Quote:
Originally Posted by peacelovinman
For those of you who argue that, if you borrow $ 10,000 and don't pay it back, someone loses out show a naive understanding of how our economy works. If I spend $ 10,000 on my credit card, who has actually loaned me the money? No-one! It's just credit that has been created by my signature. That's why the contract is unenforceable. If you ask the credit card company to show you the actual accounting to validate the debt, they can't! They do not sustain a loss if you do not repay because the credit was created from nothing!
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Absolute utter rubbish. Get in the real world people.
It does not matter a toss whether the money is real or created from fresh air. It does not matter if the money is indeed fresh air. The FACT is that if you go to a shop and spend 10 grand on your credit card, the credit card company gives the shop 10 grand for your goods. The shop WOULD NOT accept your card if it thought it would not get the 10 grand from your credit card company!
The credit card company has PAID out 10 grand to the shop, who want their money, and is thus 10 grand down, and YOU owe it to the credit card company who advanced the money to the shop! There is no two ways about it and no getting away from this very basic fact!
It matters not that the credit card company did not send 10 grand in notes to the shop, and that it is just numbers on a computer screen or statement.
I can't believe the **** that people come out with to justify things.