I find the story about Craig Cunningham very intriguing. His debt collection story was featured in Better Off Deadbeat [1].
When credit was free flowing, he borrowed over $100,000 and invested in risky stocks and the sub prime mortgage industry. The greedy extension of a well planned credit card arbitrage [2] strategy.
Of course, the recession hit, and now he’s in up to his eyeballs with bill collectors. Except, instead of paying them back, he sues them. And he’s actually quite successful at it; he’s earned settlements totaling more than $20,000.
He’s sues the debt collectors based on violations of the Fair Credit Reporting Act and other consumer protection laws. The debt collectors call him a “credit terrorist” since knows the game and teaches others how to bait the collectors. He’s actually a regular at Fatwallet, and has become somewhat of an expert on suing debt collectors. Here’s an example: Codename47 vs. National Credit Solutions [3].
I’m all for making money where opportunities present themselves, but I’m also a firm believer in paying back debt.
I’ll stick to making my money with things like the Chase Sapphire $100 Sign Up Bonus [4] and the PerkStreet $50 Sign Up Bonus [5], which was just extended, in case you missed it the first time around!
What do you think? Credit terrorist or twisted genius?
Retirement
- Should I Save For Retirement While In Debt? [6]
- How to Choose a Retirement Strategy – Or Not [7]
- 9 Mistakes People Make with their IRA [8]
Investing
- Three Types of Asset Allocation: Strategic, Tactical, and Core-Satellite – Which is Right for You? [9]
- Common Myths about Stock Market Risk [10]
- How To Buy Stocks At The Prices You Want [11]
- Why Direct Stock Purchase Plan Still Makes Sense [12]
By the Numbers
- Top 10 Items You Probably Waste Money On [13]
- 5 Creative Ways to Upsize Your Life by Downsizing [14]
- 15 vs. 30 Year Mortgages: Which is Right for You? [15]
- How To Plan Your Week In 20 Minutes [16]
And More!
- Tax Refunds Are Good For Most People, Because Most People Can’t Save [17]
- How to Avoid being Ripped Off as a Tourist
- Child Tax Credit [18]
- Costco Promotion Code: Free Coupons with New Membership [19]
- Ask the Readers: How Do I Pick the Best Credit Card? [20]