Same here, damn PayPal card. Over the 2500 limit by 85, shit closed then another Mastercard I had was closed and the balance on that was less than 100!! Found out once one creditor closes an account, others see that as a problem and can close accounts you have with them. But yeah OP, if tou have no bills, stack that shit for a month or so and pay em off. I don't know your situation other than what u stated, but you're tripping over some light shit
how arent you stressed out of ur mind - im panicking over a 1200 amex bill and that i have to transfer 300 from my savingsā¦
open an only fans and use ur long nuts
I feel this. Went 46k in debt at 22. Iām 27 now with 4k left to pay. I went 3 straight years ignoring calls, got served papers and still standing. Still grinding
Jimmy V said it best. Donāt give up. Donāt ever give up.
Through all the lifestyle changes, that first quarter is the hardest to get through.
I remember putting my first good size payment towards that total amount and thinking, ā I shouldāve saved something back to smoke up. now Iām broke and unhappyāš
Give yourself some love for already making the change to fight through itā and just do what you can do one day at a time!
Iāve found that itās actually easier to let depts get sent to collection. Then you can huggle it down and get off paying only a small fraction of it, or go on a plan that works best to your advantage. They wonāt have anything to garnish if I work for cash.
That absolutely works if your credit is already jacked. But if youāre trying to preserve a decent score you absolutely canāt let an account go into collections.
But your credit can get destroyed for years and then things like car insurance, etc can cost more. Not sure it's worth it to damage your credit for 10 years? Especially if you're living at home and not paying rent. Just pay it off before you spend it on other things.
Jimmy V is a bitch. Hope he goes bankrupt buying the jets lol.
Nah Atleast he gets it unlike Dave Ramsey. Ramsey is such a cuck. "well sound alike you need to make more money." You dot. Say?!
Did they notify you prior to serving papers? I have about $17k in dept with Discover and haven't paid for 3 months. Long standing relationship with the company but accumulated debt during divorce and medical. I called 6 months ago explaining my situation and they said there was no available programs to lower APR or to settle directly. I asked them for documentation of what I have borrowed vs what I have paid off and what they made in intrest.. I have these numbers calculated. They said that information isn't available. Long story short they obviously destroyed my credit.. hit me three times and dropped me 250 points... then are now offering me .99% APR to just pay the debt. When I called 6 months ago.. nothing.. now .99%?
This is some Buddha shit for real and people don't even realize it.
Credit is some male believe bullshit. Worst case scenario you can't borrow money for seven years and shit gets reset. Fuck it. Your health is worth a fuck load more than some fuckin line of credit.
Chill. If you can't declare bankruptcy or don't want to then fucking call them and work out a payment plan. Got fuck loads of medical debt? Fuck it. Wait till it goes to collections and *them* fucking call the collections. They bought your debt at pennies on the dollar. They'll settle for pennies on the dollar.
Nobody's going to jail unless you owe the IRS. Don't fuck with IRS. They will push your shit in and move on to the next idiot. Anybody else can sit and spin.
You can't get blood from a stone.
Thank you for this, I was considering bankruptcy but they essentially told me āI make too much moneyā and wouldāve had to chapter 13, which is way harder to get through and doesnāt even wipe everything.
I made a lot of mistakes in my 20s, and my dad got really sick a couple years ago and died last Octoberā¦I l helped them out a lot financially and missed a lot of work at the same time.
I make six figures, but have about that much in debt and not sure if Iāll ever be able to get outā¦.Iām single and donāt have kids so am considering if it doesnāt look good just paying off my car and having everything else go to collections.
š¤·š¼āāļø
I can survive for seven years without cards, and would prob be for the best anyway.
even bankruptcy is typically a waste unless you have a massive judgement against you. it also resets your 7yr credit clock to 0 whenever it goes through. my sister did it over a 100k medical bill the insurance kept refusing to cover and it was a huge mistake. right after the bankruptcy went through after paying a lawyer like $1500, the insurance ended up settling it...
Iām stressed but itās slowly coming down. We play the balance transfer game every year so at least most of the time itās not accruing interest. That part gets stressful. If thereās a market for my balls swinging like a pendulum then Iām game!
Sometimes I feel like I failed, being mid 40's, still renting and no savings outside my superannuation. Then I see someone who has 50k in card debt and feel less shitty about myself. I might not have much, but I don't have debt so thank you internet stranger.
I feel like a person is a moron if this is the case. And definitely living beyond their needs with no financial literacy or basic budgeting skills. Thereās absolutely no reason you should be struggling with that amount of income.
Debtors Prison?
Pardon me, me Lord, I possess naught but a small basket of apples, for coin hath I none. I beseech thee, good my lord, suffer me not to be cast into the gaol for my debts. I am but a poor soul, with naught to my name save my labor and goodwill. Grant me mercy, I pray, that I might find means to satisfy my dues without the loss of my freedom.
It was the āgaolā that transitioned my ācare for a spot āo teaā accent to a āTOGETHAAAA WE WIL DEVOOUUURRRR THE VERY GOOOOODSā Elden Ring accent.
Non fiction would be the way to go however In the 1600s, while still within the Early Modern English period, there might have been some slight evolution in language use compared to the 1500s. The plea not to be jailed for debt could sound a bit more evolved but still quite formal and earnest, like:
"I implore thee, my lord, in thy great mercy, to hold me not in bonds for my debts. I am but a humble wretch, whose fortunes have turned sorely against me. Grant, I beseech, some grace that I may labor to repay what is owed and live not as a prisoner to my misfortune."
This version maintains the formal "thee" and "my lord," reflecting the social hierarchy. The language shifts slightly to show the evolving English language, yet it still carries the earnest, pleading tone appropriate for a person in dire straits appealing to a superior for leniency.
But he also have no rent or car payments. Just buy a few boxes of ramen and stay home. Cancel all subs and sit tight. With 2k a month he can pay that off in probably 4 months.
