I only have 1 credit card and it has a 00 limit only. I hear online about people saying they racked up ,000 or ,000 in credit card debt and can’t pay the creditors. My first question is how in the world did a credit company let this happen? And don’t most of these people have credit card limits?

I know for credit cards, you suppose to pay within 30 days or so and if you don’t pay, interest is piled on. But wouldn’t after say 6 months where a person can’t pay off their credit card bills, then the credit card company would shut down their account? I hear people talk about maxing out their credit cards but what in the world are they buying where they rack up credit card debt that is ,000? I mean, you can’t buy a car with that since i don’t think you can buy a car with a credit card right? And don’t most people have limits? I would think most credit card limits are max ,000 a month unless they have a very decent job.

Can someone explain how people rack up so much in credit card debt? Do they get 10 credit cards with 00/month max and then max it every single month for 5-6 months? I understand when people rack up debt in medical bills, student loans, taxes and those things but i just don’t get how can people rack up so much in credit card bills. I mean after a person owes ,000 to the credit card company and can’t pay it back, why would they continue using it? I understand if you use it to buy food and support yourself and your family but do people rack up credit card bills b/c of food? I don’t think so right?

And if a person cannot pay it back, i assume they can file bankruptcy right in the united states? And i hear people talk about fleeing the country because of credit card debt. Do they do so successfully? And usually what countries do they flee to? I’m sure canada isn’t one of them right since you can only say 6 months max? What countries do people flee to? Do they ever get caught? So if they stay there after a certain amount of time, wouldn’t they be there illegally? And since they have to support themselves and make money, wouldn’t the us government know that they are making income and thus could garnish their wages even if they live in the other country? Or do these people just try to make money off the table and just live and hide? I mean, are there people that have huge debt , leave the us and then become successful later on in the country they flee to and then become rich? Because if they do become wealthy, wouldn’t they be caught eventually for fleeing the country? If they then decide to pay back their debt after they made money, would everything be fine or would they face huge penalties for fleeing the country? Or do they just have to stay below the radar and can’t live in a nice place because of it?

I’m very curious about this because i read so much about credit card debt and people leaving the country. I just can’t believe a person could have credit card debt this high because i assume the CC company would freeze their cards after they don’t pay after a few months if the balance is high.

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Well I honestly think that now Obama shouldn`t be president because now he has to cut everyone`s checks unless the people in office agree on the same things. So the United States is basically on the verge of debt? Like I don`t think it`s fair to cut people`s checks because they actually need that money in order for them and their children to survive and if that only check they get like twice a month gets cut, how are they going to live? Like my mom gets a check for me, and my dad gets one for me and for being a veteran, but they`re not together, so how are me and my mom going to survive? Why can`t they just agree and give back our checks, and give back the amount of money we originally had? What does the government do with all the money they are printing? All that money, going to wast? C’mon. Really. If we go bankrupt, America is going to be like the 3 world countries that are still developing and need help from others, and then pretty soon we are going to be forced to move to a different country, and be effing poor there too!! What are they doing in the government?
Well give me how you feel on this, I would really like to hear your opinions.
plus,, im only 14. so as this may seem as a wrong way to state my opinions and this question
please dont be rude. i just want to see how others feel

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The United States is holding on to Common Wealths such as Puerto Rico and many others, and they are receiving tax dollars and benefits even though they are not a state. Now that we are so far in debt to China should we sell them to help settle? After all, we will all be part of China when they decide to collect.

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When you look at Europe they are swimming in debt because of social obligations that the government has.

Why do people want us to go down that same road? Social health care has bankrupted most of Europe and now you can add Massachusetts to that list.

How can people not see that California is sinking because of entitlements? The United States is not far behind.

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I have zero income and no money. I need to file bankruptcy. Help? Websites, advice, etc.?
Im in the United States. New York City.

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What happens when the United States goes bankrupt?
What happens to the world when the United States goes bankrupt?
Yes, however, Do you think that will not result in higher premiums for us Upper Middle Class folk who have private insurance?

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If the United States goes broke our money would become worthless right? How can someone protect themselves just in case this happens? Keep a stash of Gold or money from other countries? Please, no "The US will not fail" answers, this is just a curious what-if scenario question. Any country can go broke so this doesn’t just involve the US.

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http://www.nytimes.com/2010/02/25/business/25obama.html

From the New York Times:

In 2010, federal government spending will be equivalent to 25 percent of overall United States economic output, the highest proportion recorded in American history except for three years during World War II. Likewise, the .8 trillion national debt expected by the end of this year will be the largest compared with the size of the economy since 1948
Great analogy Isaac

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Obviously, if a person here in the United States can’t pay off their mortgage for their house, it gets taken over by the bank and that person’s on foreclosure.
Or if a person’s company goes bankrupt and they fall into debt, the creditors can legally take their home, car, etc.

But if an entire nation went bankrupt, how would our creditors take stuff from us as collateral, in any way short of a military invasion?

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Why doesn’t the United States go bankrupt? They continue to bail out failing companies with money they dont have. Why do foreign countries continue to lend to the United States when its pretty clear they will never get out of debt?

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Is there any way the United States won’t go bankrupt within fifty years?

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