What if You Didn’t Pay Your Credit Cards? What Then?

Let me start by saying that I’m not advocating that you don’t pay your debts, that’s a personal decision. But why even think such a thought? From a personal perspective it stems from anger.

I’m angry with Congress and the President for passing laws that have no teeth and do not help individuals or small business. I’m angry at Wall Street for raping the American Public while lining their pockets with millions. I’m angry at major banks and Fanny Mae for creating a real estate bubble that created negative equity in my home. I’m angry at banks for slashing my available credit down to the bone and raising my interest rates to the maximum allowed by law. Ah, it’s the law… I see?

In there lies the problem, Wall Street, Banks, major corporations are all in bed with Congress and our elected officials. Of course it’s legal to charge outrageous interest rates, IT’S THE LAW! Of course it’s legal for Wall Street to invest your money in risky derivatives. Haven’t you heard, Wall Street is the new Las Vegas and they play with your money not their own. Of course major banks took TARP money and did not lend a dime to the public, why should they? The American Recovery Act was supposed to help millions refinance their homes. The problem was it had no teeth, a mere suggestion to banks to help, thats all. The banks took our tax money, cleaned the toxic assets off their books and refinanced a handful of mortgages and then paid themselves millions in bonuses for a job well done. I saw it coming, is Congress blind?

Back to my original thought, why pay my bills? If I stop paying my creditors, what are they going to do to me? Ruin a little number called a FICO score? That damn number did not even exist fifty years ago. They hold Americans hostage and in debt with the fear your precious FICO score my drop.

So let it drop! I’m keeping my cash and you Mr. Banker can eat the debt and ruin my FICO score. Who wins, you or me? Mr. Banker loses his money, gets his revenge by “reporting me to the Big Bad  “CREDIT BUREAU” and ruining my credit. Who cares, the whole world is in debt crisis and the only thing that’s going to matter in the short-term future is “HOW MUCH CASH DO YOU HAVE”?

I implore you Mr. President and members of Congress, the term “To Big to Fail” needs to be replaced by “Don’t Let Americans Fail”. So far, you’ve failed us miserably.
Gustavo A. Viera, CPA

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