Let your credit cards default, nothing Banksters can do.

[4Horsemen]

They can't come seize your house. They can't cut your lights off. Only thing they can do is send your name in as a bad debt to the Credit Bureau and who really gives a **** about having good credit in an withering economy like this anyway?

So far I've dumped 3 credit cards and let em go under. Owed a few grand total. got a couple threatening letters to give me a "bad credit rating"..lol...but **** em. That's water under the bridge at this point. They can't take my house or my cars or turn off my lights. so I'm good. Just wait it out another 7 years and start over. **** the Creditors. Obama/Romney will just bail them out again anyway.

I'm passing my debt on to YOU PEOPLE. you're welcome pay my bills.

 

[waltky]

International credit card scheme busted...

Feds: 18 charged in $200M global credit card fraud
Feb. 5,`13 — Eighteen people were charged in what may be one of the nation's largest credit card fraud rings, a sprawling international scam that duped credit-rating agencies and used thousands of fake identities to steal at least $200 million, federal authorities said Tuesday.

The elaborate scheme involved improving fake cardholders' credit scores, allowing the scammers to borrow more money that they never repaid, investigators said. "The accused availed themselves of a virtual cafeteria of sophisticated frauds and schemes, whose main menu items were greed and deceit," said David Velazquez, assistant special agent in charge of the FBI's Newark field office. Paul Fishman, the U.S. attorney in Newark, described an intricate Jersey City-based con that began in 2007, operated in at least 28 states and wired money to Pakistan, India, the United Arab Emirates, Canada, Romania, China and Japan.

The group used at least 7,000 fake identities to obtain more than 25,000 credit cards, Fishman said. He said investigators documented $200 million in losses, but the figure could rise. "Through their greed and arrogance," Fishman said, the people arrested harm credit card companies, consumers and "the rest of us who have to deal with increased interest rates and fees because of the money sucked out of the system by criminals." Participants in the scam set up more than 1,800 mailing addresses, creating fake utility bills and other documents to provide credit card companies with what appeared to be legitimate addresses, investigators said. Once they obtained the cards, they started making small charges and paying off the cards to raise their credit limits, authorities said.

They then sent fake reports to credit-rating agencies, making it appear that cardholders had paid off debts, setting the stage for sterling credit ratings and high credit limits, investigators said. Fishman said once the credit limits were raised, participants would take out a loan or max out the credit card and not repay the debts. The group also created at least 80 sham businesses that accepted credit card payments, Fishman said. The group would run the fraudulently obtained credit cards through the machines, keeping the money, he said. The scheme funded a lavish lifestyle for the accused, including spa treatments, electronics, luxury cars and millions of dollars of gold, Fishman said. In one raid, authorities said they found $78,000 stashed in an oven. Three jewelry stores in Jersey City were closed Tuesday and their inventory seized, Fishman said.

More US announcing charges in alleged credit card fraud