5 Reasons NOT to Pay Your Credit Cards

Are 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.

......................................

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).
2. Under the legal fractional reserve banking system, the banks NEVER actually had the fake money for the credit they extended you in the first place. They added you to their stable of debt slaves with a simple accounting key stroke.

3. The cartel of the large private banks are a proven criminal entity at the heart of most global problems including, but not limited to: wars, genocide, famine, and resource plundering. It's immoral to continue to support such a system on any level.
4. You won't need a good credit score to live outside of the matrix. It's a place in your mind where it is okay to not ever "use" anything with bank financing for the rest of your life.
5. Not paying your credit cards may be one of the only ways to make the matrix feel the weight of your protest without drawing too much oppression.

Since the foxes guard the chickens on Wallshington Street, the citizens may have to take justice into their own hands through peaceful resistance -- by simply dropping out of the matrix. In other words, don't pay your phony debts to criminal banksters. By not paying your debts, you should expect the system's goons to rain down fear by way of phone calls and mail to you. Additionally, you will certainly risk losing your esteemed Farmville status and, these days, you may even win a free trip to one of the oligarchy's private jails.

However . . . you could just wind up gaining some independence from your manufactured stress and servitude.

Full Blog Post

Currently more than 23% of all mortgage holders owe more than their homes are worth.

Americans, and many others and continually purchasing stuff whether they actually need it or not on credit. Especially revolving credit.

Too many people are still paying like they should, because it just doesn't feel right to not do it.

I'm not advocating in this thread anyone do anything illegal. But big real estate developers walk away from their loans and bills, and they are allowed to. Banks are too. Why shouldn't everyone else?

The biggest thing though we all need to stop doing is to stop buying things with the play money from banks on horrendous credit, and making our situation worse. If not, we could well be looking at the total collapse of our monetary system as well as the entire way of life we know it today.

That actually might not be a bad thing, but it's a very road to take there....

The banks are the trolls in this case. Stop feeding the trolls.



[edit on 28-7-2010 by webpirate]

Thanks for the link OP! A while ago I came across a grade school educational web site through stumble upon. A video introduces banking interest. Seems like some users will have questions about this and this video is perfect for people easily understanding banking basics. www.brainpop.com...

Wow really interesting only problem... You don't pay your credit they take your house or your car or what ever else. Until there is some strong support not to pay, I'm gonna keep paying my credit bills. I quite like my house, I don't want the bank to own it.

I constantly preach this don't feed the beast philosophy. Thing is most people cannot or will not comply.

Even those that know are too hooked. I just advocate no use of credit and keep any savings in any form out of the banks and stock market.

It really is that simple.

reply to post by Xiamara


Unless you owe a whole lot, then they can't take your house or your car. And if you owe that much, dump in in Chapter 11.

Because the fact that credit card companies just "make up" the money they are letting you use, their loss margin is minimal. 99% of the time, they will sell off to "debt collectors" for pennies on the dollar. If they do that, your in luck, because the majority of junk debt buyers are sharks, and break the FDCPA on a daily basis. Chances are you could turn your loss into a gain. I've had many debt collectors break the law while trying to collect on me and I've called them on it, often times wiping out a debt, and a few times actually making money in the process.

See, they are just that. Sharks. So I have no problem going after them and DESTROYING them. And so far I am 100% against all debt collectors that have tried me.

reply to post by Xiamara


Very true. But while reading more on this, I found this:

There are actually 3 different entities that are involved in your mortgage. The mortgage holding company, the servicing bank, and you. Most of the people who actually own the mortgage would prefer you to stay in your house through a mortage reduction program that keeps you paying instead of them taking the loss of a foreclosure.

The major banks who actually service the mortgage couldn't care less about you or the mortgage owner. All they care about is hiding their true financial situation for as long as they can, while they continue to bonus themselves.

It seems the only way to make these conglomeration wake up and start paying attention is for a real collective threat of walking away from mortgages and revolving credit.
www.huffingtonpost.com...

