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I've been quietly reading along. I agreed with much of your post (10 reasons why you shouldn't pay creditors*). But I think your logic is skewed by the existance of the credit reporting system.

The credit reporting system is what it is, and should not be a consideration in doing what is right or wrong. That means that you should pay that really old bill, even if "the 7 year clock starts all over."

I also agree with your sentiment that just because a debtor defaults on a loan, the creditor can charge whatever fees and rates he wants to. This should be a term of agreement before the credit is originally extended.

As far as the assignment of debts, if it is disclosed that the debt can be assigned or sold, then it can be assigned or sold. Your messages are so black and white about your position on this, but I've signed lots of agreements where this is disclosed in advance -- so what is my justification for protesting it? But if it is not disclosed, I agree that it is improper to sell the debt or assign it to a debt collector without my authorization.


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