I found this story through Financial Maturity.
Walter Cavanagh has amassed a collection of 1497 credit cards and earnt himself a place in the guiness book of records.
What started as a bet in the 1960’s has turned into a $1.7 Million line of credit.
Unlike me Walter only uses one credit card and pays it off every month.
September 1st, 2005 at 11:48 pm
Thanks ccvictim:
The thing that get me is: can’t the credit card companies that he’s getting
these cards from detect that he’s got that much credit?
Even though Water Cavanagh is treating this as a hobby, he could still rightfully
go out, have a $1.7 million party and then declare bankruptcy. All of these credit
cards are unsecure.
September 3rd, 2005 at 10:49 am
I read in the story that he’s only been refused a card once, and one of his cards has a $50 limit. But if you do the math the average credit limit on each card is a little over $1100 !
With these wreckless lending practices it’s no wonder credit card companies are trying to wangle their way out of being included in bankruptcy proceedings.
September 4th, 2005 at 1:15 pm
Max them all out, and move out of the country. Seriously that is a crazy story. Especially considering the debt I’ve got myself into.
Ostrauder
http://www.fightingdebtblog.com/