The best option though I really think, is just for everyone to stop using credit to purchase things. This may not be practical with real estate and their houses, but I think you all get my point here.

I hope....

reply to post by webpirate


I get your point. Live by the philosophy of "If you don't have it, don't spend it".

Credit cards, loans, etc are just designed to keep us imprisoned. I understand that unless you are rich, you need a loan for things like a house. But do you really need a $10,000 Amex card so you can go buy that $8000 TV? No. If you don't have $8k in cash that you can part with, wait till you do.

Ok.

Instead of telling people to "stop paying your bills"...

This article should be explaining to people how to "STOP GOING INTO DEBT".

The way I see it, you shouldn't have credit card debt to begin with.
If you do, you obviously don't have enough money to pay for these things, and you don't necessarily need these things anyways.

So why go into debt, in the first place?

Maybe I'm just not your typical slave, but I see debt as a BAD thing.
Not something I can just obtain to have a decent life.

I know that houses are too expensive without a loan...that's another topic.
I'm talking about credit cards.

When are people just going to wake up and stop spending money they don't have?

You don't have a 52" LCD TV? Why not charge it?
You don't have xbox360? CHARGE IT!
Ridiculous.
If you can't save up enough money to buy it with cash, you are obviously living beyond your means.
If you are living beyond your means, you are doing exactly what society tells you.
Keeping up with the Jones'.


[facepalm] I forgot. We must keep up with what the TV says...BUY BUY BUY!

If someone decided to get a credit card then its their own fault and they SHOULD be made to pay their debts.
Quit blaming others for your own decisions.
Nobody held a gun to your head to get one.

I agree people need to quit using debt cards.

Edit...Havok took the words out of my mouth.


[edit on 28-7-2010 by DrumsRfun]

reply to post by DerekJR321


That is quite true. The only reason I have a credit card is so I can build my credit. Also Ever try staying in a hotel without a credit card. It's quite hard. How about renting a car? Its near impossible to not have a credit card now.

reply to post by havok


Absolutely. The title is from the original article though, but it's also a way to get peoples attention. My real message is further down, and in a reply. Stop buying things on credit. That would really throw a wrench into the expected ways of society, and prevent the problem from even occurring.

Individually me or you stopping paying our debts will do nothing but bring on a lot of phone calls and hassle. It would take an en masse approach to even make a dent or to make the true ruling PTB... ie the banks sit up and take notice.

Originally posted by webpirate

The biggest thing though we all need to stop doing is to stop buying things with the play money from banks on horrendous credit, and making our situation worse. If not, we could well be looking at the total collapse of our monetary system as well as the entire way of life we know it today.

[edit on 28-7-2010 by webpirate]

That's already well on the way - it just hasn't happened yet. This is completely engineered by the bankers and you will see why they did in the coming months / years.

Ok, I am all or "sticking it to the man' so to speak.

I agree that we as a people are taken advantage of at every turn in life.

I agree that 20% is a TERRIBLE rate for everyone except a mafia lender.

But, here is the biggest point to make:

IF YOU OWE CREDIT CARD DEBT, IT IS YOUR RESPONSIBILTY.

You took out the card, you chose to use it for good or services, you enjoyed those good and services. You should pay for them.

Here are the top 5 reason TO PAY YOUR CREDIT CARD DEBT.

5. As an ADULT functioning in society, I take responsibilty for MY actions and debts.

4. As an ADULT functioning in society, I take responsibilty for MY actions and debts.

3. As an ADULT functioning in society, I take responsibilty for MY actions and debts.

2. As an ADULT functioning in society, I take responsibilty for MY actions and debts.

1. As an ADULT functioning in society, I take responsibilty for MY actions and debts.

Dorian Soran

If I could build my own little 2 room home in some isolated area, I would willingly grow my own food and give up all the convienences that enslave us. Unfortunately, that will never happen. So I'll stay here and continue paying my bills.

