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31

Aug

1,497 Credit Cards For One Man

Ted 

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.

This entry was posted on Wednesday, August 31st, 2005 at 10:50 pm and is filed under Credit Card News. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

3 Responses to “ 1,497 Credit Cards For One Man ”

  1. # 1 monty loree Says:
    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.

  2. # 2 Broke Says:
    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.

  3. # 3 Ostrauder Says:
    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/

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