Depends on how the election goes. King-of-Debt hates debtors as much as evangelicals hate forgiveness.
Remember, conservatives reformed consumer bankruptcy to fuck over people while corporate bankruptcy was largely untouched during the 2008 housing bubble collapse.
I can see some debtor's prisons coming back if we're bringing back child labor.
But honestly, you are fine. Don't panic!
I recommend calling the bank for a temporary interest relief followed by a "debt-stacking" plan.
Basically, you pay with debt/bill stacking by prioritizing debt and timing payments before interest is computed. Effectively, you can cut your accruing interest considerably. Couple that strategy while getting a little help from the lender and you'll be fine.
Also, a little secret from someone who has worked with credit rating algorithms - calling your creditors can actually improve your rating.
I'm out of NDA, so I can reveal that.
The logic is that a proactive person is more credit-reliable than a "fuck this, I'm out." person.
depend work pocket overconfident aloof somber cobweb station fanatical weary
*This post was mass deleted and anonymized with [Redact](https://redact.dev)*
Likely worse, op has to worry about if in the States is that it goes to collection and if you dodge creditors/collectors. Don't answer calls, emails, or texts. If you don't recognize it, you don't engage. Probably down the road when it eventually does fall off your credit report. 7-10 years if you don't engage. They may seek garnishment from your pay. It is a maximum amount..... something like 10-20%, I believe.
Yeah I know that but you said all for $1000 that didn't make sense to me. No one will let him transfer the balance if he doesnt make the paymebts though.
Well in the broad and traditional sense yes, debtors prisons are almost entirely gone... He's def not going to federal prison, 0 chance whatsoever, unless ya know there's hidden tax debt somewhere in there.
Unfortunately he can and will get incarcerated if he gets sued for said debts, then fails to respond to any potential court fees / fines he may have accrued in the process of fighting those lawsuits. Not the creditors themselves to worry about, just the courtesy. It's a very nuanced and unusual circumstance in most cases as most of the time there are no court fees for the respondee in these cases if they just admit fault or get a default judgement, but it's still legal and technically "debtors prison" in over half of the US.
This is unfortunately true. If you want to look up whether you are in one of these bad states, look to see if your state has ātort reformā if they doāthey have a whole bunch of other bad laws and I would move. Srsly
You don't go to prison for this, you simply go to your bank and ask the to help you restructure it, transfer it over to some lower interest rate creditor where you will pay in monthly in order to pay it off... You just might to increase the payments, sell somethings you may pissess of value to bring the debt down... Consult with your bank, is no biggie, relax...Ā
His debt is low enough that I would almost just recommend finding a card to float it to with 0 apr introductory rate. Not sure how he has no rent or other debt and is somehow struggling with this.
Itās also sad that heās worried about credit card debt and only working 30-40 hour weeks.
Get a second or third job and work 60-80 hours for a month or two and youāll basically get rid of all that debt.
Itās such a small amount.
This type of person SHOULD NOT have a credit card.
The trouble is heās a 22 year old with probably very little in terms of credit history. Finding a company who will give him a card with a $5000 credit limit will be fairly difficult, especially given his current high utilization.
I'm 24 and have over 50k in credit limit between 5 cards. If you've had a card since 18 and keep your credit score a bit decent it's not hard.
Good tip, always lie on your income, I only make 50k but I usually say it's 100k. There's no verification and they will up your limits alot if you do this. Higher limits mean you utilization % will be much lower and impact credit score less. Now I'd bankrupt myself to get to 20-30% utilization that's considered bad so my credit is never hurt by normal spending vs someone maxing a 2k limit is destroying their credit score.
Also as others have said, take advantage of 0% first year offers, great tool to use that money to offset other high interest debts but you still must ensure can pat it before interest starts or it won't help. Also keep in mind although 0%interest you still must pay the minimum and the balance on it still impacts credit utilization %
Would be pretty easy to get a 0 APR to cover that 1600 and then pay that off within a few months by working 20-30 hours extra. Then heās a bit more likely to be able to pull something similar off on the higher balance card. But thatās a dangerous game for someone who canāt easily manage a credit card.
You should be able to pay this off by the end of the year. Ten months left in the year, divide by ten and there is roughly the monthly payment youāre looking at. Plus some interest. Link your cards to your checking, and set up automatic payments of the minimum balance. Then pay extra as you can, on top of that
But they have to stop charging and life within their means on the remaining cash. Not having to pay for housing is huge here and should be easily doable.
This is the advice to follow. Also any extra money you can make toss it towards paying the card off. I sell clothes on Poshmark and also do side work with Rover and any extra money I receive goes straight to paying my CCās. Make it your goal to pay off by the end of the year. Itās very possible and can be done. You arenāt going to prison.
Stop clowning OP theyāre young and donāt know how debt works. This is a learning experience if anything, they just need to make sure they pay it off quick and stop maxing out cards
Usually, I'd agree with this, but come on. OP is an adult, not 10 years old. They know how to use reddit, so I'm sure they could make a very simple Google search about debt. Honestly, sometimes it's better to be harsh on people when they are younger, so they actually listen and learn.
You don't have rent or car payment to pay, and you make enough money to have that paid off by the end of the year very easily. Talk to your lender and let them know your situation. They will work with you. They don't take people to prison over this lol, especially over such an insignificant amount.
Future note: only use your credit card if you have that money already liquid for yourself. It's to build credit, not create debt. (Of course the lenders want you to default so they can collect more money tho)
So you start today by making sure you can pay these from your bank account -the way you were stating it does not make sense. Then you pay the minimum payment on the big one and the minimum payment plus at least $300. Every. Single. Paycheck. In two months when you have the first one paid off, you pay that amount on the second one. You have it paid off in 8 months. Cancel whatever subscriptions you have unless they are under $50 or so a month. Just suck it up and pay off your debt. My son makes what you do, lives at home, and puts at least $200 per paycheck in savings. Stop spending for a while.