banks and realtors can walk away from the loan, WHAT? I did not know this. They can do this to us, but they do not get punished? NO WONDER, big wigs go to special jails that have their own golf coarse, or they get special treatment and sometimes just get off of the whole charge. THEY CAN DO ONTO US, BUT WE CANNOT DO ONTO THEM. The bible we are supposed to follow says, do onto others as you would do onto thyself. What makes them so special? THEY, THE ELITES , totally do not follow the bible saying, BUT WE ARE SUPPOSED TO. THE MATRIX, i'm going to unplug everyone and wake them all up and plug in the elites so they can troll one another.

Originally posted by Xiamara
reply to post by DerekJR321

 

The only reason I have a credit card is so I can build my credit. Also Ever try staying in a hotel without a credit card. It's quite hard. How about renting a car? Its near impossible to not have a credit card now.

I love this response from people. Seems more prevalent now-a-days.
It is a crying shame that one has to 'build up credit'...
Is this partly to blame from all the idiots who ruined the credit system for those honest bill payers, or a system that invokes one to join based on the fact that so many processes in life require credit now.

I feel that both are equally responsible for this surge on 'building credit'.

Just be a responsible person and pay what you owe.
Make sure if you 'charge' something, you have the cash to pay it off quickly.
Don't go out and buy things you don't need...

(or things that you can't pay for with saved up cash!)

Best way to build credit:
Save up enough cash to buy something of value. Say $500.
Go out and acquire a credit card with no APR for 12 months.
Charge something of value at $500.
Pay it off in less than 12 months. Typically a.s.a.p., in less than 2 months.

Save up more money and do it again.
Just make sure to cancel the card when finished or it will remain open on your credit report. (bad thing)
Eventually, you will build up good credit.

This is exactly how I built mine. (and its good)




PS: To add, get your free credit report and cancel all your open credit cards.
The accounts don't cancel on their own and add to negative reports.
If you aren't using a card, it will negatively affect your report.
Remember that old jewelry store card from the 80's that you never canceled?
Yea. It's a negative boost to your report if left open.
Most people should know this...
(genius way of scamming people into bad credit)


[edit on 28-7-2010 by havok]

Wait until the next crash hits and we're in a real depression. Everyone will be forced to quit paying their bills.

You'll have to actually decide between things like "food or car".

reply to post by Dorian Soran


An applause for Dorian please. Seriously, this is pretty ridiculous. Imagine if some guy just stops paying his credit card bills because you told him not to. Use your heads people.

I agree that if you charge it, you should pay it. What I don't agree with is the interest rate these companies charge. I don't agree with predatory lending (giving an 18 year old a $5000 credit line). I don't agree with the endless circle of junk debt sales.

Here is an example. I got behind on an old credit card that I got when I was 19 years old. It went to a collection agency. At the time I didn't care to fight and so I paid the bill off (an original credit limit of $500 that shot up to $1700 with interest, fees, etc). I paid the debt collector off. They in turn never cleared the debt from their system and kept me in their "database". Fast forward to last week... 16 YEARS after I paid this debt off, I am getting collection letters from a different company trying to collect. Giving me the old "oh just pay us $200 and we'll call it even".

Here is the big problem with credit cards, and credit ratings. Expirion, Transunion and Equifax are all PRIVATE companies. These private companies refuse to release how FICO scores are weighed. No one knows how they come up with the numbers. And yet the vast majority of financing relies on this magical number. Want a house? Whats your FICO. Want a credit card? Whats your FICO. Want car insurance? FICO please. WANT A JOB? Whats your FICO??!?!

The problem is there is no regulations or standards. Credit card companies can initially charge you 5% and if you are so much as a day late on a payment, they can jack you to 20%+ interest. Is that fair? No. And guess what the end result is. Defaults, destroyed credit, etc. And who benefits off of that? Ever hear of junk debt? Thats right. The banks win.

So in the end... credit is a means to keep people in indentured servitude.