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Debt Management

5 who funded their dreams on credit

Summary

Do you have a big aspiration, but a small bank account? Check out how these five people went into debt to fulfill their fantasies, and the lessons they learned

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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.

Gene HamiltonDreamer 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.

 

Kenny GoldeDreamer 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.

 

Geir NessDreamer No. 3:   Geir Ness charged almost $12,000 to work with a perfumer to create a scent and manufacture the first 1,000 bottles.

 

Jeremy JonesDreamer No. 4:   Jeremy Jones strategically opened travel rewards cards to get promotional bonus deals to fund his trip around the world.

 

Michael and Michelle WareDreamer No. 5:   Michael and Michelle Ware maxed out their card at $25,000 to start their vintage arcade game business.

 

See related:  How credit card debt delays retirement dreams, How five entrepreneurs used credit to start their businesses

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