I will pay off my credit card in 83 years and pay over 2 billion in interest!!!

Yes tongkat, that is why I said in my post that this strategy is not for everyone, but the most financially responsible and restrained, who have access
to large amounts of credit.

Yet some on here still get their knickers in a knot about it.

I have even had one drongo accuse me of having $100k credit card debt, which is something I never said that I had.
I have $100k+ in credit card available funds, but that does not mean I max out all my credit cards, far from it.

You need to have at least as much in available credit as you have in debt, so that you can transfer the amounts to different institutions
credit cards when your zero interest balance transfers are about to expire.

My current credit card debt is under $40k which in a worst case scenario ( if the banks stop offering cheap balance transfers )
I can easily take care of by using funds from my home loan redraw or selling a small fraction of my stack.

So no bid deal really, and nothing for Nervous Nellies on here to get all worked up about.

 

Message deleted.

 

I think it could be a really savvy move, but also risky. Those greedy banksters don't want us holding hard assets!

 

again the definition of a ponzi scheme

having to sell the asset you just bought to service the debt you accumilated buying it the only way this scheme works is if it forever increases in value

this is a ponzi scheme your spreuking.

and again someone who has to flip a coin on ebay to pay for groceries ( your words not mine ) I doubt very much can service a $40k credit card debt as easily as you claim.

your lack of financial awareness and your comical investment strategy I more so believe you are probably living pay cheque to pay cheque

 

I pity da fool who purchases PMs with credit

 

and thins it will for ever be going up to pay off the balance before the interest free period finishes

 

You better pity yourself Karoi, as I recon I would have more in my stack than you have in yours.
(Even after I payed off my credit cards)

 

you forgot to add ( only if the price rises and I can sell it to cover the credit card bills)

 

Yes, some risk to it no doubt, but also great thrill and satisfaction in using those greedy banksters to enlarge your stack

 

If you think im one of those people Jealous because I questioned your debt juggling system then news flash im not. I Bought my house outright and never took a loan.
all my metal is bought with cash, In fact I got rejected on my home loan when I first went for it, I had saved and saved and also made a good sum of money from investments like silver and cashed it in for a deposit. But I Got rejected by the bank in a time where the banks werent lending and so I bought a failing business instead with the deposit money which I later sold once I had built it up. I sold it along with my savings which was enough to buy my house outright, I had no money left over after I bought the house but I had no debt and it lowered My living expenses by a shit tonne, not rent and no mortgage.

So at that point I learnt I didnt need toget into debt to buy shit, none of my business have had any debt and im not rich in-case your wondering, Im a regular guy who just figured it out.

If the biggest achievement you have for bragging rights is you can get lots of debt, well guess what? its not really that amazing, I know plenty of povos who have big credit card limits. It will bite you on the arse if you ever find your self not being able to work for an extended period of time or run of your line of credit. So dont play the Jealous card, you should be jealous of every one who actually owns their stack because they paid for it with cash,rather than being slaves to the bank. you technically dont own your metals, the bank does.

I would struggle sleeping at night If I had $40k worth of credit card debt. fuck that shit, thats not impressive, its actually sad and its not something that warrants pulling your dick out for, let alone to be waving it around

 

the only one being used here is you
and your too stupid to understand that

 

Well kudos to you if you end up with a bigger stack than me (AFTER you have serviced your debts).
I personally take satisfaction in that my stack was procured with cash that I worked hard for, as opposed to debt created out of thin air by “greedy banksters” as you so eloquently put. Perhaps I also sleep a wee bit better at night because I’m not in debt.
Each to their own I guess

 

technically if he has his metals on credit, and you paid cash for yours, you actually own more PM than he does. his is owned by the bank.

 

I really hope you pull it off. To me it's like using their funny money to purchase the exact thing they don't want you to purchase.
Disposable consumer cr*p - sure!
Gold/ silver - let's get those naked shorters from the Comex onto you!

 

You must be a really weak individual Jason1, if you would struggle sleeping with $40k debt, you better stay up in sleepy Queensland and not try to make something of
yourself in either Melbourne or Sydney, or you would fail miserably kid.

You wouldn't happen to be Court Jester's partner would you as I see he likes your post, ( must be the part about the male anatomy )
I have just added you to my ignored list, to join Jester on there, as I feel he must be all lonely by himself there.

Hope you two have a long and happy life together.

 

Thanks Krakked789, I feel like I have already succeeded, so this criticism from a few self righteous hypocrites on here is like water of a ducks back
and quite enjoyable to me.

I find it quite incredible that some on here are so vehemently opposed to using the banking system to their advantage when the opportunity presents.
Yet these same hypocrite's keep gasbagging about how much they hate the banksters.

Well if you hate the banksters so much, why dont you use their products to your advantage to help with procurement of precious metals,
as opposed to the debt enslavement task that it was intended for.

Or if you dont have the courage to do so yourself, stop bagging the people that do!

 

using credit is not an investment strategy, but an opportunistic one
the chaotic price movements designed to throw off those riding the bulls
most of the time when the fear of losing it all will tick the unstable one off balance
but timing off the days from each cards are not easy to optimized
others use re-cycle money flow to earn promotional higher rates to get free money each years, hence the bigger credit facility would enable the users to get more free money in a corrupt system

 

I would agree with a lot of what you say there alor.

Using 0% credit card balance transfers has been a opportunistic investment strategy for me over the past decade.

It is the most effective over this longer timespan if used sensibly, as it irons out the price movements designed to throw
off those trying to ride the gold bull.

It is definitely not for the sissies or the faint hearted, of which we seem to have a few on this forum.

 

ahaha.
I own two businesses, own my own house outright while in my 30's, have money in the bank, paid for all my Precious metals with cash and have zero debt, I think im doing fine.
your the one in $40k debt on credit cards and mentioned you cant afford to buy PM with cash, Im also guessing you have other debts like cars, you talking about ripping equity from your house loan to pay credit debt ahaha. Then you have already admitted you cant afford to buy PM with your own money as you have little money after bills, does that qualify as some one making it? lol

As for being weak, Id be man enough to boot out some bitch who cant control her spending on her credit card while dragging the house hold into the gutter for some "retail therapy" as you put it. lol

But nice try

PS sleepy Queensland especially the sunshine coast where I live is great, I didnt feel like working today so I went for a surf on this lovely 24deg day, I wouldnt trade it for any where. I cant stand the city,or being stuck in traffic and then working in some office while working for the man, thats not living.
Plus my kid can go outside, play in a yard that would likely fit three city houses in.
So your attempt to mock where I live is lame, usually you guys from Melbourne and Sydney pay lots of money to holiday here lol
But do go on, remind me how being a slave to the bank is working so well for you ahaha.

 

A fool and their money is soon parted

This fool will find out only the bank will win with his ponzi scheme in the end