Get rich quick, repent at leisure?
Is it possible to take out huge sums of money as cash advances and then flee the country?
Don’t worry, I have zero interest in actually doing this, but I was talking to a friend who claimed that one could apply for a bunch of credit cards at once, max them all out, and then skip out to Thailand or somewhere and live off the $150,000 or however much you got. Is this true? And if so, why aren’t more people doing it? It seems like it would be illegal, except maybe if you declare bankruptcy? I know the bankruptcy laws got a lot stricter a few years ago, but if you just had the cash in a suitcase or something, it’d be pretty hard to repossess, right? And you could always claim you lost it gambling, or whatever.
Over on Fatwallet forums, people talk about doing an App-O-Rama, and routinely get six-figure lines of credit limit (combined, from getting lots and lots of credit cards in one day). Whenever I get a new credit card, which is rarely, the credit limit is well over $10k.
What am I missing here? Does Bank of America have a crack team of assassins to track down the cheapskates (thieves) that actually do this?
Original text: Get rich quick, repent at leisure?
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