Credit card debt.

[^woody^]

Just rack up the biggest debt you can, and then go bankrupt.

2 years later .... rack up the biggest debt you can, and then go bankrupt

2 years later .... rack up the biggest debt you can, and then go bankrupt

.......

 

[big-all]

Just rack up the biggest debt you can, and then go bankrupt.

2 years later .... rack up the biggest debt you can, and then go bankrupt

2 years later .... rack up the biggest debt you can, and then go bankrupt

.......

they tend to cotton on the first time

 

[crockett]

I'm afraid you're wrong there, Big all

A friend's mate has done it twice, and has been talking to him about going to Las Vegas at Christmas

There is no stigma attached to going bankrupt any more.......

 

[big-all]

I'm afraid you're wrong there, Big all

A friend's mate has done it twice, and has been talking to him about going to Las Vegas at Christmas

There is no stigma attached to going bankrupt any more.......

where does he get the money from!!!!

i was under the impression that no one will will lend to a bankrupt

 

[crockett]

Aint got the foggiest
He was cabby, amongst other jobs he's had. I'm as bemused as my mate, when his friend and wife go round to his place and say they're gonna buy this and that, while still owing serious money to other friends and family....... I think its called a confliction of priority what made me chuckle was that they were talking about going bankrupt as if it was nothing unusual. Sad. But I'm sure they won't find it so easy to live the high life if they try to go bankrupt again.

 

[^woody^]

There is always someone who will borrow money to ex-bankrupts. It might be a higher interest rate, but who cares if you won't be paying it back?

Going bankrupt may make excellent financial sense for students and younger adults who have racked up a big debt and have no assets to protect. They can then get on with their life afresh

 

[kkynaston]

At 22 I've had quite a few credit cards. The most I've ever owed in total to them is probably about £4K. We wiped all that out last year and cancelled all the cards.

Now we have 1 joint credit card. All the monthly expenditure goes on it and the total is paid at the end of the month.
No Interest incurred, but normally an average of £30 to £40 cash back per statement

We never spend more than we could afford to pay at the end of the month.

We have had the card for 3 months and already they increased our limit from £3k to £5k. They sounded most disappointed when I rang them to knock it down to £1k

 

[JohnD]

Going bankrupt may make excellent financial sense for students and younger adults who have racked up a big debt and have no assets to protect. They can then get on with their life afresh

as long as they don't intend to try to take out a mortgage or start a business or get certain responsible jobs later.