Back about A.D. 2000, I briefly met a Chinese man who had an unusual reputation. According to some, he’d owned a business that had prospered for 10 years—but which he secretly knew to be on the verge of bankruptcy.
Therefore, while his credit rating was still high, he applied for ten credit cards from ten different banks. Each credit card had a $25,000 limit. He proceeded to spend the limit on each credit card and rang up a bill of one quarter million dollars. He didn’t repay one dime.
When the credit card companies came a-callin’ to ask when he’d pay his debt, he replied in writing by registered mail that he’d be happy to pay just as soon as the credit card company verified the alleged debts. All collection efforts stopped and the Chinese man skated away with $250,000 in goods and services.