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How to pay off multiple credit cards

Discussion in 'Money Management' started by Simon Hampel, 17th Sep, 2016.

  1. Simon Hampel

    Simon Hampel Co-founder Staff Member

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  2. Terryw

    Terryw Well-Known Member

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    The worst i had seen is a client with over $200k owing on various credit cards. $240k i think.
     
  3. Simon Hampel

    Simon Hampel Co-founder Staff Member

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    How do you even do that?
     
  4. Terryw

    Terryw Well-Known Member

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    This was in the days prior to the gfc.

    She did it by lying. Apply exaggerate income and not disclose the other cards. She then proceeded to get cash advances pay off some other cards debts and buy consumer goods before repeating.

    It all snow balled and she couldnt afford the monthly repayments so ended up bankrupt.