What would happen if we all stopped paying

[HakunaMatata]

I like this idea; and, I'm not an anarchy nut!

In some ways, this reminds me of the numerous gas price protests (do you remember the countless email messages urging people to refrain from purchasing gas on X day in order to "prove" to the world we won't pay rising costs?). The problem...our world is designed to need gas (especially in my area, The Motor City, which lacks adequate public transportation).

Society has been duped into believing we NEED credit. The economic crisis aids in sustaining this belief. Lost jobs coupled with available credit is feeding families, fueling cars for job searches, and keeping roofs over heads. The ability to satisfy basic needs through credit utilization is justified by many.

However, the changes being proposed by CC companies may turn tides (especially for those unaffected by the economic downslide). Those who have fostered the "credit is free" (30 day interest-free loans) mentality are less likely to continue credit use should they be charged. In my area, gas stations are permitted to charge approximately ten cents extra per gallon if a credit card is used. Since this has occurred, there has been an increase in cash-paying customers. These seemingly small changes are encouraging people to refrain from using credit. The interest rate hikes have created an upsurge of people paying off debts and, for those without means, are contributing to the increased BK filings.

This protest may occur naturally.

[frogger]

We're on BCBS and the plan for the wife and I runs about $1000.00 per month. Can't afford it, but can we really afford to be without it?

As to everyone not paying their bills, how about we just have a year of jubilee?

[nc73]

We're on BCBS and the plan for the wife and I runs about $1000.00 per month. Can't afford it, but can we really afford to be without it?

As to everyone not paying their bills, how about we just have a year of jubilee?

Depends on how old your are and medical history. For that much, I'd go without insurance or at least get something cheaper. I haven't paid anyone for almost two years now..

[OhioFiler]

Oh, forgot to mention the bank is a self insuranced company that uses BCBS, not sure what that means, does anyone else?

BCBS administers the plan for your employer but the employer acts as its own insurer. Basically, the bank outsourced the claims administration jobs to BCBS.

[OhioFiler]

I normally don't go down this road, I am not one of these anarchy nuts, but what the credit card companies and banks are doing, and what the government is allowing them to do is really pissing me off and hurting a lot of people.

I wonder what would happen if EVERYONE simply stopped paying (and using) their credit cards? Sort of a mass protest.

How would this protest benefit the consuming public? The destruction of the consumer banking industry would force this country back into the agrarian economy that preceded the industrial revolution.

I for one am not interested in milking my own goat each morning.

[OhioFiler]

I like this idea; and, I'm not an anarchy nut!

In some ways, this reminds me of the numerous gas price protests (do you remember the countless email messages urging people to refrain from purchasing gas on X day in order to "prove" to the world we won't pay rising costs?). The problem...our world is designed to need gas (especially in my area, The Motor City, which lacks adequate public transportation).

Society has been duped into believing we NEED credit. The economic crisis aids in sustaining this belief. Lost jobs coupled with available credit is feeding families, fueling cars for job searches, and keeping roofs over heads. The ability to satisfy basic needs through credit utilization is justified by many.

However, the changes being proposed by CC companies may turn tides (especially for those unaffected by the economic downslide). Those who have fostered the "credit is free" (30 day interest-free loans) mentality are less likely to continue credit use should they be charged. In my area, gas stations are permitted to charge approximately ten cents extra per gallon if a credit card is used. Since this has occurred, there has been an increase in cash-paying customers. These seemingly small changes are encouraging people to refrain from using credit. The interest rate hikes have created an upsurge of people paying off debts and, for those without means, are contributing to the increased BK filings.

This protest may occur naturally.

There is far too much brilliance on Wall Street (well there used to be) and on Madison Avenue for this to have any long term effect on consumer behavior.

[momisery]

Thank you for that... so they basically pay the bills instead of the insurance company? That may explain why they have such horrible coverage.

[ish412]

How would this protest benefit the consuming public? The destruction of the consumer banking industry would force this country back into the agrarian economy that preceded the industrial revolution.

I for one am not interested in milking my own goat each morning.

Well if things keep going the way they are economically, and they will, that is what is going to happen. All it is going to take is some small suburban neighborhood, where the neighbors all know each other, to stand up and say "hell no" when the bank comes by with eviction notices for 10 or 12 of them. Once that happens and it takes all of about 3 minutes for it to be reported on the web and spread across the country things are going to get real martial real fast.

