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6 posts • Page 1 of 1
I have read stories about how some US expats, dual-citizens, and green-card holders maxed out all their credit and debt before moving abroad or back to their home country.
Is it worth it for a person to do that? If you think it is worth it, then how much money would you say is the minimum amount of money that would be worth it in exchange for destroying an Excellent 800+ FICO Score?
Isn't that illegal? Isn't that stealing?
Just maxing out credit cards and moving abroad does not absolve you from your debt. Your creditors will come after you and the interest on your debt will accumulate. They will make your family members aware of your debt and the money that you stole will run out sooner or later and you will have to come back home and face reality.
It certainly is not illegal, but it is unethical due to those losses being passed on to other consumers to pay. However, the bad credit is wiped away after 7 years.
If you need any type of USA-based credit for anything, you should not do it. That means US housing, a bank loan, a mortgage, etc. would be off-limits to you.
If you already have foreign credit cards, it might be a safer bet.
I have worked for everything I have and was never given anything I didn't earn myself. I am asking this question about the practical standpoint. I am not saying I would ever do what people in the stories I have read have done. I'm only curious about peoples opinions on whether they would do it and when they think it actually becomes worth it.
I know the United States has the best credit cards in the world so it wouldn't be a good idea if someone wants a good credit card. European credit cards almost always have high annual fees if they're even available because in some European countries the people don't use credit cards so they aren't as developed as America's credit cards.
If you are going to do it this is the perfect time, the US will more than likely lose it's world reserve status soon on it's currency so it will buy much more now.
Don't kid yourself, the international bankers run this world for the most part and can get you if they want. They control all the worlds legal systems.
Time to Hide!