return2ozma@lemmy.world to News@lemmy.world · 2 months agoBanks are bracing for consumers to stop paying off their credit cards, delinquency rates hit 12-year highqz.comexternal-linkmessage-square17fedilinkarrow-up1108arrow-down16
arrow-up1102arrow-down1external-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 · 2 months agomessage-square17fedilink
minus-squarereturn2ozma@lemmy.worldOPlinkfedilinkarrow-up21·2 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-up9·2 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-up14·2 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.
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.