle). Yup, I had the credit card company paying me. That rocks!

 

But I know its tempting: The first credit card bill we got, we'd spend like $900 that month, and they only wanted to pay back $20. Yikes, that a really easy way to get into a bad situation.

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I worry for my sister & her husband, who are in hock up to the tip of their ears! I doubt they have any equity in their house as they refinance every year or so. They have so much frickin' stuff you can hardly walk through the house. Their cars are parked out front cuz the garage is packed full of stuff. Holy crap, & I do mean crap!!

 

She bragged to me one day about her house being worth more than mine. I just smiled & let her go on. She doesn't own her house -- the bank does! And at the rate they are going, they will always be 1 year into a 30 year loan. So sad.

 

Credit is a good thing if you can resist the temptation. Unfortunately, our culture does not encourage living within your means, it encourages keeping up with the mythical Joneses.

 

BTW, I love, love, love my VISA card that takes the charge right out of my checking account. I don't leave home without it!

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  • 2 weeks later...
Makes me think of the movie "Office space" where the guy just decides to stop paying them alltogether.

I did the same thing when I was a student (and didn't have any money). Ended up having an unpayed parking ticket that went so far that I coldn't buy anything except with cash. Couldn't get a mastercard, buy anything on credit or had trouble even getting simple things like getting extra channels on the tv or getting a cellphone. This lasted for 5 years and I woldn't exactly describe it as fun.

 

Sounds like ChexSystems to me (though probably something different in Europe) I always loved explaining Chex to people when I worked at the bank. I would inform them quite matter-of-factly the chain of events that takes place when we charge off an account, and they would get in my face and tell me to stop threatening them with my BS - then 63 days later when they realize they have no banking priveleges anywhere in the US they call back begging for another chance. Good times.

 

Chex Systems!

 

I used to work for the company that made that product (eFunds) It is an interesting product, and the rest of things they offer are pretty interesting too.

 

What bank did you work for? I work for a bank now, but in the back office (non-branch).

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Makes me think of the movie "Office space" where the guy just decides to stop paying them alltogether.

I did the same thing when I was a student (and didn't have any money). Ended up having an unpayed parking ticket that went so far that I coldn't buy anything except with cash. Couldn't get a mastercard, buy anything on credit or had trouble even getting simple things like getting extra channels on the tv or getting a cellphone. This lasted for 5 years and I woldn't exactly describe it as fun.

 

Sounds like ChexSystems to me (though probably something different in Europe) I always loved explaining Chex to people when I worked at the bank. I would inform them quite matter-of-factly the chain of events that takes place when we charge off an account, and they would get in my face and tell me to stop threatening them with my BS - then 63 days later when they realize they have no banking priveleges anywhere in the US they call back begging for another chance. Good times.

 

Chex Systems!

 

I used to work for the company that made that product (eFunds) It is an interesting product, and the rest of things they offer are pretty interesting too.

 

What bank did you work for? I work for a bank now, but in the back office (non-branch).

 

I worked for Wells Fargo, Card Services. Not in a branch, it's a corporate building, we did collections on checking, savings, credit lines, etc plus probate, mortgages, etc etc etc

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