Credit Card Madness

[hawker9000]

From what I've seen here,credit cards are generally doled-out in 'pre-payed' form. Your lady,at some point, must of had a seriously good credit rating for the banks to endow her with ...er, SEVEN credit cards!.....and a loan!! Be that as it may.

Now its pay-back time and at a balance of 150% of her current income... she has reached that mathematical impasse, never being able to pay it off. She in fact, has entered the dark realm of "permanent-debt-slavery".

In the West,people in this position can (1.go to the bank and negotiate to CONSOLIDATE the debt,where monthly payments can be made on the lump sum for the rest of their life.

(2. declare bankruptcy. Apparently not an option here.( and In Thailand) (3. join the Sangha (4.rope in a third party payment plan (that's you) (5. jump off a bridge (don't think she hasn't considered this already).

Debt is a brutal form of modern day tyranny that few escape the clutches of. The goal of creditors is to enslave you to the debt-cycle by throwing money at your feet until they get you right where they want you - being able to pay only the interest...FOREVER!

Credit card debt is unsecured-debt. Its NOT a crime to walk-away from it(at least in the West) regardless what the "collection agencies" threaten you with.

Its a crime of time regarding your use of future credit instruments.

Debt is merely another money-grubbing racket in a consortium of world-wide rackets that run the complex systems we depend on for contemporary life.

The old saying "money always tells the truth" offers you insight into your ladies unseen character traits. Take the time and browse her credit card statements,determine spending-habits and patterns between 'needs and wants'. This will tell you a great deal about your future wife.

A very basic lesson in this life is; Don't crave what you can't afford, Choose debt-free over slavery.

Good Luck

"Debt is a brutal form of modern day tyranny that few escape the clutches of."

Unfortunately, quite true. In the west, parents & schools used to teach kids about this, but then war was declared on the earning middle class, education got dumbed-down and parental responsibility was dissolved (Step 1). So, once your money's gone, govt - who's also forcing banks to keep those loans flowing to the unqualified in the name of "fairness" - takes over and makes you a vassal to the welfare check and whichever political faction promises to keep it coming, which wouldn't be possible without Step 1. In Thailand, the terms of indenture are a bit more ... straightforward.

Edited April 18, 2016 by hawker9000

[B1TcoinLife]

I love the credit card laws here in Thailand ,a young lady like this with no money can have 6 credit cards ,but when i asked the bank for one ,(i have quite a lot in this particular bank) so that i could pay for my airfares etc online which i cannot do with a debit card , not a hope , amazing Thailand .

Well that is a nice lie, because the major banks in Thailand will issue a credit card to foreigner on the condition that you put the limit amount in a fixed deposit account.

Some will, some just won't

I had several millions deposited in a fixed terms and normal accts and was refused and I lost my temper and told them to close all my accounts and give me the entire balance now in cash....

2 minutes later she came back with the forms to sign for my new credit card....

I think only the manager is allowed to say yes or no, don't take any shit off the little monkeys who say no without even checking...

[B1TcoinLife]

Banks have a limited time (3 years?) to get you in court. Usually the court will decide in favor of the debtor and come up with an easy pay back scheme. It's a first to sue gets something, the rest wait.

If she has a debt with Kasikorn they will probably move first and fast.

Before the EXPERTS move in this is from personal experience - my ex

So if you can ignore they're calls and letters for 3 years, you are free from debt?

[JHolmesJr]

OP...you sound like youre from the old aMerican Savahoe tribe...

[KNJ]

I wouldn't touch this even with a bargepole

I would not touch with anyone's bargepole

[Pib]

I love the credit card laws here in Thailand ,a young lady like this with no money can have 6 credit cards ,but when i asked the bank for one ,(i have quite a lot in this particular bank) so that i could pay for my airfares etc online which i cannot do with a debit card , not a hope , amazing Thailand .

Well that is a nice lie, because the major banks in Thailand will issue a credit card to foreigner on the condition that you put the limit amount in a fixed deposit account.

Some will, some just won't

I had several millions deposited in a fixed terms and normal accts and was refused and I lost my temper and told them to close all my accounts and give me the entire balance now in cash....

2 minutes later she came back with the forms to sign for my new credit card....

I think only the manager is allowed to say yes or no, don't take any shit off the little monkeys who say no without even checking...

And even if the branch manager approves the credit card application (which then goes up the food chain) that is just at the local level and does not mean the bank headquarters credit card approval dept will.

[ChouDoufu]

wow!  it's been less than two years and the situation has

changed dramatically.

 

we went with the original plan....pay off the personal loan

and cash card at her bank (salary direct deposit) and her

friend's card.  the rest could wait.  not run away from.

if there's no money, there's no money.  no way to pay

them all at the same time.  pay what she can, wait for

the rest to contact....either go to court or offer settlement.

 

cut all the cards except for the two above.  closed and

paid off the cable tv, hooked up the free government box.

paid off a small-balance card one lawyer was chasing.

set up a spreadsheet with monthly schedule to follow.

rent and utilities paid when salary arrives, set aside

1000 baht/week for the next month, the rest to pay debt.

 

loaned her 10k baht the first month to break the "borrow

from card, pay another" cycle which she repaid over the

next couple months.  no more late payments on the

remaining 3 cards.

 

also set aside 50k she could use when she got a deal to

close one of the other cards.  could use that if needed

to add to what she could get from her cash card, but

would need to be paid back immediately.  this has all

been repaid.

 

personal loan and two cards paid off quickly, then was able

to negotiate with other cards on payoff settlements, plus

three court dates.

 

and as of this week:

 

hunny-bunny now has zero debt.

the only open account is the bank cash card with zero balance.

she just purchased a health insurance plan, and

just opened a mutual fund investment account.

she is maintaining the low-budget lifestyle, and plans to

put 50% of salary into savings (mutuals+fixed term account)

 

 

 

 

 

Edited February 25, 2018 by ChouDoufu

[blackcab]

@ChouDoufu Thank you for taking the time to write the update. Very interesting indeed.

 

It would be interesting to know how this affected her credit bureau status.

[ChouDoufu]

she's not worried about her credit report.  we assume

if there is a credit reporting agency here, her score

would be in the basement.

 

for now she's happy to be free of debt.  last thing she

wants is to fall back into the credit trap.

 

we will probably get her a secured card, backed by

10-20k fixed account, for emergency use.