How would someone go about getting INTO $40,000 in debt?

Question

yep i said into

dont ask me why

just tell me how

(credit card history started feb. 08)

Answer 1

Depends on if you want anything in return for your $40k. If you are just looking to get into $40k debt fast and then pay it off with your cash and build credit - then I would suggest a couple of items depending on where you are in your current walk of life:

1. Student Loan - take some classes (you will get a good education for your money and build credit)

2. Buy a car - I wouldn't get a brand new car simply because the depreciation as soon as you purchase it. (you can always sell it later if you want your money back, but you won't get it all back)

3. Buy some new furniture - open a store credit card (no return on investment, but you can toss out the milk crates - lol)

4. Or you can just throw your cash away and take over some one else's debt on a balance transfer and then pay it off. That would be awfully nice and you would build your credit, but you would be out your $40k.

5. Or you can start an at home business and gain product to sell - that way you can pay off your credit card debt with your cash and still have the product that you can turn around and sell and make a decent profit. (build credit, get all your money back, and make extra on top of it all)

At-Home business ideas  - my favorite is Heaven Essence (massaging oil candles)...they are great. You could also sell make-up,  You can visit my site below (OurFamilyCatering.com) and check out my Holiday Extravaganza site for other at-home business ideas such as Longaberger, etc. Just do me a favor if you decide to go this route and tell them Amber from OurFamilyCatering sent you.

Answer 2

Simple. You go to a bank or other financial institution and lodge an application to borrow $40,000. Based upon your financial ability to repay this amount of money together with interest, and based upon the security you offer they will accept or reject your application.

Answer 3

Try using: http://DebtAnswersNow.com

I used their service a couple months back and they consolidated all my debt and lowered my total debt 40%.

Answer 4

Take out a lot of loans (car, student loans, personal loans) and open a few credit cards; wait until you've opened up a few accounts before you start to max them out, so you're not denied on the basis of high balances.

The easiest way would be to just buy brand new car.  It's the easiest thing to get a loan for, and at least you'd have something to show for your debt (until, that is, they repo it.)