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Even if your credit cards are maxed out and you have a huge mortgage to pay off, you can still get rid of all your debt in about five to seven years - and begin rapid wealth-building - without sacrificing the things that matter most to you!

4 Responses

1. John Bradley Says:
   November 5th, 2008 at 1:45 am 1

   Default does not mean no interest charges. It means that you broke your agreement with them to pay them back.

   Most credit card companies and collection agencies acting as the creditor’s agent continue to add interest and penalties. Some collection agencies don’t, specially the junk debt buyers that buy bad loans for pennies on the dollar.

2. Tommy Says:
   November 7th, 2008 at 12:45 am 2

   Default means that you did not pay the loan. If you were to default on your auto or home loan then those things would be repossesed. Since it is a credit card debt then it just ruins your credit, which you don’t really seem to care about anyway. You may have to claim the amount of the debt on your taxes because it would count as income.

3. Bo Majors Says:
   November 10th, 2008 at 10:14 am 3

   this is a third party collection trying to scare the darn fool heck out of you.
   6 years?
   default does mean that you did not pay your loan or were charged off on original creditors books.

   I would ask for legal validation of the the debt. This means they have to show legal chain of custody for the amount in question. The collections company cannot add fees or charge more than they paid for the debt.

   I would offer a settlement of 20 cents on the dollar IF they can legally verify the debt is owned by them legally.

   6 years is a long time. 7 years and the first credit card default will fall off your report.

   The collection has to use the same date of last activity as the original debt. If they have re newed the date they are in a violation of the fcdra something other for fair debt collection practices.

   use my free validation form on the page below.
   or ide it out and hope you get off the hook.
   if it were me. i would try to work something out and be done with this mess in the 1000 range max.

4. Ana E Says:
   November 11th, 2008 at 10:20 pm 4

   How many times are you going to ask this one this afternoon? When they catch up with you they’ll take the debt, the interest, and all the charges that they make for finding you. You’ll have nothing left – including anything you own ! ! !

   You can find more info here:

   Good Luck.

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