1. Get a credit card
2. Spend on the credit card up to your limit
3. Wait for the credit card company to increase your limit
4. Spend up to that limit
5. Repeat steps 3 and 4.
6. Get a new credit card with a balance transfer offer
7. Transfer the balance from the card above onto your new card
8. Watch in amazement as the previous credit card company increase your limit again when they notice you’ve just paid it off
9. Spend on the previous credit card up to your limit
10. Spend any space made on your newer card that you might have made while you’ve been paying that off
11. Having made sure you’ve maxed out your existing cards, repeat steps 6 to 10
12. Repeat step 11 until you discover one day that after you’ve paid all your minimum payments, you’ve no money left for food, utility bills etc.
13. Have a lightbulb moment – no, you’re not going to cut up your cards and start paying this lot off – you figure out that you can make the minimum payment on one card and then do a balance transfer with the space made on that card to pay off a fair bit of the minimum payment on the next card, then use the space made on that card to pay off some of the minimum payment on the next etc., till you’ve paid off all your minimum payments. You now have enough money to eat and pay your utility bills and you can kid yourself that you’re handling it – It will be years yet before you have your proper lightbulb moment and discover that all the time you thought you were handling it, you weren’t, you were just paying a fortune in interest and getting deeper and deeper into brown and smelly stuff
OK, so I lied – there were 13 of them, so kill me! Just so you know, I know the above method works as I have extensively field-tested it. It takes a few years to get it up and running successfully and make sure that you really are conning yourself properly, but if you persevere, I know you’ll be able to have as much success with this as I have.
Please feel free to leave any comments below, especially if you feel there are some tips I have missed!
