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" Hey everybody! I've stopped paying all of my credit accounts. I now owe many major banks amounts ranging from $5K to $400K. My total credit card and LOC debt is over $1.5 Milliion. Do any of you think I can escape total ruin? Will they sherriff sale my assets?
SCM
IPB
My total biz and personal unsecured credit is now officially over $1.716M. As of 4-13-07, achieved $768,000 in personal credit. Another $948,000 in unsecured Biz credit. DW has over $843,265 in personal and Biz credit. Began cleanup of 6 baddies September 2003. 3 stubborn ones are still on my personal reports. First of over 185 accounts opened Jan. 21, 2004. Lurker since March 2004. Started giving back 4-06. Now have over $2,400,000 combined family personal and biz credit as of January 2007. Started with scores in the mid 500s, now low 700s. Paydex 80, EX biz is 94. My new goal is to get to $2.5 million total combined credit. January 21 was the 3 year anniversary since I started credit rebuilding my credit using help I've gotten from internet credit repair forums, including Creditboards. Thanks all. It wouldn't be possible without your help!"
Actually he may do well writing a book. How to get all the credit in the world and loose it all in less than 4 years. I bet he would make enough to pay off all that debt!!!
SCM was a classic. But he was flawwed. His wife (and SCM also) were abusing debt. They got so used to moving money from here to there and settling with CC and still getting credit that it eventually corrupted them. Along with keeping up appearances they were a train wreck. We all knew it was coming to this.
Further, he was tied up in the wrong assets.
The thing that bothered me the most about him was that while he had access to large amounts of credit, I am not sure he was making sound business moves with this money.
Message edited by: patch96 on 2009-11-06 22:04:26 CST
I think he was doing what lots of people in business do. They keep holding on to the idea that eventaully they can turn it around and make it profitable and so often it just never happens.
chevette said:I think he was doing what lots of people in business do. They keep holding on to the idea that eventaully they can turn it around and make it profitable and so often it just never happens.
How dare you compare the fine, upstanding businessmen on wall street to the dirty scum defaulting on their home loans and ruining our nation! Not the same thing!
"For the immortal gods are wont to allow those persons whom they wish to punish for their guilt sometimes a greater prosperity and longer impunity, in order that they may suffer the more severely from a reverse of circumstances." -Julius Caesar "Commentaries on the Conquest of Gaul"
Crazytree said:"For the immortal gods are wont to allow those persons whom they wish to punish for their guilt sometimes a greater prosperity and longer impunity, in order that they may suffer the more severely from a reverse of circumstances." -Julius Caesar "Commentaries on the Conquest of Gaul"
Starsky said:The last time he posted on here was a couple days before Christmas and was begging for help as he was over $1 Million dollars in debt and unable to make payments and his wife was having an affair and leaving him over the debt. I suspect that SCM is deep in Bankruptcy by now as I predicted he would be long ago. Hopefully it's not worse than that and he is still alive. That is a tremendous of amount of pressure and esp during the silly season. Unfortunately by by his own post he got caught up in "trying to keep up with the Jones" and caring what people thought and he was doing as so many do and trying to live a lie off credit. That is always a house of cards that will also always fall down at some point.Ouch, that sucks.
oopsz said:Not familiar with Creditboards.. someone want to summarize what happened over there? Supercreditman has posted here as well. He had 1.5 million in cc (I don't remember if this was his limit or the amount he had out on AOR) split among a huge number of cards. He said he was doing this because he was trying to keep his real estate holdings in the downturn. He was in an area that was not well off to begin with, somewhere in Pennsylvania iirc.
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