How to get rich with credit card debt
July 2, 2006 | Filed Under credit cards, You've gone to the finest schools allright, Start ups, Entrepreneurship, Practical tips
I attended a class of “Entrepreneurship” a few years ago. The lecturer mentioned some untraditional ways of funding your start-up. When traditional ways of acquiring capital like bank loans, angel investors or venture capital failed there are always opportunities for the creative entrepreneur. He told us that he knew a few entrepreneurs that started their companies with the help of credit card debt.
Examples of credit card money making ideas you can use straight away
Get started in the world of credit card debt start ups with these examples:
Idea #1: Selling on E-bay
Buy cheap goods from China. Pay with your credit card. Get the goods. Unload it on eBay. Pay credit card debt. Repeat.
Idea #2: Early bird, buy airline tickets from low cost airlines
There are a few times every year when low cost airlines release new routes and tickets. Subscribe to their e-mail lists and you will get informed when this is happening. Then you pull out your card, buy all the cheap tickets available. You wait a few weeks or months and start selling them with a healthy profit. A ticket that costs £10/$18 6 months in advance may cost £50/$90 a few weeks before departure. Your price must be a bit below the cost of buying it directly from the airline in order to attract buyers to “unknown you” instead of big safe low cost airline. It is a matter of trust, but price can compensate.
The window of opportunity for this idea is closing fast due to increasingly hefty fees from airlines for changing the names on the tickets.
Word of warning: Only use credit cards to buy money making assets
If you are using credit cards you are likely to get an annual interest on the debt of 15-25%. It is essential to buy money making assets that have the potential to create a profit, so that you can pay back your debt as fast as possible. Keep the fancy cars or computers to a minimum.
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10 Responses to “How to get rich with credit card debt”
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i need a loan of 6500 euro to start up mu buisnes but i don’t have credit card so kindly assist me to getting this loan i live in Benin Rep trading on used cloths so the shipper is waiting on this money as deposit to send the goods to me,
many Thanks
Donald
+22997440988
Idea #3
Mail-order several Russian brides with the use of credit cards, and then resell them to the highest bidders in a secret underground American black market.
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I have been reading this site for a while and this made me finally stand up and say… 2 thumbs up keep up the good work.
Take a cash advance from a credit card to buy $5000 of really good weed during harvest season (late august to october) and vaccum pack it then freeze it.
If you have a good credit union card this is about 10-12%
Should be close to 2 lbs. or 32 oz. when bought in large quantity, averaging
$156 per oz or $40 per 1/4 oz. (typical sale quantity) and is half of going rate during the months of January through march.
credit card charges for 4 months: $700
measuring and packing equip: $500
Initial investment : $5000
———–
Total : $6,200
Total return on product: $12,800
That’s roughly 200% in 4 months.
This is only for mature, non smoking, clean cut people with newer cars.
Young smokers NEVER get away with it.
Just kidding…
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Hi,i can help you out how you can stop your credit card dept.Keep Cash on hand all the time and only spend the cash you have available for bills and life expenses.
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