Except for the fact that your rapidly lessening credit score would make it harder to get the second loan, harder still to get the third, etc. The debt you purchase isn't sold until after substantial collection efforts have been made, and debtors report on your credit worthiness when you're 30 days late, 60 days late, 90 days late, etc., with each one worse for your credit than the one before.
There's undoubtedly a scam to be had, but without running debt/credit simulations, I would wager you couldn't make it very far before your resultant credit made you ineligible for any credit whatsoever.
