There Are Moral, Ethical and Legal Reasons You Should Never Pay Credit Card Debt Again

There are legal, moral and ethical reasons for never paying credit card debt again. Most people struggle to pay card accounts without ever considering reasons why they should never pay the account again. Even federal law provides a legal exit strategy so you can stop paying, restore your credit score and even receive a reward from telemarketers for trying to take your money illegally.

If you check your preference of religious literature whether you are Christian, Islam, Hindu, Buddhist or other you will find it is not considered a good thing to be a lender or to charge interest making the debtor a slave to the master having the money. All religions say it is better to give than to receive and debt should be forgiven in time.

When card companies issue a card account to you it is often backed by an insurance policy and after six months of nonpayment the account is written off and the bank collects on the policy. The bank also takes a tax loss that exists solely on paper because no actual monetary loss occurred. Not one penny was lost by the bank because no money was loaned to you.

If you have trouble understanding this difficult concept please use the search term “the gig is up – money, the Federal Reserve and you” for an eye opening video history lesson presented at the University Of Colorado School Of Law. This 90 min. seminar will change your life forever.

Having had this ah-ha moment watching the gig, let’s move quickly ahead to see how plastic cards are the biggest deception of modern times. Use the search term “the Chicago debacle” to see how banks spread cards by mailing them to millions of people creating a monumental fraud (similar to the recent bailouts) that caused Congress of the mid-1960s to consider making plastic totally illegal.

If you think you’re beginning to smell a rat, there’s more! Banks write off your account and it is cased closed but to get real money from real people they sell your account information to a collection agency and it is those collectors that are needlessly feared by the American public.

Here is another very important concept to understand. Our legal system does not provide any rights to a collector who knowingly buys an uncollectible debt and then tries to take your money. It’s like buying a burning house from a homeowner as he stands on the street in front of the fire and then trying to sue him for fire damages. This is the reason collectors are considered telemarketers trying to convince you to pay them for the resulting damages.

There is a technical issue here and that is the reason you never ever admit you owe the collector in any way. If you do make some admission, it establishes a contract. Never give them any information on the phone and should they write you a collection notice you simply demand proof of any debt. It’s very simple but they use scare tactics to make you talk. He voluntarily paid a few cents on the dollar for your burning house then wants to collect the entire value so do not tell him you will pay anything!

Now let’s get back to those angry congressmen in the mid-60s who wrote the Fair Debt Collection Practices Act so that these telemarketers end up paying you if they violate a very strict set of rules. You can see just a few of the rules using the search term “FTC debt video” which was bought and paid for by the card lobbyists but it does not lessen the intent of the law.

Get a digital recorder and record those collection calls. Acknowledge your name and absolutely nothing more! Let the telemarketer (collector) violate your rights repeatedly since even the most minor violation is worth at least $1000. If there is colorful language you can collect a lot of money! Use search terms such as “man wins $1.5 million from collector” or “woman sues collector wins $8.1 million” to see actual results.

Fear of your credit score is easily overcome because every credit reporting agency is operating outside federal law. Section 609 of the Fair Credit Reporting Act says they must have verifiable proof that what they are reporting is true. It’s just like the money scam, they don’t have one single shred of legal proof and therefore must remove whatever information you wish to have removed or be fined by the US government.

No matter how you look at it, now that the veil of deception has been lifted, there are moral, ethical, legal and even religious reasons you should never pay another penny on any credit card debt. In this whirlwind education you may not have realized that when you stop paying some trivial amount our national debt is decreased by the small amount of your plastic account. Be a good citizen and help the government pay off what “we the people” supposedly owe.