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Credit card debt collection

bitsaboutmoney.com

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Re: Credit card debt collection

#161

Post by dpig_ »

dylan604 wrote: post #66
owenmarshall wrote: post #64

Earlier quoted context omitted.

This strikes me as the same as saying “but the homeless person might take my $5 to buy whiskey instead of a hot meal.” Or, possibly more apropos to your example, “how do I know my medical debt relief payment goes to someone who truly Deserves It because of bad luck and not someone whose poor diet and exercise habits lead to their stroke?” The system is designed to turn bad choices into bad luck - and the opposite - a…

If you want to think of me in that tone, then fine, but I never caveated the medical debt. As the sibling comment to you said, medical debt in a civilized society is just wrong. So I really don't care why the medical care was needed. Helping people out of debt for medical reasons is commendable. The thing I specifically caveated was people making bad financial decisions on their own. Sure, maybe giving an 18 year old…

Robin Hood, robbing the rich to give to the [morally validated].

Re: Credit card debt collection

#162

Post by metamet »

lr4444lr wrote: post #46
Forgeties79 wrote: post #26

Earlier quoted context omitted.

When they agreed to the service 12+ years ago, were they shown the costs? Would you say their purchase was fully informed? Hell for all we know it was an ER visit and they had absolutely no say in the matter.

> Hell for all we know it was an ER visit and they had absolutely no say in the matter This has been tried in case law, and failed. Even if you're documented unconscious, the EMTs are allowed to make a good faith assumption that you want reasonable efforts of resuscitation. Look up "implied consent" laws.

And what do you do when the $10k ambulance ride isn't something you can afford?

Re: Credit card debt collection

#163

Post by dylan604 »

calfuris wrote: post #154
DiggyJohnson wrote: post #108

Earlier quoted context omitted.

You’ve misread the context so this insult is really out of place. GP is referring to credit card debt, not medical debt.

I don't think that there was any misreading there. GP is applying GGP's logic to a different kind of debt to make a point.

I said that I wasn't familiar with the concept of buying credit debt, but specifically said I was familiar with buy medical debt. I then compare and contrasted how I feel they are different. I also said that buying credit debt isn't necessarily a bad thing, but due diligence should be applied to whose debt is getting wiped out.

You've spun into something it's not to make a point. Which I'm still not sure what it is

Re: Credit card debt collection

#164

Post by dylan604 »

philwelch wrote: post #144
owenmarshall wrote: post #64

Earlier quoted context omitted.

This strikes me as the same as saying “but the homeless person might take my $5 to buy whiskey instead of a hot meal.” Or, possibly more apropos to your example, “how do I know my medical debt relief payment goes to someone who truly Deserves It because of bad luck and not someone whose poor diet and exercise habits lead to their stroke?” The system is designed to turn bad choices into bad luck - and the opposite - a…

> This strikes me as the same as saying “but the homeless person might take my $5 to buy whiskey instead of a hot meal.” Which is still a valid point. Don’t give cash to homeless people.

Don't give cash to addicts

Re: Credit card debt collection

#165

Post by dylan604 »

dpig_ wrote: post #161
dylan604 wrote: post #66

Earlier quoted context omitted.

If you want to think of me in that tone, then fine, but I never caveated the medical debt. As the sibling comment to you said, medical debt in a civilized society is just wrong. So I really don't care why the medical care was needed. Helping people out of debt for medical reasons is commendable. The thing I specifically caveated was people making bad financial decisions on their own. Sure, maybe giving an 18 year old…

Robin Hood, robbing the rich to give to the [morally validated].

There's a huuuuge difference from being poor serfs in the feudal lord's fiefdom than someone that can't say no to a sale but can't actually afford it and buys on credit.

Re: Credit card debt collection

#166

Post by all2 »

aketchum wrote: post #69

Article is great, (with it being written by pat mckenzie that is almost tautological) > The value of portfolios is a huge discount to the face value of the debts; at the point where a lender has only worked it themselves and the debt is a few months delinquent, portfolios generally fetch about 5 cents on the dollar. That value will continue to decay over time. I agree with his point directionally (the value of the so…

> how else would you suggest it be done?

Might I recommend a blockchain and smart contracts?

I'll see myself out.

Re: Credit card debt collection

#167

Post by WirelessGigabit »

smeej wrote: post #37

Weren't there reports back in the Occupy Wall Street days of people organizing to buy up debt like this and then just forgive it all? It sounds like debts are sold in such bulk that there's no way to do something very targeted, like starting an org in your town to buy debt from your ZIP and collecting contributions to cancel your neighbors' debts, but if these debts are already only worth 5¢ on the dollar to the sell…

John Oliver did that on his show: https://money.cnn.com/2016/06/06/technology/john-oliver-medi...

Re: Credit card debt collection

#168

Post by mrmrcoleman »

bradleybuda wrote: post #113
tptacek wrote: post #28

There's a point in this article where Patrick suggests you Google "litigious debtor scrub" to confirm a point he's making, and when you get to that point --- not before --- I highly recommend doing the search and reading some of the links, because they're pretty funny.

Amazing: https://s3.amazonaws.com/media.guidebook.com/upload/z5nhuRkp...

“Who knew about YouTube?” In 2016…

Re: Credit card debt collection

#169

Post by dylan604 »

rtpg wrote: post #140
dylan604 wrote: post #58

Earlier quoted context omitted.

I never heard of buying credit debt, but I had heard of people buying medical debt in this manner. I get and respect the medical debt concept. Credit debt though is a tough one. How can you tell that someone ran up credit debt because they were paying for medical bills or something vs debt financing shopping sprees or vacations? Giving those who fall on hard times help is admirable. Giving people bad at personal fina…

> Giving people bad at personal finance a free ride is not I get what you're saying but if you've ever gotten to "I now have enough credit card debt for it to be A Problem", the baseline level of stress in your entire life gets pretty high. That doesn't mean that suddenly everyone has "learned their lesson forever", but especially for stuff like "I was bad at personal finance in my 20s, and now I am better but the de…

You've moved the goalposts with making it a family member. What about total strangers?

Student loan debt is an entirely different thing though. I'm still on the fence about student loan forgiveness because I specifically stopped going to school because I did not want to take on the debt. It's a sensitive subject, and I am sympathetic to it. I'd be much more open to 0%, or partial payoff to reduce the obviously bloated amounts the schools are charging.

Re: Credit card debt collection

#170

Post by marssaxman »

smeej wrote: post #37

Weren't there reports back in the Occupy Wall Street days of people organizing to buy up debt like this and then just forgive it all? It sounds like debts are sold in such bulk that there's no way to do something very targeted, like starting an org in your town to buy debt from your ZIP and collecting contributions to cancel your neighbors' debts, but if these debts are already only worth 5¢ on the dollar to the sell…

> people organizing to buy up debt like this and then just forgive it all

Yes indeed - that was the Rolling Jubilee, run by a group called Strike Debt. They apparently still operate, under the name Debt Collective:

https://debtcollective.org/what-we-do/debt-abolition/

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