well said.
I have credit cards and credit lines from 7 different banks.
Assuming my credit limit for each is $5000, I have an available of
5000x14 = $70,000 credit limit at my disposal. Imagine the debt I
can create.
Ultimately, it's just a financial tool. Some investors I know did
0% balance transfer of their ccd or credit lines. They used the
money to invest into unit trusts, some into shares and warrants.
End of the day, they actually profited much more than if they were
to just use their available cash.
Of course there are others who use the money to buy furniture, etc.
Then cannot pay back.
Depends on your mentality, maturity and financial awareness.
