Ryan Swanbergs new book Lawsuit: How I Turned the Tables on Telemarketers and Debt Collectors (Expert Publishing) tells how he made a quarter of a million dollars in the last three years turning his own debt into profit.
Twenty-four-year-old Swanberg is a high school dropout who accumulated sizeable credit card debt, but in 2001 when a collection agency started making threatening phone calls he thought they must be breaking the law somehow.
Swanberg says he researched the law and found loopholes he now exploits to sue collectors.
For example, he says collectors cant threaten to expose your debt to friends and loved ones, but Swanberg says he baits collectors to make such threats and then files a lawsuit.
Swanberg says he maintains his debt so he can keep filing lawsuits and making more money.
While he started suing just to make money, hes now hoping to work with collectors and telemarketers to educate them on how to close their loopholes.
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