Sunday, March 19, 2017

Don't Pay Back Your Credit Card Debt!

If you are heavily in debt and feeling trapped, you may be experiencing a lot of the same emotions that I suffered when I was in the same position. I felt shame and fear but I also felt a sincere determination to pay off every penny of my debt. I suppose that I felt that this was the noble and honorable thing to do.

Here's what actually happened: My wife divorced me, I went flat-ass broke and defaulted on all my debts. Then, I started living without credit cards or other forms of loans and debts without any choice.

I have written elsewhere about the importance of going cold turkey with regard to debt. Defaulting like this is one easy way to accomplish it. If you stop making payments, no one is going to loan you money for a long time. You have no choice but to learn to live without debt.


Is This Honorable?

Now, this may not sound very honorable for someone who is seeking to live like a modern-day knight. If you have been stirred to find this website and peruse the articles, you probably cling to some notions about honor and the importance of paying back your debt.

First of all, let me assure you that you will pay back your debt. I am doing so now. But I will get to that later.

Second, you should understand that your notion of honor has no place in this world. In fact, sentiments like this are used to keep you enslaved. Once they have suckered you into $10,000 or more of debt on cards with interest rates ranging as high as 30%, they know damn well that you will be paying them forever. 

Unless you win the lottery (and don't tell me that you haven't had this dream) you will never pay off a debt that size. If you do the calculations, you will find that you will pay hundreds of thousands of dollars over a lifetime managing that debt.

You could buy a house with that much money. And believe me, your creditors ARE buying houses with that money. 

Furthermore, how much honor is there in supporting the causes of your creditors with your monthly payments? You should look into some of the sick stuff that these companies do. They further leftist causes like transgender acceptance and seek to pervert your children in public school. They are the enemy and you are giving them money. 

This is not an excuse for your prior financial carelessness. That was bad and you probably get that. But trust me, you have probably already paid that debt if you total your interest payments. That satisfies the demands of honor.

You Will Eventually Pay It Back

Anyway, the end of my story is that I am paying it back. After you quit making payments, the credit card companies will pester you for awhile. Get used to not answering the phone if you don't recognize the number. This is also liberating. You will be living credit free and ignoring your damn phone, which probably takes up too much of your time already.

Eventually, the credit card companies will turn their debts over to collection companies, selling them the debt at reduced rates. These companies then start coming after you. You can ignore them, too. Or you can negotiate to pay back your debt now, possibly in a reduced quantity. 

In my case, I waited so long that the original creditor found me (my life was kind of sketchy for a while after the divorce and I guess I fell off their radar) and garnished my wages. I could have avoided even this but I got lazy and, anyway, I was ready to pay my debts, having acquired a good job by then. In five months of stiff payments, I paid the whole thing and I am now free of all but one credit card debt. (I am still gaming that last one.)

The great thing about paying your debt back now is that interest is not accruing. If you owed $4,000 on that card, the debt was just getting bigger every month and most of your payments went to interest. Now, your payments will always reduce the principal significantly. Payments equivalent to ten or twelve of your old monthly payments may pay off the debt completely and get it off your back.

I am in this process now. I cannot tell you how good it felt to get credit out of my life to start with. Now, I feel even better because I was able to get myself into a good position financially and begin to pay off my old debt quickly and on better terms.

Do It Now

Some writers on this topic will suggest that you consider this method if it seems right to you after some consideration, etc. I am not going to do that. If you want to become a christian warrior, you need to cut ties to these companies and this way of life. Stop funding their terror and stop soiling your own soul with the frivolous lifestyle choices that credit cards offer. 

Do it now. Stop making credit card payments. They cannot take your home and they cannot put you in jail. You will change your life. You will stop funding Leftist terror. You will break the chains of financial slavery and immediately start living a better life. 

Yes, your credit rating will take a huge hit. So what? What is it that you were going to do with your credit rating? Buy another car? Buy a house? When you buy these things, you just buy your way into more slavery. 

They might take you to court. This is not actually scary if it happens. Just don't go. Eventually, they may garnish your wages. If this happens, you bite the bullet and pay it off quick. It's better than paying interest for ten years and still owing the principal.

You will still be able to make money. You will still be able to buy things for your family and take the out to dinner. In fact, you will be able to do these things more often now that you are free of unnecessary debt service.

If you are single, I really do not know why you are waiting. Cut yourself loose from these state-supported slavers. Otherwise, you are just Ed Norton's character in Fight Club, buying trinkets from Ikea and wasting your manhood.

One final thing. Do not let wrist-flipping, pearl clutching neo-con types scold and shame you about paying your debts. These people are the enemy. After we deal with the credit card scum we will deal with them as well.
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