I understand the importance of living frugally and within ones means. However, shit is hitting the fan for a lot of people and even those who are responsible are having to get creative.
Are we counting on "The Great Reset?" The biggest FU to the banks, go down with the ship? With interest rates at stupid numbers and a financial collapse every 10 years, what the actual fu*k?
Whats the endgame?
So, are you asking what happens if we load up on debt and time it just right so that the banks have to eat the debt, and we just skate away? Is that a thing?
There is contract law. Credit card debit doesn't fall into that. It's a one-sided transaction in the fact that the lender didn't sign a contract with you. Very easy to walk away from cc debt. It will stay on your credit report though for 7-10 years. My guess is the whole credit score thing will probably be totally revamped as the fiat dollar system fails.
Lots of info out there if you want to/must walkaway from cc debt.
Yes