-- CREDIT--

[poddster]

If all your credit cards, loans, and mortgage were called in and you had to finalize them all  by the end of  the financial year (30th June) where would that leave you and what would you do to pay your debt? 

[debra9275]

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@poddster wrote:

Perhaps it is time that people woke up to the fact that they dont NEED all the things that advertisers and interest groups con them into believing they need. It is the easily available credit that pushes up prices, most suppliers are owned by the moneylenders and so it is in their interest to have higher and higher prices. They double dip.

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what a great idea, that would really hurt our economy if everyone stops spending

& we are not insolvent BTW

[poddster]

Deb, people do not need to stop spending, they need to stop spending what they do not have 🙂

[debra9275]

Good! and do you also think businesses should not borrow money to expand and employ??

[poddster]

Borrowing up to the point where the loan can be serviced in a worst case scenario is not a problem.

The problem arises when that point is passed. unfortunately the money lenders will encourage to pass that point so they have you as a captive. In a lot of cases that is done deliberately so that foreclosure can occur and they take your assets for a pittance.

[the_great_she_elephant]

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@poddster wrote:

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@the_great_she_elephant wrote:

If the money could not be paid it would be an unservicable loan as opposed to an ordinary loan

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Now you are getting the gist 🙂

Ever increasing debt will become unservicable.

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Well of course it will -  any poster on CS could have told you that - but how is it relevant to your OP?

[debra9275]

that hasn't happened here

and just my opnion but those who are declared bankrupt should never be able to open a business again. What it is now??? a wait of only a few years??

[poddster]

In the hypothetical scenario in the opening post that point has been reached.

[the_great_she_elephant]

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@poddster wrote:

In the hypothetical scenario in the opening post that point has been reached.

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Ahh - so what you thought you said was: If all your credit cards, loans, and mortgage were called in because you could no longer service them  and you had to finalize them all  by the end of  the financial year (30th June) where would that leave you and what would you do to pay your debt? 

Unfortunately that wasn't what you really said; and unfortunately we are not mind readers..

[poddster]

TGSE, the opening post is clear and concise, allow me to reiterate

If all your credit cards, loans, and mortgage were called in and you had to finalize them all  by the end of  the financial year (30th June) where would that leave you and what would you do to pay your debt?

[freakiness]

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@poddster wrote:

TGSE, the opening post is clear and concise, allow me to reiterate

If all your credit cards, loans, and mortgage were called in and you had to finalize them all  by the end of  the financial year (30th June) where would that leave you and what would you do to pay your debt?

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Just say that was the case for a poster or two, why do you think people should explain their predicament to you?  Are you offering to pay them out so they won't have to?

If yes, that's very kind of you.

If not, it's hardly my, or your, place to judge them.