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Thread: How about we make our OWN debt reduction ??....

  1. #1

    How about we make our OWN debt reduction ??....

    HI,

    I was just thinking....

    How many people are saddled with credit card debt ? Payday loans? second mortgages etc?

    Assuming that this debt was NOT taken on as a result of frivolous spending BUT rather just for survival (because the powers that be exported you job or squeezed and squeezed out lower wages (like Uber and many other companies)), wouldn't it be good if we all could just get out from this mountain of unfair debt by simply refusing to pay bills?

    I know many people would be horrified at the prospect of becoming homeless as a result of being foreclosed upon BUT if ALL middle class people did this there would be NO realistic way for everybody to be "put out" (remember when the housing bubble of 2008 / 2009 resulted in many properties becoming "upside down" or "under water"?....People were being foreclosed on at an alarming rate and eventually there was a "moratorium" on kicking people out of their homes AND THAT was with a SMALL percentage of properties basically "tanking"

    I am suggesting a FAR BIGGER protest in paying mortgages.

    A more "conservative" approach would be to NOT pay unsecured debts (Like credit cards).....This has the advantage of not risking your home since the debt is "unsecured".

    So what so you think?.....What would you do with the extra $$ you save by NOT paying credit card debt?

    Andy

  2. #2
    Quote Originally Posted by Uber1 View Post
    HI,

    I was just thinking....

    How many people are saddled with credit card debt ? Payday loans? second mortgages etc?

    Assuming that this debt was NOT taken on as a result of frivolous spending BUT rather just for survival (because the powers that be exported you job or squeezed and squeezed out lower wages (like Uber and many other companies)), wouldn't it be good if we all could just get out from this mountain of unfair debt by simply refusing to pay bills?

    I know many people would be horrified at the prospect of becoming homeless as a result of being foreclosed upon BUT if ALL middle class people did this there would be NO realistic way for everybody to be "put out" (remember when the housing bubble of 2008 / 2009 resulted in many properties becoming "upside down" or "under water"?....People were being foreclosed on at an alarming rate and eventually there was a "moratorium" on kicking people out of their homes AND THAT was with a SMALL percentage of properties basically "tanking"

    I am suggesting a FAR BIGGER protest in paying mortgages.

    A more "conservative" approach would be to NOT pay unsecured debts (Like credit cards).....This has the advantage of not risking your home since the debt is "unsecured".

    So what so you think?.....What would you do with the extra $$ you save by NOT paying credit card debt?

    Andy
    I like your idea...I'd buy more clothes with the money I'd save BUT that is what got me credit card bills to start with! sigh ....I guess things would go full circle HA

    Heather

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