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Date: Wed, 13 Nov 2002 08:45:37 -0500
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[This subject has now been discussed quite a bit, please redirect future
emails regarding it to discussions_at_swiss-list.com, thanks, the moderator]
The credit card companies do. There are two issues:
1. In Switzerland, you can track bad debtors down, as everybody is requested to
register with the authorities. You cannot do that in the US. If you just change
state and are smart, chances are slim that they find you. So they want people
with a track record of any kind.
2. Bad credit means not paying at all (because of bankruptcy or hiding). Paying
late means paying huge fees, and that is revenue for the credit card companies.
They are interested in giving you 0% interest for 6 months, because after that
it goes up to 18%. You can probably invest a lot of time to juggle your
balances, but it is risky. btw. 0% is only if you are in good standing. If you
pay late one month, they will charge you the full 18%. On a 10k balance, that
is easily above $100.
I know folks that got out of college with a 50k balance on credit cards (in
addition to student loans and grants). They are great customers.
Do your friends lie about their SSN? Or "just" about their jobs/housing/etc?
Submitting a wrong SSN can help you avoid paying your debt, but that is *a big*
deal.
Louis
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Received on Wed Nov 13 2002 - 16:29:16 PST