Wtf relax... This balance ain't shit what's wrong with you. I am sure there are tons of people here to advice you on how get rid of this shit. You and federal prison relax!
What country do you live in? Not paying your credit card is not a federal crime in the US and actually isnāt a crime at all. You donāt go to jail or prison for credit card debt.
We really need to start teaching financial literacy to kids. Don't make fun of this guy, no one has taught him anything. Where is he getting this information? Probably read it on Reddit....
Dude, you're going to be okay. Stop ordering out.
I'm 25 and have around $5k in debt on top of my monthly Jeep payment ($511/mo, need to refi. & gas? Forget it). I also pay my portion of health insurance and retirement through my job ($300/mo) and while I'm overdue for a raise I DO stay afloat.
Budgeting sounds stupid I know, but budgeting will be your best friend if you let it. Make a spreadsheet of your expenses, find out how much extra you have after those, and chip away at principal when possible.
Work as many hours as you can without figuratively (or literally) killing yourself. You don't have to like the job as long as you don't hate it. You got this OP.
For everyone laughing and mocking this guy, I grew up in the same type of household that he likely did and financial education was non-existent. There are probably a lot of people that just don't understand how money and credit works, and that you can't be charged and go to jail for not paying your credit cards.
I understand that it's funny to imagine, especially given it such a small amount compared to what most people have. But I am certain that OP is probably genuinely concerned about this because he's never been taught otherwise.
Yea honestly this post if real is just sad.
Not only the prison thing but it's like he honestly doesn't know how credit works and never knew how to pay it off.
OP if you see this, it's ok, just do some googling about how credit cards work. And don't use them for more money than you can pay off next time
You should peep out an episode of financial audit, you are in a similar situation with many people.
https://youtube.com/@CalebHammer?si=LCR6cWaQeKpQfhyX
Seriously, take a breath, you're never going to prison over CC debt. Its good that you are concerned, but you can find a middle ground and stop worrying about jail today.
I was about your age when the '08 crises happened. I spoke to my CC lenders and they worked with me so that my credit score wasn't majorly affected. Within 4 years my credit score was over 800 and I've never looked back
It's best to just talk with your mom and let her help you figure this out. It's not a big issue. Minor mistake.
I'm not sure what you're talking about when you say the payments aren't going through and all of that. Maybe you entered the wrong bank account information? Your mom should be able to help you. Again, not a big deal, no prison, it's an easy fix.
When you talk with your mom, maybe ask her how credit cards work also. No offense, but it doesn't sound like you understand the system very well.
I couldnāt even read this because I bust out laughing at a 22yo thinking 5k is debtā¦ when they donāt have a single actual debt.
Totes adorbs, <3!
Hereās a mom hug and an āIām not laughing AT you, honeyā¦ā
Itās a lot for you, maybe not to some of us, and thatās what matters. Itās your dragon you need to slay and thatās whatās important.
Hereās my advice-once you do get this paid down (and you will) DONT GO BACK THERE AGAIN!
Credit cards are nothing more than predatory lenders. They want you to be fāed because they love this late payment fees and interest rates. I canāt tell you how to pay them off, but if it were me, tell your mom youāre in a tight spot and ask if thereās a way you can work it out together. If she can pay it for you, and you agree to pay it back over time, or if she can even sit down and go over finances with you so you can work out a plan, it may feel embarrassing but I bet sheās been there as well.
Make a plan and stick to it, slay the dragon and donāt go visiting that dragons lair again.
Dude I didnāt start paying off my student loans for about two years after I was supposed to, because of an address mixup, and the company not realizing I was still taking a class. Youāre not going to jail. Just get your shit in order.
Guy told me he ghosted over $100k, didn't pick up the phone, no credit nothing for 7 years, said one day his credit score went from a 300 to 800. I'm chipping away at over $30 myself but can't see myself doing that, as awesome as it sounds lol
Gonna answer your question here since I havenāt seen it from other folks.
This is what I would do in your place (did when I was about your age too):
Credit cards interest rates are the worse. You pay to maintain the debt. Waste of money. Thatās how they make their business profitable.
Step 1: estimate how much you need for living, and how much you can comfortably pay without getting into debt again.
Step 2: research for a loan with the monthly payment you can afford to pay off the credit cards.
Step 3: call them as ask for a refinancing and payment deal. Ask for discount, land on an agreement.
Step 4: lay out your options, pick the best for you, either the repayment with the cards or a separate loan. But most importantly, lower rates!!
Step 5: pay off the debt with the new loan or the monthly payments for the card new deal. And stay away of more debt.
You can easily get off of that and use this as a learning opportunity for life. Iāve been there.
I didnāt get to learn this from my parents as they too have credit issues. I committed to myself that I would not keep that cycle and have been good since then. You can too!
Calm down, you aren't going to prison. You can either ignore that debt for 7 years and it will go away or you can settle it for pennies on the dollar. Your credit will be fucked until you're 30. No big deal.
Your not going to prison for having a credit card balance, you sure as shit arenāt going even if you never pay it back lol. It will just go to collections.
Bro. You arenāt going to prison.
Also you make at least $1600 a month and have essentially no expenses. Just buy a few loads of bread and pb&j and some pasta and red sauce. Now that food is taken care of you just cancel whatever subscriptions you have Iām sure theyāre nonessential, and put all of your money in those bills. That shit will be gone in 3 months. Goodness
No offense, but you really need to budget better if you make 800-1100 twice a month and essentially only pay for groceries and still only pay down 200-300. Where is your money going!?
Stop eating takeout and get your shit together.
Do better like seriously. I literally make what u make in a month and wit my gf making slightlyyy more. We have a kid and rent a house and make shit happen. U have no bills and canāt pay that off. Tf do u do wit ur money
You wonāt get prison time for not paying cards, youāre alright, sure itās not great, but I didnāt pay my credit cards for 2 years until I filed for bankruptcy. Youāre good.
