5 who funded their dreams on credit
Learn how these bold souls used plastic to finance their fancies
Do you have a big aspiration, but a small bank account? Though many personal finance experts strongly recommend against it, some have turned to their plastic to fund their dreams. Here are the stories of five people who have gone into debt to fulfill their fantasies -- only some of which were fulfilled -- and the lessons they learned from the experience.
Dreamer No. 1: Gene Hamilton charged as much as $10,000 every year during mountain bike racing season for gas, hotels and airfare with his credit card.
Dreamer No. 2: Kenny Golde maxed out his cards and took out a business loan to finish a movie that went over budget, for total debt of $220,000.
Dreamer No. 3: Geir Ness charged almost $12,000 to work with a perfumer to create a scent and manufacture the first 1,000 bottles.
Dreamer No. 4: Jeremy Jones strategically opened travel rewards cards to get promotional bonus deals to fund his trip around the world.
Dreamer No. 5: Michael and Michelle Ware maxed out their card at $25,000 to start their vintage arcade game business.
Published: March 19, 2013
- 'Coined' author Kabir Sehgal: Credit cards make money abstract – Kabir Sehgal talks about the history of money and credit, and its relationship to humankind in his new book "Coined, The Rich Life of Money and How Its History Has Shaped Us" ...
- Author argues have-nots better served by postal banking – In "How the Other Half Banks," law professor Mehrsa Baradaran says the best bank for the poor already has branches, and blue boxes, everywhere ...
- Money advice from famous TV dads – Sheriff Andy Taylor, Ben Cartwright, Louis Huang and even Homer Simpson can give financial lessons ...