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Originally Posted by pornguy
thats not really using the system against THEM its using the system against EVERYONE!
When anyone files Bankruptcy we all end up paying the bill for them in one way or another. If the CC Company does not get their 5k from them, they will hit all the other people with an extra 1/8% until they do. Then sadly that extra % stays as they are now making more.
Not exactly like that but you get the idea. It takes more than 1 person to get the companies to raise the % but the more people that start to think they can live this way, the worse it will get.
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I don't advise bankruptcy it unless you're really underwater, which it sounds like he is. And if that's the case, it's fair to use it. I've personally never had to but would if push came to shove. But that will never happen as I don't live beyond my means anymore. Made that mistake when I was younger and got buried, but was able to dig out of it. Now, if I can't buy it and own it on the spot, I don't deserve it. Keeps life simple that way.