Why can’t you not pay your debt until you die, sure the interest will be insane but they can’t come after you if you’re dead
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Almost all most loans require collateral, which is something you agree to let the lender take if you don’t pay your debt. If you don’t pay your mortgage or home equity loan, they take your house. If you don’t pay your car loan, they take the car.
There are some kinds of “unsecured” debt, like credit cards, that don’t have collateral. With those, the lender can get a court order for “wage garnishment”, where the government will force your employer to take money out of your paycheck to pay the lender.
There’s also the fact that lenders keep track of bad debtors, and if you fail to pay your debts, nobody will give you another loan.
And finally, once you die, any money you have will be used to pay the lenders first; your heirs will only get what’s left.
So what will happen if you don’t pay your debts for the rest of your life? You’ll lose your house, your car, you won’t be able to use a credit card or buy a house ever again, any money you make at a job will be taken away from you, and once you die, any money you have left over will be taken away too.
Is it possible to get some “free money” from The Man and never have to pay it back? Yeah. But it’s not worth it.
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