Credit Cards!

AS WE ALL KNOW, using a credit card is America's favorite way to get itself into soul-crushing debt. Credit card companies, such as Visa, Master Card, American Express, etc. constantly lurk in the shadows, ready to approve your (or your minor child's, your dog's or your potted plant's) application for that magic piece of plastic. There are so many of them, that you can easily sign up for a dozen or two and rack up a couple of hundred thousand dollars in credit card debt even before they start charging you interest and late fees.

So, what do you do, when you realize that you just maxed-out your last credit card? Do nothing! After a few months of threatening letters, phone calls and threats of collection, they will offer to settle for half the original borrowed amount. Congratulations - you just destroyed your credit rating, but, in return, got half of all that money that wasn't yours to begin with. Pursuit of debt by banks varies from one country to the next. I had a note from a supporter in Australia to say the banks are tougher there, so you should not try it on these guys.