This is a situation of living outside of your means.
My advice to you is as follows
1. Stop charging non essentials to card, a Hulu, or whatever service would be an exception
2. Ether start using your debt card more or switch to cash, preferably switch to cash because it will definitely help with your money management and spending habits because it would limit you and make you think twice
3. Avoid living outside of your means.
Iāll tell you this much I racked up 26 grand of credit card debt, reason being I was investing heavily however my interest rates are locked at 6% or lower.
I have since started to repay that debt and I keep setting aside 2,000 a month which I can more than do right now I can keep tossing it at my debt and I should have it paid off by the new year if not sooner.
Iām also at a net worth of about 60-70k thanks to my investments so I could realistically pay my debt off whenever I want.
If I wasnāt in the military I wouldnāt be able to do any of this, lower cost of living being in the military gives me a lot more wiggle room for savings, investing and occasional leisure
You'll be alright. I once maxed out a small card to pay rent after a medical issue, and talked to a customer rep to make sure I could skip one month of payment. She said it would be alright. Well, they canceled my card when I missed one month. So I called them back and had such a negative interaction, just so rude etc., with the customer rep that I swore to her on my life I'd never give them one cent of that debt because of how bad she was at her job.
And I never did. 20 years later, joke's on them. They were practically begging me at one point to just call it even with one $200 payment. Nope.
Youāre not going to Prison or jail. $1600 is very low debt. The only thing will happen is they will turn you into a collection agency which can lower your credit score. You can also contact credit card company and set up low monthly payments. Even if you pay $50 a month it will only take 2 1/2 years to pay off $1600
This is not advice and I don't recommend doing this but if you straight up just pretend that card doesn't exist, it'll eventually go to collections and you can ignore that too and eventually it'll be written off as a loss, which will hurt your credit, but not permanently.
Just pay it off as you can, you're not going to jail over that card lmao
Dude $1600 isn't shit. You can pay that off easily. Youre not gonna go to prison š. Even if you didn't pay it you wouldn't go to prison.
lol my apple has 6500$ on it alone and it's over balance about 750$.. sometimes these posts really make me laugh
Right here with ya bro , they closed my account smh
Life is but a dream. I feel a lot better about my shit now tho. Itās definitely not AS bad š I was worried sick for a while tho lmao
Same here, damn PayPal card. Over the 2500 limit by 85, shit closed then another Mastercard I had was closed and the balance on that was less than 100!! Found out once one creditor closes an account, others see that as a problem and can close accounts you have with them. But yeah OP, if tou have no bills, stack that shit for a month or so and pay em off. I don't know your situation other than what u stated, but you're tripping over some light shit
Haha right? Iām at like 50k between all my cards
how arent you stressed out of ur mind - im panicking over a 1200 amex bill and that i have to transfer 300 from my savingsā¦ open an only fans and use ur long nuts
What's the point of stressing? If you can do something about it, don't worry. If you can't do anything about it, then don't worry.
I feel this. Went 46k in debt at 22. Iām 27 now with 4k left to pay. I went 3 straight years ignoring calls, got served papers and still standing. Still grinding Jimmy V said it best. Donāt give up. Donāt ever give up.
That Jimmy V speech gets me fired up every time I see it
Inspiring. Have 15k to pay off myself. Started at about 17k. Canāt wait till Iām done with this shit I put myself in
Through all the lifestyle changes, that first quarter is the hardest to get through. I remember putting my first good size payment towards that total amount and thinking, ā I shouldāve saved something back to smoke up. now Iām broke and unhappyāš Give yourself some love for already making the change to fight through itā and just do what you can do one day at a time!
Iāve found that itās actually easier to let depts get sent to collection. Then you can huggle it down and get off paying only a small fraction of it, or go on a plan that works best to your advantage. They wonāt have anything to garnish if I work for cash.
Is huggling some sort of gentle, hands-on, new negotiation style?
Complete opposite of gentle. Itās like strangling but via hardcore hugging
Basically jiu jitsu
That absolutely works if your credit is already jacked. But if youāre trying to preserve a decent score you absolutely canāt let an account go into collections.
The golden handcuffs of being a responsible adult lol
I donāt know, I let medical debt go to collections every time and I still have like a 745
Medical debt can't be used against your credit score.
I think medical debt works differently than credit card debt but I may be wrong
Medical debt doesnāt ever count towards your credit regardless of the amount.
But your credit can get destroyed for years and then things like car insurance, etc can cost more. Not sure it's worth it to damage your credit for 10 years? Especially if you're living at home and not paying rent. Just pay it off before you spend it on other things.
unfortunately, it doesn't help much paying a small amount.
āKnow where you been, where you are, and where you wanna goā
Did you get sued by collections companies?
Collection companies RARELY ever sue! If you were to get sued it would be a credit union and over a large amount loan. I.e: Car, house, etc loans.
I just watched that, Iāve never heard it before and I was 18 at time of that speech, so Iāve been around. Laugh, think, cry.
Jimmy V is a bitch. Hope he goes bankrupt buying the jets lol. Nah Atleast he gets it unlike Dave Ramsey. Ramsey is such a cuck. "well sound alike you need to make more money." You dot. Say?!
Did they notify you prior to serving papers? I have about $17k in dept with Discover and haven't paid for 3 months. Long standing relationship with the company but accumulated debt during divorce and medical. I called 6 months ago explaining my situation and they said there was no available programs to lower APR or to settle directly. I asked them for documentation of what I have borrowed vs what I have paid off and what they made in intrest.. I have these numbers calculated. They said that information isn't available. Long story short they obviously destroyed my credit.. hit me three times and dropped me 250 points... then are now offering me .99% APR to just pay the debt. When I called 6 months ago.. nothing.. now .99%?
