This really depends on your integrity. The banks credit allowed you to buy things you otherwise couldn't afford or wouldn't buy on your budget. Paying them back is a matter of honor, are you a man who stands up for what he believes in on issues large and small or do you pick and choose what things you want to be honorable about?
If your next door neighbor was the bank you would think long and hard before blowing the money and deciding not to pay it back. But if the bank is a faceless corporation demonized by the media and pop culture for daring to make a profit it's a lot easier to say fuck it, I ain't paying.
The bank isn't really going to lose money if you quit paying, here's an example of how it works: you run up a $1000 bill on the credit card and stop paying. For the next 180 days the bank charges you 29% penalty interest on the balance plus late fees and whatever else they've written into the fine print of the contract. At the end of 180 days your balance is $3000 or more. The bank sells your account to a debt buyer for 50% of the balance and makes a $500 profit. In return, you'll spend the next 20 years or more running from one collection agency after another and they will harass you, your family and your employers, plus for the first seven years you have a black mark on your credit report.
Banks don't need to sue you unless you're into them for a ton of money, $25,000 or more. Even if they do take you to court which is highly doubtful and win a judgement and put liens on your property or assets the only thing they can legally do to actually force you to pay them is garnish your wages if you have a job on the books. They aren't going to invest all that time and money for a measly 7% of your wages.
The reality is you can run up all the bills you want if someone is dumb enough to give you credit and never pay anything back. They will still make money on you.
If your next door neighbor was the bank you would think long and hard before blowing the money and deciding not to pay it back. But if the bank is a faceless corporation demonized by the media and pop culture for daring to make a profit it's a lot easier to say fuck it, I ain't paying.
The bank isn't really going to lose money if you quit paying, here's an example of how it works: you run up a $1000 bill on the credit card and stop paying. For the next 180 days the bank charges you 29% penalty interest on the balance plus late fees and whatever else they've written into the fine print of the contract. At the end of 180 days your balance is $3000 or more. The bank sells your account to a debt buyer for 50% of the balance and makes a $500 profit. In return, you'll spend the next 20 years or more running from one collection agency after another and they will harass you, your family and your employers, plus for the first seven years you have a black mark on your credit report.
Banks don't need to sue you unless you're into them for a ton of money, $25,000 or more. Even if they do take you to court which is highly doubtful and win a judgement and put liens on your property or assets the only thing they can legally do to actually force you to pay them is garnish your wages if you have a job on the books. They aren't going to invest all that time and money for a measly 7% of your wages.
The reality is you can run up all the bills you want if someone is dumb enough to give you credit and never pay anything back. They will still make money on you.
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