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/biz/ - Business & Finance

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56325524 No.56325524 [Reply] [Original]

>get 50 $2000 loans with different lenders
>put it all into cyrpto
>don't pay any of it back
>ignore collection calls
>sell for profit after 7 years and repeat
would this work?

>> No.56325682

Unironically yes but the part about
>selling for profit
Implying crypto still exists or you don't get rugged or buy the top

>> No.56325707

>>56325682
also forgot about
>repeat.
No
debtmaxxing only works once , even if you get your financial life back
so make it worth
i debtmaxxed for $350k while others would do for $70k but this was my case

>> No.56325727

>>56325707
why only once? it falls off your credit report after 7 years

>> No.56325902

in paper yes, but is not for everyone.

>> No.56326891

tbf all debt will be great reset'ed in 2030

>> No.56326913

>>56325524
Not sure which country you're in, but here in the US you'd have difficulty getting 50 loans of any size within a reasonable amount of time....but I could see 5 or 6 10k loans without collateral. But yeah, getting the money itself isn't so easy.

>> No.56326951

>>56326913
you dont need collateral to get a 10k loan

>> No.56327011

>>56325524
What's the process for acquiring a loan? Personal or business since the LLC route is always easily available.

>> No.56327037

>50 $2000 loans
There's your problem. Getting more than a few tens of thousands in unsecured loans will be tricky without assets and if you have assets they'll go after them during bankruptcy

>> No.56327085

>>56327037
I have credit limit above 100k though

>> No.56327158

>>56325727
I mean.. will take another 7 years or whatever it took for you the 1st time to raise/get to your original credit score so you can apply for more loans or credit cards (CC being the easiest way to secure debt) and i'm sure the banks won't let you get away with it twice and lending you that much money again

>>56326913
I debtmaxxed and applied for like 14 different credit cards.. cashed out like 60% of the money o atms and the rest went for crypto

>> No.56327170

You'll get sued and it'll be really obvious that you spent the money to buy crypto and then glowies will get your exchange password or your seed phrase and repossess the assets. And then you'll go to jail for various types of fraud.

You're supposed to move to Indonesia in the middle of that process

>> No.56327231

yes, we call that the sam hyde financial technique. famous economist