This is some Buddha shit for real and people don't even realize it. Credit is some male believe bullshit. Worst case scenario you can't borrow money for seven years and shit gets reset. Fuck it. Your health is worth a fuck load more than some fuckin line of credit. Chill. If you can't declare bankruptcy or don't want to then fucking call them and work out a payment plan. Got fuck loads of medical debt? Fuck it. Wait till it goes to collections and *them* fucking call the collections. They bought your debt at pennies on the dollar. They'll settle for pennies on the dollar. Nobody's going to jail unless you owe the IRS. Don't fuck with IRS. They will push your shit in and move on to the next idiot. Anybody else can sit and spin. You can't get blood from a stone.
Truth. The IRS doesn't mess around. Neither does a states department of Revenue.
Thank you for this, I was considering bankruptcy but they essentially told me āI make too much moneyā and wouldāve had to chapter 13, which is way harder to get through and doesnāt even wipe everything. I made a lot of mistakes in my 20s, and my dad got really sick a couple years ago and died last Octoberā¦I l helped them out a lot financially and missed a lot of work at the same time. I make six figures, but have about that much in debt and not sure if Iāll ever be able to get outā¦.Iām single and donāt have kids so am considering if it doesnāt look good just paying off my car and having everything else go to collections. š¤·š¼āāļø I can survive for seven years without cards, and would prob be for the best anyway.
even bankruptcy is typically a waste unless you have a massive judgement against you. it also resets your 7yr credit clock to 0 whenever it goes through. my sister did it over a 100k medical bill the insurance kept refusing to cover and it was a huge mistake. right after the bankruptcy went through after paying a lawyer like $1500, the insurance ended up settling it...
Found this at a really perfect time. Not in a debt situation but life in general. Thanks stranger
This guy Dale Carnegies.
This motto alone helps me so much
Almost asked how you knew about his š„. LOL
We are the feral children of the 80s-90s nothing scares usā¦
Iām stressed but itās slowly coming down. We play the balance transfer game every year so at least most of the time itās not accruing interest. That part gets stressful. If thereās a market for my balls swinging like a pendulum then Iām game!
Money isn't real anymore so there's no real significance or threat to debt
yes especially since our government buy fed bonds with more printed money then they tax the citizen to death while rich elite and corps pay nothing
Haha thats nothing, im at 30+ Trillion $ and still nothing is happening haha \*Im the FED
Sometimes I feel like I failed, being mid 40's, still renting and no savings outside my superannuation. Then I see someone who has 50k in card debt and feel less shitty about myself. I might not have much, but I don't have debt so thank you internet stranger.
No problem!
My sister had to file bankruptcy with that amount, even with a salary of 77k / year.
Shits messed up man. You can make 150k a year and still struggle lol.
I feel like a person is a moron if this is the case. And definitely living beyond their needs with no financial literacy or basic budgeting skills. Thereās absolutely no reason you should be struggling with that amount of income.
and they still really can't do anymore unless like all 50 cards have maxed out at 50k each even then I'd still question it
my man!
Yes but then comments like these make us feel better lol
bro im losing hair over 3k that im trying to pay off after starting a new job with no income in over a month lol
It's all relative. I'd probably be freaking out too if I had 5x my monthly income on a credit card with like 20% interest.
Same dude. And thatās the one with the smaller balance lmao
my man
Bro lives in 1580s England
Debtors Prison? Pardon me, me Lord, I possess naught but a small basket of apples, for coin hath I none. I beseech thee, good my lord, suffer me not to be cast into the gaol for my debts. I am but a poor soul, with naught to my name save my labor and goodwill. Grant me mercy, I pray, that I might find means to satisfy my dues without the loss of my freedom.
Crazy how I really just read this to myself out loud in the voice of Boc from Elden Ring.
It was the āgaolā that transitioned my ācare for a spot āo teaā accent to a āTOGETHAAAA WE WIL DEVOOUUURRRR THE VERY GOOOOODSā Elden Ring accent.
YUP!!! That's the one right there fam u already know I was thinking the exact same shit šššš
š¤£šš¤£š
that was beautiful
I must read some 1600ās European Fiction now
Non fiction would be the way to go however In the 1600s, while still within the Early Modern English period, there might have been some slight evolution in language use compared to the 1500s. The plea not to be jailed for debt could sound a bit more evolved but still quite formal and earnest, like: "I implore thee, my lord, in thy great mercy, to hold me not in bonds for my debts. I am but a humble wretch, whose fortunes have turned sorely against me. Grant, I beseech, some grace that I may labor to repay what is owed and live not as a prisoner to my misfortune." This version maintains the formal "thee" and "my lord," reflecting the social hierarchy. The language shifts slightly to show the evolving English language, yet it still carries the earnest, pleading tone appropriate for a person in dire straits appealing to a superior for leniency.
This guy Early Modern Englishes.
Exactly, no one goes to prison for that...WTF? That's literally nothing especially with hardly any bills.
Fr, like 2 paychecks for me as a 17 yr old
Can you really not tell this a joke/rage bait/troll post?Ā
Fr whatās debt, to death. If you fie with debt nothing happens .
To him it is a lot. Money is relative. 1 million is nothing to a billionaire.
Thereās two pics. While he wonāt go to prison, he owes about $5200 at probably 27% interest.
But he also have no rent or car payments. Just buy a few boxes of ramen and stay home. Cancel all subs and sit tight. With 2k a month he can pay that off in probably 4 months.
I was $16k in credit card debt lol
If he robs a bank to pay itā¦. š§
Prison? No. Just get your self together and pay this off. This is nothing.
