» posted on Wednesday, August 31st, 2005 at 10:50 pm by Ted
1,497 Credit Cards For One Man
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.
filed under Credit Card News | 3 comments
3 Responses to “1,497 Credit Cards For One Man”
Leave a Reply
» Archives
- January 2010
- September 2009
- July 2009
- February 2008
- November 2007
- October 2007
- August 2007
- July 2007
- June 2007
- April 2007
- March 2007
- February 2007
- January 2007
- November 2006
- October 2006
- September 2006
- August 2006
- July 2006
- June 2006
- April 2006
- February 2006
- December 2005
- November 2005
- October 2005
- September 2005
- August 2005
- July 2005
- June 2005
- May 2005
- April 2005
- March 2005
monty loree said:
Sep 01, 05 at 11:48 pmThanks 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.
Broke said:
Sep 03, 05 at 10:49 amI 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.
Ostrauder said:
Sep 04, 05 at 1:15 pmMax 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/