Originally Posted by Cleudus
Oh so when I charge 10 dollars on my Visa, and decide not to pay it, I'm only defaulting on the interest accrued. I get it so the other 10 dollars I also owe goes to the magic fairy and everyone forgets about it. Cool!!!
Dude you have already proven to us that you don't have a clue what a DEFAULT means. No need to drive the point home.
Protip: The US has more than enough revenue to make all OBLIGATED PAYMENTS. A better analogy is that you have a monthly budget that spends $5000 on credit card interest/minimums, mortgage, car payment, cable, utilities, paintball and charity. But unfortunately you only make $4000 per month so some of that goes on your credit card. So you've hit your max on your credit card and now you can either not pay the interest there (A DEFAULT) or MAYBE you can not give to charity and skip the paintball.