For the record, I have no intention of doing this, just wondering why I don’t hear about it more often.
I kinda did that in the early 00’s. Left the US and told creditors* to kick rocks. They basically just wrote it all off. I came back 10ish years later and it was like it never happened. I went to get a loan for a motorcycle when I got back and they told me that since I didn’t have any credit history (wtf?) that it would be a slightly higher interest rate. Now some 15 years after that, I’m a model citizen, credit wise. I’ll save the next time for retirement.
- I do apologize to Gateway for not paying for that PC and causing them to go under.
Wait what? Did you find out why you had no credit history rather than a bad one? Did you expect some legal issues when you moved back to the US?
No, I’m not sure how it happened. I found some default judgements against me searching threw court records; but it wasn’t on my credit at that point. I did expect to be hit by a surprise garnishment or seized tax return. But they never came.
I’m guessing I fell through the cracks during some data migration. I doubt you could pull that off today.
Ya I think someone really blessed you lol
I think it resets after 7 years, but I could be wrong and don’t know the specifics of how that works
FCRA and the like. Most things will end up being unreportable after about 7 years, but there are exceptions and gotchas
Yeah, this has been a known thing in the credit world for years-- they call it bust out fraud. These days they have computer statistical models watching for stuff like this, and will likely shut you down before you get to your limit.
https://www.transunion.com/blog/how-to-prevent-bust-out-fraud
As someone with citizenship in another country I have to admit I have daydreamed about this lol. Which probably means I’m in their model somewhere.
Yea, imagine every transaction goes through except the plane ticket…
So you slow build to it, got it
That depends. Does your country of origin have an extradition agreement with the Philippines?
So theoretically someone could actually take out a ton of loans and move to a country that doesn’t have an extradition agreement?
Theoretically, yes. But then you would be a US citizen in a foreign country. Eventually, that country will make you either leave or become a citizen.
Also, even though extradition wouldn’t be possible, deportation might still be on the table if you piss off the wrong people the right way.
You might also want to consider the chance of the countries having an extradition agreement in the future
With the US? lol
I’m not from the US and OP didn’t specify their country.
What everyone is missing here is that you need a visa, and eventually your passport will expire and you’ll need a new one. Regardless of the extradition angle, the local government will care about your immigration status.
What you’ll probably want to also need to do is marry a local for residency. They’ll want you to spend that money on them, so…
My friend did this twenty years ago. Sold everything, put a bunch of camping and photography gear on the credit cards then “disappeared” to become a nature photographer.
And now they’re living the dream?
He died 19 years ago
So living the dream.
But that was fake. You don’t get the concept.
Isn’t that how Kevin Smith made clerks? Just maxed out his credit to make a movie
basically. He also mentioned that he allegedly might have lied about how much money he made to get enough credit limit to afford it. If it didn’t make any money, he was going to work at that video store forever. lol
-Unpaid debt gets sent to collections.
-Collectors would try to contact you.
-Your debt would be sold multiple times among multiple agencies, all of which would make efforts to try and contact you to collect the debt.
-After about 7+ years the debt is written off by the agencies and drops off credit reports.
-Once the debt dissappears your credit score would go up.
-You don’t need to leave America, you can ignore debtors/change your number/avoid being served (obviously laws are state dependent). An attempt to reclaim what you purchased could be made depending on how much you owe/what you bought but usually it’s not worth the hassel.
-If you leave the US and want to see if debtors are still looking for you pulling your credit reports will reflect it.None of this applies to student debt.
After about 7+ years the debt is written off by the agencies and drops off credit reports.
*Is supposed to be written off, falls off your credit report, and they cannot take any legal action to reclaim the debt. This does not stop the bill collecting calls and e-mails and text messages, because the 7 year timer is from the last time you gave them money, so they will sneakily try anything they can to get you to pay them literally anything in order to re-open those doors, including lying to you about settlement discounts and the like. Debt collectors are a special breed of evil.
people generally don’t like moving abroad because they get lonely and frustrated. but yeah you can skip debt by moving abroad.
With a net worth below 1 billion, it’s called a crime.
With a net worth above 1 billion, it’s called a bailout.
You could get blacklisted for Visa, MasterCard and Amex, others too I’m sure. So you’d have to use cash from then on. Not sure about other penalties.
You can still use a bank card, debit cards exit, it’s not like only paper money exists outside of credit cards.
Visa and Mastercard
It doesn’t matter if debit or credit, cards are overwhelmingly issued by one of these two
Far more common is declaring bankruptcy. It’s totally legal, no need to leave the country.
They’ll call you. A lot.
They’ll call the number you gave them. Numbers can be easily changed
They know that. They will call every number thats ever been associated with everyone you’ve ever known.
They can call me whatever they want.
I don’t know but I think you’d enjoy the finale of 3rd Rock From The Sun. The aliens find out they’re leaving earth forever. They’re sad but make the most of it by maxing out their credit cards and having a party.
Although, the writers weren’t sure if they were coming back for another season or not. Presumably, they would have had to deal with consequences next season if they returned
Probably not much other than never being able to return without some consequences. It happens more often than you think.
Same question, asking for a friend too
He who goes out owing the most wins. Lived like a king and didn’t pay for a damned thing.