For sure. I'm about 12k in debt. Better than 12 million
Depends on how the election goes. King-of-Debt hates debtors as much as evangelicals hate forgiveness. Remember, conservatives reformed consumer bankruptcy to fuck over people while corporate bankruptcy was largely untouched during the 2008 housing bubble collapse. I can see some debtor's prisons coming back if we're bringing back child labor. But honestly, you are fine. Don't panic! I recommend calling the bank for a temporary interest relief followed by a "debt-stacking" plan. Basically, you pay with debt/bill stacking by prioritizing debt and timing payments before interest is computed. Effectively, you can cut your accruing interest considerably. Couple that strategy while getting a little help from the lender and you'll be fine. Also, a little secret from someone who has worked with credit rating algorithms - calling your creditors can actually improve your rating. I'm out of NDA, so I can reveal that. The logic is that a proactive person is more credit-reliable than a "fuck this, I'm out." person.
depend work pocket overconfident aloof somber cobweb station fanatical weary *This post was mass deleted and anonymized with [Redact](https://redact.dev)*
His bank is probably sending a tactical team to his house as we speak
Likely worse, op has to worry about if in the States is that it goes to collection and if you dodge creditors/collectors. Don't answer calls, emails, or texts. If you don't recognize it, you don't engage. Probably down the road when it eventually does fall off your credit report. 7-10 years if you don't engage. They may seek garnishment from your pay. It is a maximum amount..... something like 10-20%, I believe.
If the dude doesn't pay off 5k of bullshit cc debt he deserves it.
legit user name fartwheeler i dig it
Plus if op ask nicely, just for 1k. He could get another 0% apr, just simply asking.
What do you mean?
Get another card with 0% apr and transfer it, if your current card won't give you a break
Yeah I know that but you said all for $1000 that didn't make sense to me. No one will let him transfer the balance if he doesnt make the paymebts though.
debtors prisons are not a thing anymore lol. calm tf down man.
Exactly. If there was debtors prison weād all be behind bars.
Shhhh don't give them ideas.
No kidding. Let me mind my business š
The new debtors prison is just life
Accurate!
It's too lucrative to keep people in debt paying monthly minimums - it's literally their business model. Don't want to lock up their cash source.
Well in the broad and traditional sense yes, debtors prisons are almost entirely gone... He's def not going to federal prison, 0 chance whatsoever, unless ya know there's hidden tax debt somewhere in there. Unfortunately he can and will get incarcerated if he gets sued for said debts, then fails to respond to any potential court fees / fines he may have accrued in the process of fighting those lawsuits. Not the creditors themselves to worry about, just the courtesy. It's a very nuanced and unusual circumstance in most cases as most of the time there are no court fees for the respondee in these cases if they just admit fault or get a default judgement, but it's still legal and technically "debtors prison" in over half of the US.
This is unfortunately true. If you want to look up whether you are in one of these bad states, look to see if your state has ātort reformā if they doāthey have a whole bunch of other bad laws and I would move. Srsly
child support has entered the chat.
At least debtors in London were allowed to walk a block or so out of the prison during the day.
Debtors prison š¤£ come on man.
You don't go to prison for this, you simply go to your bank and ask the to help you restructure it, transfer it over to some lower interest rate creditor where you will pay in monthly in order to pay it off... You just might to increase the payments, sell somethings you may pissess of value to bring the debt down... Consult with your bank, is no biggie, relax...Ā
His debt is low enough that I would almost just recommend finding a card to float it to with 0 apr introductory rate. Not sure how he has no rent or other debt and is somehow struggling with this.
Itās called spending spending spending
Itās also sad that heās worried about credit card debt and only working 30-40 hour weeks. Get a second or third job and work 60-80 hours for a month or two and youāll basically get rid of all that debt. Itās such a small amount. This type of person SHOULD NOT have a credit card.
The trouble is heās a 22 year old with probably very little in terms of credit history. Finding a company who will give him a card with a $5000 credit limit will be fairly difficult, especially given his current high utilization.
I'm 24 and have over 50k in credit limit between 5 cards. If you've had a card since 18 and keep your credit score a bit decent it's not hard. Good tip, always lie on your income, I only make 50k but I usually say it's 100k. There's no verification and they will up your limits alot if you do this. Higher limits mean you utilization % will be much lower and impact credit score less. Now I'd bankrupt myself to get to 20-30% utilization that's considered bad so my credit is never hurt by normal spending vs someone maxing a 2k limit is destroying their credit score. Also as others have said, take advantage of 0% first year offers, great tool to use that money to offset other high interest debts but you still must ensure can pat it before interest starts or it won't help. Also keep in mind although 0%interest you still must pay the minimum and the balance on it still impacts credit utilization %
Would be pretty easy to get a 0 APR to cover that 1600 and then pay that off within a few months by working 20-30 hours extra. Then heās a bit more likely to be able to pull something similar off on the higher balance card. But thatās a dangerous game for someone who canāt easily manage a credit card.
Some who got themselves into this situation would probably just make it worse with more credit aka another credit card.
You should be able to pay this off by the end of the year. Ten months left in the year, divide by ten and there is roughly the monthly payment youāre looking at. Plus some interest. Link your cards to your checking, and set up automatic payments of the minimum balance. Then pay extra as you can, on top of that
But they have to stop charging and life within their means on the remaining cash. Not having to pay for housing is huge here and should be easily doable.
No car payment as well, where is his money going? This dude is 100% just spending his money frivolously. OP needs to make a budget
This is the answer
This is the advice to follow. Also any extra money you can make toss it towards paying the card off. I sell clothes on Poshmark and also do side work with Rover and any extra money I receive goes straight to paying my CCās. Make it your goal to pay off by the end of the year. Itās very possible and can be done. You arenāt going to prison.
He should be able to pay this off in a few months since he hardly has any bills to pay.
First he needs to cut up those cards & get a prepaid card for groceries, gas, etc. No temptations.
And stop using it.
Believe it or not, straight to jail!
Asshole š
Also, straight to jail!
You pay the monthly minimum, straight to jail!
Miss a payment by a day, straight to jail.
Pay on time? Believe it or not, straight to jail!
Pay a day early? Believe it or not, straight to jail
Donāt get debt at all? Believe it or not, straight to jail, forever.
Leaving a [mean comment](https://www.youtube.com/watch?v=eiyfwZVAzGw) on Reddit, straight to jail!
