Debt After Leaving the Country

August 29th, 2008, Author: User Image

Rick Vaughn, Categories: Credit Problems, Credit Repair

by Mehrad.HM

Want to know what the best way to avoid your debt?

For all the things that is wrong with the credit card industry this is the biggest loop hole in the system. I cannot tell you how many debtors that owe in access of over $100K in revolving debt that have left the country. There is nothing these companies can do about it either. Guess who pays for it? (mirror required)
Yep, so the next time you are paying your minimum fee and barely making a dent in the balance make sure to thank Mr. Chow because his business went belly up and he left the country. This is one of the many reasons why we pay so much interest on credit cards.

What’s the worst than can happen?

NOTHING, personally that is, all of your fixed assets left behind will be split amongst your creditors for pennies against what you borrowed. All while you sit in some villa in Tahiti that you bought with the company credit card.
Oh yeah, and all of your loved ones that were left behind will have to field endless phone calls from debt collectors and lawyers alike; and we all know how fun those are.

How do we fix this?

Not really sure you can. I have looked all over the net for an estimate of how much this “problem” costs the industry to no avail.
To see some evidence of this thinking follow this link.

The Truth of Credit