return2ozma@lemmy.world to News@lemmy.world · 4 months agoBanks are bracing for consumers to stop paying off their credit cards, delinquency rates hit 12-year highqz.comexternal-linkmessage-square20fedilinkarrow-up1110cross-posted to: personalfinance@lemmy.ml
arrow-up1110external-linkBanks are bracing for consumers to stop paying off their credit cards, delinquency rates hit 12-year highqz.comreturn2ozma@lemmy.world to News@lemmy.world · 4 months agomessage-square20fedilinkcross-posted to: personalfinance@lemmy.ml
minus-squarereturn2ozma@lemmy.worldOPlinkfedilinkarrow-up22·4 months agoYou know a lot of those cash advance apps you can just revoke the ACH and delete your card from it. In their terms of service it literally says you are not obligated to pay it back. All those fintech companies.
minus-squarexmunk@sh.itjust.workslinkfedilinkarrow-up9·4 months agoI don’t use them myself but I’d imagine most users aren’t aware of that loophole or are worried about their credit score.
minus-squareTramort@programming.devlinkfedilinkarrow-up15·4 months agoIt can’t affect your credit score, because it’s not a loan. If it was a loan they would be subject to ursery laws. But they don’t want to be. So you can default without penalty besides being hounded.
minus-squareslacktoid@lemmy.mllinkfedilinkEnglisharrow-up7·edit-24 months agoTell me more of this dark magic!! Please!!!
minus-squarereturn2ozma@lemmy.worldOPlinkfedilinkarrow-up15·4 months agoExample, this one is for Empower… I’m not a lawyer or endorsing any of the activities but it spells it out in their terms you’re not obligated to pay it back.
minus-squareslacktoid@lemmy.mllinkfedilinkEnglisharrow-up11·4 months agoWow … Wait what… What am I doing with my life?
You know a lot of those cash advance apps you can just revoke the ACH and delete your card from it. In their terms of service it literally says you are not obligated to pay it back. All those fintech companies.
I don’t use them myself but I’d imagine most users aren’t aware of that loophole or are worried about their credit score.
It can’t affect your credit score, because it’s not a loan.
If it was a loan they would be subject to ursery laws. But they don’t want to be. So you can default without penalty besides being hounded.
Tell me more of this dark magic!! Please!!!
Example, this one is for Empower…
I’m not a lawyer or endorsing any of the activities but it spells it out in their terms you’re not obligated to pay it back.
Wow … Wait what… What am I doing with my life?