3 ms·

Can I max out all my credit cards and then never pay?

• charlie0 3y ago
  They will likely appear on your credit report and will stay in there for 7 years. So yeah, prolly, if you're not planning on using your credit for 7 years.
• dier 3y ago
  > This effectively makes paying consumer debts basically optional in the United States, contingent on one being sufficiently organized and informed. That is likely a surprising result to many people. Is the financial industry unaware of this? Oh no. Issuing consumer debt is an enormously profitable business. The vast majority of consumers, including those with the socioeconomic wherewithal to walk away from their debts, feel themselves morally bound and pay as agreed. try it out, let us know how it goes.
• snazz 3y ago
  That's called bust-out fraud and your bank might suspect it and start declining large purchases if it's way out of character for you.
• larrymcp 3y ago
  He states that they typically won't sue you for debts of just a few hundred dollars, but if it's over $1000, then they're more likely to sue you in order to be able to garnish your wages and bank accounts, and/or file liens against your property. So, "maxing out all your credit cards" it depends on just how much that maxxing would be.