College Credit Card Debt

[djsolaris]

What is the name of your state? CO

So I got a Mileage Plus VISA card awhile back since I had awesome credit. But then I decided to go back to school full-time and ended up running up a debt of about $3,000 since I had no other way of supporting myself. I paid off a lot of it, but when times got hard I had to stop paying to pay for the main necessities like rent, etc. I haven't paid since January 2004, my balance has ballooned to $5700, and now the CA says I'm out of options and sending the account back to the bank. I've reviewed the SOL for Colorado and it says its six years, but here's my question. What can the creditors do to me now? I told them I was more than willing to pay once I graduate and got a job, but they won't believe me, and they want me to pay a monthly fee of $3-400, to show them I'm serious about paying them. But as anyone knows, a college student cannot nearly afford that much. Can they sue me now? I have no assets, no one to turn to for help, and I just want to wait it out till I get a job. I just don't want to get sued or taken to court in the meantime. Should I be worried? Any advice would help. Thanks

 

[Ladynred]

Yah.. can you say S - C - A - M !!! ??????

 

[FromNY]

Hello,

I was in a similar situation as you, where I had gotten myself into a situation where I could not repay my credit card debt. I had gone way over my head with over $17k in debt.

I found a way in which to legally dispute my credit card debt. By doing so I've never repaid my debt and never made another payment. I wrote letters of dispute saying that the banks never loaned my any of their own money. I used a technique that is not known by very many people to legally dispute over $17k in credit card debt.

Enjoy the day,
Bryan Smith

I agree with Ladynred, your post is nonesense and your webpage is a scam. Do not take bits and pieces of what you read about the FED and money creation through banks. Banks create money in the economy by lending, BUT this is is not the way you are saying, and your nonesense has nothing to do with banking or the Fed. Banks do not create money with credit cards, they do it by lending demand deposits, i.e. what their customers have in their accounts. Credit cards, at least the way you are saying have nothing to do with the process of money creation (if you understand what money creation in the economy is).

Take your scam elsewhere.

 

[Who's Liable?]

Not that I think it is an "honest" solicitation, but I briefly read some of their literature on how they can defeat the banking system...


Supposedly, the CC holder spends the money, rack up a high CC balance, and when the CC company comes after them, they argue that the money never "belonged" to the CC company, but that the CC company itself "borrowed" it from the U.S. Treasury, and therfore did not "own" the money to give to the CC holder... That is all I remember, because there was a BIG stench where I was standing and therefore dropped the pamphlet and proceeded on my way...