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How is this a right?

I'm sure you have all heard the commercials on the radio about how if you owe more than X amount of money in credit card debt, you HAVE THE RIGHT to settle for a fraction of what you owe. My problem with this is, isn't a credit card like a contract? If you accept the card, then you acknowledge the debt and will repay it? (I am not referring to circs where the CC co has increased the interest out of the blue.) How can people get a card, rack up the debt, then "have the right" to NOT PAY IT BACK!!! This is absurd, and so foreign to my way of thinking. I do not understand it. When did this become a RIGHT? HOW is this a RIGHT? I don't recall reading about it in the Bill of Rights........


Asked by 29again at 1:41 AM on Jan. 27, 2010 in Politics & Current Events

Level 27 (31,176 Credits)
This question is closed.
Answers (12)
  • To not pay back what you owe on a credit card is theft. People need to read the fine print when they get a credit card interest rates can and do go up when you are late. We use our credit cards monthly for everything and pay them off before we pay any finance charges or interest. If you do that you don't have to settle or destroy your credit. Anyone I know in heavy debt is irresponsible they don't save anything and buy too much crap. I don't feel sorry for them just feel bad because of them I get screwed when buying a house or car since the honest people end up having to jump through more hoops to borrow money.

    Answer by Anonymous at 9:39 AM on Jan. 27, 2010

  • I hate how that is worded also. But I think they are saying you have the "right" as in the ability and the freedom to contest it. That doesn't mean they are guaranteed the fraction payment but they have the freedom to try??? I guess??? lol

    Answer by Crissy1213 at 2:03 AM on Jan. 27, 2010

  • IDK, but I get so mad every time I hear it! It just drives me nuts that they even put that commercial on the air. Or the phone calls, the ones that act like you called THEM to work out something with your CC. That just cracks me up, because NOONE in my house has a CC, so there is no file for them to be looking at, LOL.

    Answer by 29again at 2:54 AM on Jan. 27, 2010

  • I don't think they mean you max out a card then call them and have them settle it for less than owed. They are talking about old cards that you didn't pay on for years. For example, my husband died in 2004 I had a capitol one card. The whole time I had that card I had been paying loss of income insurance. My husband had the income. The card was in my name. when I got the insurance I specifically told them I was a sahm and house hold income came from my dh. They said this would cover if he lost employment as well. I called they would not let me use the insurance. I quoted them from the book I had a section that covered my situation and told them I'd mail a copy of his death cert. They would not accept it. I could not pay and the card was closed out. The card was only $2000 but the bill went up to $4000 something. They send me letters still saying they will take a lesser amount. If I pay it now though It will screw up my credit.

    Answer by Anonymous at 6:43 AM on Jan. 27, 2010

  • * what I mean by screw up credit is after 7 years they have to take it off the report but if I contact them and pay it it will go on my report as a paid collection for 7 years, not as bad as an unpaid collection but worse then it not being there at all. In another 13 mos it should no longer be on there.

    Answer by Anonymous at 6:47 AM on Jan. 27, 2010

  • You can settle it for less. But what they don't tell you is that you get a 1099 declaring the remaining amount as taxable income.

    Answer by motherofhope98 at 7:59 AM on Jan. 27, 2010

  • And by doing so, you take a big hit on your credit score. Creditors will mark these transactions onto your credit account and everyone will know that you didn't pay them off... it makes gaining credit or borrowing money more problematic in the future. It is like taking a big ol' sign and telling the world- I DIDN'T PAY IT! DON'T TRUST ME!

    Answer by HistoryMamaX3 at 8:34 AM on Jan. 27, 2010

  • 29again what do you expect when we have some who think it is their right to recieve monies that were forcibly taken from others..'spread the wealth'..

    Answer by tnmomofive at 8:37 AM on Jan. 27, 2010

  • there is no truth in advertising.  It isn't a right.  It is more of an oppotunity.  they just want you to call.  so they can sell you their service.


    Answer by Anonymous at 9:00 AM on Jan. 27, 2010

  • The reason they do that is because credit card companies jack up interest rates sky high. That's how they make money. Thank god the new law will be passed soon to stop this. They jack up interest rates and monthly payments as they see fit. They act like it wasn't our tax dollars that just bailed them out.


    Answer by legalmommy101 at 9:03 AM on Jan. 27, 2010