Question: > Probably, but if they buy all the consumer goods they can up to their > credit limits and then default, they’ve gotten away with it. Even if > seized, a used VCR just isn’t worth much to a bank and I can’t see them > going to the bother of repossessing stuff like that, and you can declare > bankruptcy every 7 years and start over again. I don’t know how people > live that way, but apparently some do.
Answer: they get screwed in the end. home loan? forgettaboutit. need a car? be willing to pay a 20%APR, at least. credit card? sure- secured, and with an annual fee. Either they sent me one unrequested or I signed up when they started up long ago (18 years, the phonedroid said). Not too many people took Discover, so I just never used it. They just kept sending them… Now you have to confirm receipt of credit cards via your home phone, and I wouldn’t have done it except for the $5 carrot.
I use the Smart&Final $5-off coupons too. Silly to be unwilling to pick up free money.
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