My aunt walks away

[jon]

[Markor]

How shot his credit rating could get depends on how many people walk away. If things get as bad as many predict, it should be relatively minor ding to one's credit rating, one to three years blacklisted and that's it. (Consider Vietnam draft dodgers. They were pardoned because it was more profitable to pardon them, given that there were so many of them.) He'll be able to pay all cash for his next house anyway; he doesn't need credit anymore.

The "explain to future employers" thing, and other effective scarlet letters, is just what the corporatocracy wants. They'll do whatever they can to make people pay their debts in full so they can profit the maximum, even as they walk away from their own debts when they can. However, if millions walk away from their homes, the scarlet letters won't be as profitable.

[leaveseattle]

I doubt it will hurt his job opportunities if he is higher up the management chain or is more specialized.. as I said for my husband it was not a problem as long as he told them up front...

Also, we had no problem getting a car at a very good rate after our credit was hurt by non payment... it seems that having good credit is just not as necessary as it used to be... and in our case avoiding using credit has been a good thing-something more folks should practice...

I am wondering though, as it becomes harder to buy a home and more and more are either bought up by real estate companies or rented by the bank, I am afraid they will be able to up the rental rates since rentals will be in higher demand-

Rent control.

[cheapseats]

I can not speak for corporations, but I know the Federal Government still looks at your credit history closely for potential employment.

[rose-colored-coolaid]

[jon]

[leaveseattle]

Yes the feds look at credit, but our nephew just signed up for the Navy with hideous credit and since they needed him so badly they "waived" the credit flagging-for his security clearance

Bad credit makes somethings a bit more difficult to obtain but not impossible-

We are adjusting to "bad credit" and finding it a relief to pay off each bill and buy each item in full and totally own it before it is worn out...


Credit is a business not a necessity...

[rose-colored-coolaid]

[jon]

[rose-colored-coolaid]

[Markor]

[Big Mike 34]

[Big Mike 34]

[Markor]

[jon]