Moving Debt Isn’t Paying It Off
Finance · English · Portrait · 1 min · whiteboard animation
This finance whiteboard animation was made with AutoScribble — the script was written, every scene hand-drawn and the narration recorded automatically in about 10 minutes. You can make one like it from a single sentence.
Transcript
amir Khan has a credit score of 850 because, for 15 years, he has been opening new credit card accounts and using introductory balance transfer offers to move the outstanding balance from his previous cards.
He has 100% on-time payments and 180 credit cards, with a combined credit limit of over ₹35 crore.
He has bought two homes, six cars, and paid for three university degrees in full, all without ever paying off his credit card balances using his own money.
Whenever he goes somewhere that accepts only cash, he withdraws cash from an ATM using one of his credit cards. The interest is higher, but he doesn’t care. Shortly afterward, he opens another credit card with a balance transfer offer and moves the outstanding debt to the new card.
Is this is the future?