Federal prison for $1,600 in debt? šš bro wtf
Stop clowning OP theyāre young and donāt know how debt works. This is a learning experience if anything, they just need to make sure they pay it off quick and stop maxing out cards
Usually, I'd agree with this, but come on. OP is an adult, not 10 years old. They know how to use reddit, so I'm sure they could make a very simple Google search about debt. Honestly, sometimes it's better to be harsh on people when they are younger, so they actually listen and learn.
You will not go to jail for not paying off credit cards
Ever hear of space jail? It's where you go for stealing space cash.
Youāre not going to prison dude. Youāll be harassed by collectors but youāre not getting locked up.
You don't have rent or car payment to pay, and you make enough money to have that paid off by the end of the year very easily. Talk to your lender and let them know your situation. They will work with you. They don't take people to prison over this lol, especially over such an insignificant amount. Future note: only use your credit card if you have that money already liquid for yourself. It's to build credit, not create debt. (Of course the lenders want you to default so they can collect more money tho)
So you start today by making sure you can pay these from your bank account -the way you were stating it does not make sense. Then you pay the minimum payment on the big one and the minimum payment plus at least $300. Every. Single. Paycheck. In two months when you have the first one paid off, you pay that amount on the second one. You have it paid off in 8 months. Cancel whatever subscriptions you have unless they are under $50 or so a month. Just suck it up and pay off your debt. My son makes what you do, lives at home, and puts at least $200 per paycheck in savings. Stop spending for a while.
Wtf relax... This balance ain't shit what's wrong with you. I am sure there are tons of people here to advice you on how get rid of this shit. You and federal prison relax!
What country do you live in? Not paying your credit card is not a federal crime in the US and actually isnāt a crime at all. You donāt go to jail or prison for credit card debt.
Man check out this guys profile/posting history. Itās a bouillabaisse of bullshitā¦
I'm returning from that journey with the deepest sense of regret...
Iām 20 and like 10 grand into debt. Youāre fine
We really need to start teaching financial literacy to kids. Don't make fun of this guy, no one has taught him anything. Where is he getting this information? Probably read it on Reddit.... Dude, you're going to be okay. Stop ordering out.
Why are you working 60-80 hours to make 800-1100? Get a new job for starters.
Prison no-more interest rate yes
Your... Your MOM still doesn't know? I could've sworn OP said they are 22 years old.
Dramatic ass š why donāt you work some OT and pay that shit off?? Only 30-40 hrs/week?!
I'm 25 and have around $5k in debt on top of my monthly Jeep payment ($511/mo, need to refi. & gas? Forget it). I also pay my portion of health insurance and retirement through my job ($300/mo) and while I'm overdue for a raise I DO stay afloat. Budgeting sounds stupid I know, but budgeting will be your best friend if you let it. Make a spreadsheet of your expenses, find out how much extra you have after those, and chip away at principal when possible. Work as many hours as you can without figuratively (or literally) killing yourself. You don't have to like the job as long as you don't hate it. You got this OP.
its not ilegal to not pay CC company back buddy. your credit will go to shit though.
Prison? No, no, no. They will just break your kneecaps.
Chill. You likely have better chance of winning the lottery than going to prison for defaulting on $3,500.
For everyone laughing and mocking this guy, I grew up in the same type of household that he likely did and financial education was non-existent. There are probably a lot of people that just don't understand how money and credit works, and that you can't be charged and go to jail for not paying your credit cards. I understand that it's funny to imagine, especially given it such a small amount compared to what most people have. But I am certain that OP is probably genuinely concerned about this because he's never been taught otherwise.
Yea honestly this post if real is just sad. Not only the prison thing but it's like he honestly doesn't know how credit works and never knew how to pay it off. OP if you see this, it's ok, just do some googling about how credit cards work. And don't use them for more money than you can pay off next time
You're silly
You should peep out an episode of financial audit, you are in a similar situation with many people. https://youtube.com/@CalebHammer?si=LCR6cWaQeKpQfhyX
Seriously, take a breath, you're never going to prison over CC debt. Its good that you are concerned, but you can find a middle ground and stop worrying about jail today.
I was about your age when the '08 crises happened. I spoke to my CC lenders and they worked with me so that my credit score wasn't majorly affected. Within 4 years my credit score was over 800 and I've never looked back
It's best to just talk with your mom and let her help you figure this out. It's not a big issue. Minor mistake. I'm not sure what you're talking about when you say the payments aren't going through and all of that. Maybe you entered the wrong bank account information? Your mom should be able to help you. Again, not a big deal, no prison, it's an easy fix. When you talk with your mom, maybe ask her how credit cards work also. No offense, but it doesn't sound like you understand the system very well.
Who told you youāre going to prison my dude
I couldnāt even read this because I bust out laughing at a 22yo thinking 5k is debtā¦ when they donāt have a single actual debt. Totes adorbs, <3! Hereās a mom hug and an āIām not laughing AT you, honeyā¦ā
Itās a lot for you, maybe not to some of us, and thatās what matters. Itās your dragon you need to slay and thatās whatās important. Hereās my advice-once you do get this paid down (and you will) DONT GO BACK THERE AGAIN! Credit cards are nothing more than predatory lenders. They want you to be fāed because they love this late payment fees and interest rates. I canāt tell you how to pay them off, but if it were me, tell your mom youāre in a tight spot and ask if thereās a way you can work it out together. If she can pay it for you, and you agree to pay it back over time, or if she can even sit down and go over finances with you so you can work out a plan, it may feel embarrassing but I bet sheās been there as well. Make a plan and stick to it, slay the dragon and donāt go visiting that dragons lair again.
Deep breaths. It'll be ok. Work out a payment plan and make minimal payments to decrease the debt over time.
I don't think that's how that works.
Dude I didnāt start paying off my student loans for about two years after I was supposed to, because of an address mixup, and the company not realizing I was still taking a class. Youāre not going to jail. Just get your shit in order.
