posted on February 10, 2001 05:27:11 PM new
I recently had the very bad experience of going bankrupt. One of the frustrating things about it wqs that the very people it hurt were the ones pushing me into it. I had large lines of credit at very good rates and when I was unemployed for several months Chase in whom I am a stockholder and several other banks informed me that since my crdit worthiness was lower they were approximately doubling my interest rate. This without me missing a single payment! Talk about shooting yourself in the foot!
Anyway now my suppliers for eBay want cash for their goods and I shudder to think what a bank would say to me. However the one bright spot is I can't do it again for 7 years so whoever does loan me money will know I can't go bankrupt on them.
I am thinking of auctioning my I.O.U.s in one hundred dollar amounts for an opening bid of $90.00. That is my personal note unsecured. If someone held it for a year they would get 10% simple interest - better than a CD, but riskier. Also if people bid it up to $91.00 or $92.00 they would get correspondingly less interest. They are not buying an interest in any of my businesses or a lien on any goods so it should not be considered a security. It is a personal obligation. My feed back is almost 1000 and no negatives which should tell people a great deal about me. If the big boys can auction their obligations why not us?
Anyone want to add any ideas or tell me I am nuts?
posted on February 10, 2001 07:00:08 PM new
If you're counting ebay as one of those two jobs, I would make it a "Hobby" for now and ride out the credit problem. If you take your time and show steady employment. You would be surprised at getting the credit you need, won't be so bad.
posted on February 10, 2001 07:58:05 PM new
Thanks for answering - didn't get much response. Maybe they thought it was a not very good trolling event...
