| Most Americans have a problem with debt; the fact | | | | you in the first place! |
| that the average household owes nearly $10,000 on | | | | For a fee, of course, this company will advise you as |
| their credit cards makes that pretty clear. And with | | | | to how you can walk away from your debts without |
| interest rates and minimum credit card payments rising, | | | | having to repay a penny. Even more incredibly, they |
| consumers are finding their bills harder to pay each | | | | also promise that doing so will not negatively affect |
| month. In years past, those who cannot repay their bills | | | | your credit report. |
| would often resort to filing for bankruptcy. | | | | The Supreme Court has probably had plenty to say |
| But last year's Bankruptcy Abuse and Consumer | | | | about credit and lending over the years, but they |
| Protection Act makes filing for bankruptcy more | | | | almost certainly have not said that consumers have |
| difficult and expensive than ever. What is someone | | | | the right to elect not to pay their bills, which are subject |
| with a debt problem to do? Credit counseling? Debt | | | | to a legal contract to which the debtor has agreed. |
| consolidation? Something else? | | | | And the credit bureaus will certainly treat failure to pay |
| According to a new company that has been issuing | | | | in this scheme just like any other occasion when |
| press releases, the consumer can simply walk away | | | | someone doesn't pay - they will mark it as a |
| from his or her debt. That's right, just walk away | | | | delinquency on the debtor's credit report. |
| without repaying. The details are vague, of course, and | | | | If it sounds too good to be true, it almost certainly is, |
| won't be spelled out until you actually pay them for | | | | and that certainly applies here. There is no "legal |
| their services. But the company, which shall remain | | | | secret" that will allow a debtor to simply walk away |
| nameless, states that U.S. banking laws actually prohibit | | | | from debt unscathed. And if you do have a debt |
| the lending of money at interest and that "several U.S. | | | | problem, the last thing you need to do with your |
| Supreme Court decisions" have backed this up. So, | | | | money is to give it to someone who will give you bad |
| they claim, you don't have to repay because your | | | | advice. |
| creditors were not legally permitted to issue credit to | | | | |