[Stanleyc23]

Speaking of leverage, if UBI money can be used towards credit cards, we might expect to see even more people get hooked in perpetual credit card debt. Always just enough cash to swipe the plastic, never enough to wipe away the debt.

[fictioncircle]

Yes, but no more than we do with social security and our existing system realistically. And the threat of repeated bankruptcies by UBI folks is likely enough of a threat to keep it from getting out of hand (and if it does, its the credit card companies that get burned by the bankruptcies).

[sokoloff]

If UBI is garnishable/attachable, credit card companies could simply wait to get paid from a slice of future UBI payments, meaning there might be increased risk of over-extension.

(I haven't thought deeply enough about whether it should or shouldn't be garnishable. I lean towards the idea that it shouldn't, but then that makes it less valuable in certain ways.)

[fictioncircle]

http://www.creditcards.com/credit-card-news/sally-herigstad-...

> Another rule is that they cannot take more than the excess of your earnings over 30 times the federal minimum hourly wage (currently $7.25 per hour). That means $217.50 per week (30 X $7.25) is safe from any garnishment at all.

307.2552 = $11,310

You are largely immune to garnishment on a $12k/year UBI (for instance) under existing law. Bankruptcy would likely remove any garnishment if you only had UBI. I'm not a lawyer but the impression I have is pretty much under $20k, very little garnishment will occur due to:

A) Costs of recovery

B) The bankruptcy process favors the poor person declaring bankruptcy in terms of who walks away with "more".

I highly suspect the current floor on how much of your wages can be garnished would be kept equal to UBI and no one extends substantial credit to people on UBI for that reason.

[sokoloff]

Thanks for that data!