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Monday, March 24, 2008

Right to cut your debt in half?

On the way in to work there was an add on the radio which claimed "You have a right to cut your credit card debt, by up to half!" Now these are the guys who we should be going after.

I'm pretty sure the Constitution doesn't mention anything about credit cards.


jm said...

I heard it do and figured it is something a normal person could do if they knew how.

The Angry Man Persona said...

Yes, you could do whatever they are doing (basically just negotiating). My point though was it was presented as a "right" you have to eradicate your debt. You cannot just absolve your debt. You can trade it for bad credit or bankruptcy, but you cannot just walk away.

The bank may be more willing to accept a payment of half rather than trying to sue you for the whole amount, but that is up to them - you don't have any right to it.