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0 pointsechelon3y ago0 comments

The creditor doesn't put a lien on the debtor's house, repossess their goods, or take them to court?

Obviously this happens with mortgages, cars, and other extremely high value things. IRS debts, student loan debts...

But what about credit cards? Don't they have mechanisms other than tanking your credit report? And if not, why don't poor indebted people simply default all the time to remove debt?

0 comments

rl33y ago

Sure, but you also can't squeeze blood from a stone.

That said, I was mostly talking credit cards, since that's what most tech services would fall under in a zero-money consumer situation.

>And if not, why don't poor indebted people simply default all the time to remove debt?

Some do, but having your credit ruined for seven years sucks for most people. Likewise the courts don't exactly smile upon those who run up huge debts with the intention of defaulting.

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