WaMu is dead...is my debt wiped out?

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Pedro TT

Member
Joined
Aug 29, 2007
Messages
213
I just have a question for you financial guru's. I have a 0% APR credit card from WaMu with about $3k on it. Now that WaMu is dead, what are the chances of me not having to pay it back?

When I was young, those bastards took me for $36 for a $4 overdraft back when I was piss broke. $36 amounted to almost 30% of my weekly paycheck and now I'm wondering... does this failure will mean that my debt will eventually be cleared?
 
Pedro TT said:
I just have a question for you financial guru's. I have a 0% APR credit card from WaMu with about $3k on it. Now that WaMu is dead, what are the chances of me not having to pay it back?

When I was young, those bastards took me for $36 for a $4 overdraft back when I was piss broke. $36 amounted to almost 30% of my weekly paycheck and now I'm wondering... does this failure will mean that my debt will eventually be cleared?
Click to expand...

you probably just owe JP Morgan-Chase now, that's my guess.
 
amonasro said:
I doubt it, but your debt may get inflated away here real soon...
Click to expand...

Debt is good for "America" and is subsidized by the government!


Borrow! The debt will lose value!


T.V. 20 inches too small? BORROW!

Penis 2 inches too short? BORROW!

Car sound funny? Replace the whole thing! You're an American, dammit! You are entitled to greatness because you're a great person in a great country in a great world!

Hell, invest on credit! Think of all the jobs you'll create with your selfless act!

Surely, a creeping inflation is far more "Capitalistic" than would be a stagnant change in FRN value!


Thank you congress, for making debt so appealing and profitable!


Now, please take off your hats as we sing the National Anthem! Weeeee!


Old+Glory.jpeg
 
Hmmm....how interesting that JP Morgan bought out WaMu.....just like they did with the banks durring the Great Depression....hmmmmm
 
Your debt will be cleared when you finish paying it off. The name on the bank may change, but the accounts and debts will continue as before. And this one is not costing the taxpayers money at least. When WaMu came into our town, I questioned how agressive they were in their activities. Looks like I was right to be concerned but would not have thought this could happen to them.
 
DamianTV said:
Your debt is their asset. Their never was any real money involved, only the debt they printed up for you to spend. Suggest watching Money as Debt for better understanding...

http://video.google.com/videoplay?d...279&ei=a4jcSJj4BJCQqQKZ5rnjBA&q=money+as+debt
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not really an accurate video, and definitely not views endorse by the Austrian economists, or that of Ron Paul ;)

the "money multiplier" actually works a lot differently than that, as detailed in a thread about proving the Fed prints money out of thin air (located in the general sub-forum).
 
Fox McCloud said:
not really an accurate video, and definitely not views endorse by the Austrian economists, or that of Ron Paul ;)

the "money multiplier" actually works a lot differently than that, as detailed in a thread about proving the Fed prints money out of thin air (located in the general sub-forum).
Click to expand...

I don't think that vid is for people who have heard of Austrian economics or the "money multiplier".

It's just basic info to wake people up to how modern banking works.

One of the problems we have is when we discuss info that's too complicated for the average person.

The vid is simple and works to get people to understand and think about things.
 
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Mark said:
I don't think that vid is for people who have heard of Austrian economics or the "money multiplier". It's just basic info to wake people up to how modern banking works. One of the problems we have is when we discuss info that's too complicated for the average person. The vid is simple and works to get people to understand and think about things.
Click to expand...

I agree! I think that movie serves as a good, simple introduction to the issue.
 
angelatc said:
I agree! I think that movie serves as a good, simple introduction to the issue.
Click to expand...

But it has CARTOONS! Hell if thats not a reason for some of the Fox News loving morons to turn it on over the Simpsons, I dont know what is. Yeah, not accurate, but in generality and its very basic outline, yeah its just there to get people to wake up and smell the coffee that just went up in price by 50% because the value of the dollar they bought that coffee with went down by 50%.

WATCH IT BECAUSE IT HAS FUNNY CARTOONS! ITS ANIMATED!!!1!
 
Its still a valid debt but I recommend you

email your Senator ,Congressmen and the Senate Banking committee of your intention to send them the bill and threaten to not pay should the bailout go thru. Tell em all your loans will be sent to the committee c/o Chris Dodd and you decided that welfare, heating assistance, stimulus checks, section 8 housing, and deduction of the inflation tax off your income tax, and unemployment i s the way to go if they pass this monstrosity. Ask if you can be part of the toxic debt program since your debts are now toxic and illiquid.
 
Johnnybags said:
email your Senator ,Congressmen and the Senate Banking committee of your intention to send them the bill and threaten to not pay should the bailout go thru. Tell em all your loans will be sent to the committee c/o Chris Dodd and you decided that welfare, heating assistance, stimulus checks, section 8 housing, and deduction of the inflation tax off your income tax, and unemployment i s the way to go if they pass this monstrosity. Ask if you can be part of the toxic debt program since your debts are now toxic and illiquid.
Click to expand...

Hahaha, that's an excellent idea! We should all do that as a protest! (not that they'd even bother to open the mail from one of us peons)
 
If they screw up and lose your application, I think you might be able to get out of it, but you'd probably have to hire a lawyer. I was thinking about doing something similar, as my credit card has changed hands a multitude of times since I opened the account.

Of course, I used it during that time, so there is no way it would all disappear. If there was precedent, I would probably give it a try.
 
are you an idiot, of course you're not forgiven, not even demolishing all the CC buildings like they did in Fight Club will do it.
 
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