Neighborhood farms, livestock, and shared responsibilities in order to survive will be the norm. You get people that closely connected to each other and they start to take ownership of their neighbor's well being. People in rural areas were not affected by the Great Depression in the same was as those in metropolitan areas were because of the above reasons.

[junker]

hey, i am on board to quit paying, i stopped paying about 2 months ago, now am getting at least 40 calls a day from 4 different cards...the one i really enjoyed stiffing was ge money....they cut my limit and raised my rates for absolutely no reason...my roommate will be joining shortly...barclays just upped her interest from 12% to 29.99 for one over limit charge...and i hear most cc,s are going to raise rates by end of year...is that true??
btw i am STILL getting letters from jdb,s from accts i stopped paying on 8 years ago..they sued, lost, and sold to another jdb, now they are starting all over....since i am collection proof i just ignore them.....

[HHM]

hey, i am on board to quit paying, i stopped paying about 2 months ago, now am getting at least 40 calls a day from 4 different cards...the one i really enjoyed stiffing was ge money....they cut my limit and raised my rates for absolutely no reason...my roommate will be joining shortly...barclays just upped her interest from 12% to 29.99 for one over limit charge...and i hear most cc,s are going to raise rates by end of year...is that true??
btw i am STILL getting letters from jdb,s from accts i stopped paying on 8 years ago..they sued, lost, and sold to another jdb, now they are starting all over....since i am collection proof i just ignore them.....

Yes, rates are going up thanks to the
Credit Card Accountability, Responsibility, and Disclosure Act of 2009. Congress, in their infinite (lack of) wisdom, passed a law to protect consumers from higher rates, changing terms, etc, but decided not to have it go into effect until Feb 2010. The bill was passed in May, 2009. So, all the banks and credit card companies are preemptively positioning all the credit card accounts by raising rates etc before the law goes into effect and limits their ability to do it.

[CompTweaker]

Welcome aboard to all who have stopped paying....I (as everyone here lately) had no choice in the matter, and now its been a little over 4 years since I prioritized where the little I make (or wasnt making at the time) goes.

Fractional lending + a bad economy + horrible treatment of the customers you have left should = the backlash of most, who arent rich, to climb aboard this train. Just try to ride it out and do what you have to do in order to get by with the basics...screw the credit card companies, I'm done with them.

[dakota112]

I agree with you all 1000 %. This country is getting screwed by our politicians and wallstreet. It is a steady and methodical robbery of whatever little the average joe worked so hard for to keep for a rainy day. Now we are all worried about just trying to survive and not end up living like some poor 3rd world person. Taxes, usurious interest, greedy bankers and brokers and money handlers and commodity traders.

[dscurlock]

Damn...I'm very lucky, my plan is a BCBS HMO, no deductible, no-coinsurance, etc and costs me $70.00 per month for a family plan. The cost will increase by about 15% next open enrollment though.

you are one of the lucky few, or give it some time until your company does not want to pick up the tab, and/or your company does not want to pick up the tab, and your rates increase...

we just found out that our health insurance is going to double
next year from $250/mo to $500/mo - so we are changing
plans...our $250/mo bill will be cut in half, and so will our
health insurance plan....

it is funny how insurance compaines decide how they do business, they
double their prem..do they not think people will choose to go with
another/cheaper type of plan? We may loose some benefits, but
we surely can not afford a double the bill with the exact or
less benefits...and when your prem doubles, you normally
do not get double the benefits...

[debtprison]

They would probably try to bring back things like debtor's prisons and indentured servitude in work camps. In fact I wouldn't be surprised if this happens because people CAN'T pay.

I half expect them to change the laws before late 2010 when I am eligible to file for C7 BK again. Just like last time they will move it out to something like ten years and make it harder to file. Heck they might even totally eliminate bankruptcy for consumers. I almost expect it. We already know that things are not fair.

[Mi Bankruptcy]

They would probably try to bring back things like debtor's prisons and indentured servitude in work camps. In fact I wouldn't be surprised if this happens because people CAN'T pay.

I half expect them to change the laws before late 2010 when I am eligible to file for C7 BK again. Just like last time they will move it out to something like ten years and make it harder to file. Heck they might even totally eliminate bankruptcy for consumers. I almost expect it. We already know that things are not fair.

I doubt that would happen unless congress could figure out a way to exempt themselves.. Anything is possible though