I overheard a man bragging about plans to leave the country to skip out on his credit card and homeowners debt. He said that the bank will just take his house, and that the credit card companies can't "get him" if he's out of the country for 7 years. For those of you involved in this industry, or for any legal eagles out there, is this true?

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haha thats funny. i do know that when people die and they have a debt that the families are left paying for it so i would guess this is what would happen in this case. if he ever did come back to the states he would be in biiiiiiiiig trouble.

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I would have to agree with you on that one. Never good to run.

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Looking for some credit counseling.

No, this is not true. His credit card and mortage debts will just accumulate more and more interest, especially seeing as he won't be making any payments.
He would end up losing A LOT more by doing this than he would by gradually paying off the debts. Eventually the police will be on his case and this will show up if he tries to get Visa's for certain countries.

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Greer L.
Product Researcher
The Credit Card Guide
www.thecreditcardguide.com.au

I think this is not a good idea to leave the country when you are struggling with debts. If you do this, definitely your personal and financial image will go down. I want to give you a solution. Whenever you face debt problem, you should contact to a debt consolidation advice company. This is the best way to make your life debt free.