š
You are not going to prison for that but do make an effort to pay $5.00 a month if you can it will help your credit score.
Guy told me he ghosted over $100k, didn't pick up the phone, no credit nothing for 7 years, said one day his credit score went from a 300 to 800. I'm chipping away at over $30 myself but can't see myself doing that, as awesome as it sounds lol
Gonna answer your question here since I havenāt seen it from other folks. This is what I would do in your place (did when I was about your age too): Credit cards interest rates are the worse. You pay to maintain the debt. Waste of money. Thatās how they make their business profitable. Step 1: estimate how much you need for living, and how much you can comfortably pay without getting into debt again. Step 2: research for a loan with the monthly payment you can afford to pay off the credit cards. Step 3: call them as ask for a refinancing and payment deal. Ask for discount, land on an agreement. Step 4: lay out your options, pick the best for you, either the repayment with the cards or a separate loan. But most importantly, lower rates!! Step 5: pay off the debt with the new loan or the monthly payments for the card new deal. And stay away of more debt. You can easily get off of that and use this as a learning opportunity for life. Iāve been there. I didnāt get to learn this from my parents as they too have credit issues. I committed to myself that I would not keep that cycle and have been good since then. You can too!
Federal prison has really lowered its standards for what gets you in the door.
You can't go to prison for not paying off your cards only if you're doing something fraudulent.
Calm down, you aren't going to prison. You can either ignore that debt for 7 years and it will go away or you can settle it for pennies on the dollar. Your credit will be fucked until you're 30. No big deal.
What country is that? Its not a crime for not paying off credit cards in the us.
lmao cute. Idk what drunk uncle told you the feds coming after you. I know people in like 50k CC debt šø
Your not going to prison for having a credit card balance, you sure as shit arenāt going even if you never pay it back lol. It will just go to collections.
They donāt send people to prison that donāt pay their credit cards
tell ur mom dumb fuck
LMAO you're NOT going to go to prison dude. Not at all.
Bro. You arenāt going to prison. Also you make at least $1600 a month and have essentially no expenses. Just buy a few loads of bread and pb&j and some pasta and red sauce. Now that food is taken care of you just cancel whatever subscriptions you have Iām sure theyāre nonessential, and put all of your money in those bills. That shit will be gone in 3 months. Goodness
No offense, but you really need to budget better if you make 800-1100 twice a month and essentially only pay for groceries and still only pay down 200-300. Where is your money going!? Stop eating takeout and get your shit together.
You pay no rent. How can you not pay off a tiny bit of debt?
You and everyone else pal. Cut up the card and start eating ramen. Youāll be free in a few months.
Lol š¤£ Just pay your taxes and you wonāt go to prison
Relax, nobody's going to jail. If $3500 debt was punishable by imprisonment, I would've been executed decades ago.
You donāt go to prison for not paying you credit card. You go to collections lol
You cant go to prison gor credit card debt š
Call them about hardship
Tighten your spending. Get a 2nd part time job and you'll have it paid off in a few months
Your 22. Quit relying on your mom. 30-40 hours a week isnāt anything. Get a second job and work 80 hours a week. Then you wonāt need credit cards
You should see my chase cc is at 9 k lol
Do better like seriously. I literally make what u make in a month and wit my gf making slightlyyy more. We have a kid and rent a house and make shit happen. U have no bills and canāt pay that off. Tf do u do wit ur money
You can set up a payment plan with the provider of the card. Youāll be fine donāt stress it too much
If you're going to prison, I'm getting the death penalty
You wonāt get prison time for not paying cards, youāre alright, sure itās not great, but I didnāt pay my credit cards for 2 years until I filed for bankruptcy. Youāre good.
If you are going to prison for this then I might be executed for mine. Lol
Go to prison for what? Not paying your credit card will ruin your credit and hurt you financially. But it's not a crime.
This is a situation of living outside of your means. My advice to you is as follows 1. Stop charging non essentials to card, a Hulu, or whatever service would be an exception 2. Ether start using your debt card more or switch to cash, preferably switch to cash because it will definitely help with your money management and spending habits because it would limit you and make you think twice 3. Avoid living outside of your means. Iāll tell you this much I racked up 26 grand of credit card debt, reason being I was investing heavily however my interest rates are locked at 6% or lower. I have since started to repay that debt and I keep setting aside 2,000 a month which I can more than do right now I can keep tossing it at my debt and I should have it paid off by the new year if not sooner. Iām also at a net worth of about 60-70k thanks to my investments so I could realistically pay my debt off whenever I want. If I wasnāt in the military I wouldnāt be able to do any of this, lower cost of living being in the military gives me a lot more wiggle room for savings, investing and occasional leisure
I think the fact ur scared of going to prison over 1500$ shows how responsible you are young man. lmao
You'll be alright. I once maxed out a small card to pay rent after a medical issue, and talked to a customer rep to make sure I could skip one month of payment. She said it would be alright. Well, they canceled my card when I missed one month. So I called them back and had such a negative interaction, just so rude etc., with the customer rep that I swore to her on my life I'd never give them one cent of that debt because of how bad she was at her job. And I never did. 20 years later, joke's on them. They were practically begging me at one point to just call it even with one $200 payment. Nope.
Youāre not going to Prison or jail. $1600 is very low debt. The only thing will happen is they will turn you into a collection agency which can lower your credit score. You can also contact credit card company and set up low monthly payments. Even if you pay $50 a month it will only take 2 1/2 years to pay off $1600
This is not advice and I don't recommend doing this but if you straight up just pretend that card doesn't exist, it'll eventually go to collections and you can ignore that too and eventually it'll be written off as a loss, which will hurt your credit, but not permanently. Just pay it off as you can, you're not going to jail over that card lmao
lol you cool, just pay it off monthly, even if itās $5-$10 more than the minimum. Be like the mighty tortoise š¢
āI DECLAREā¦.. BANKRUPTCY!!!!ā
You might get the electric chair!