> Maybe he’s the smart one. <
Maybe so. Rack up that credit card debt. But anything that your heart desires. Then declare bankruptcy. Wait seven years, then rinse and repeat.
As a side note, a friend of mine declared bankruptcy (his wife was nuts, and that contributed to the problem bigly). After my friend filed, he started getting all sorts of credit card offers in the mail. The issuers knew that he couldn’t file for bankruptcy again any time soon.
Weird, huh?
I can’t imagine the rate on a credit card you get right after bankruptcy. You pay 35% if you miss a payment. After bankruptcy, CC rates must be 67% or more.