I have asked him what he do if he could get them paid off. He told me he would cut the cards in half. He said the bank will not give him a loan because it would be an unsecured loan since he does not own his home or a vehicle that is worth more than the money he needs to borrow. He has asked me what to do. I suggested trying to open up a new credit card with a 12 month 0% interest introductory rate and transfer the balances but be sure to cut the cards in half first. But that will not work if the new account's credit limit is less than he needs to consolidate the two. He is looking for a solution that will help him pay off his debt. Is there a way he can do this without finding a better paying job?
2006-12-11 18:42:26 · 11 answers · asked by nsgrace 3 in Business & Finance ➔ Personal Finance
He should get a second or third night/weekend job and pay them off ASAP. You can't get out of debt by borrowing money.
2006-12-12 03:27:58 · answer #1 · answered by ty 3 · 0⤊ 0⤋
As a very good start up possibly he ought to sell off the fairly some issues he offered with them and use the revenue to pay down the taking part in cards. He may additionally call the credits card businesses and clarify the placement and ask for a decrease pastime fee and doubtless a smaller charge. often times they'll artwork with you because of the fact they nonetheless get their funds as adversarial to him filling a financial disaster the place they get not something.
2016-10-18 03:52:11 · answer #2 · answered by ? 4 · 0⤊ 0⤋
Cut up the credit cards, close the accounts and check out www.prosper.com. He may be able to get a consolidation loan funded at a much lower rate.
2006-12-11 18:47:26 · answer #3 · answered by RichDaddy 2 · 0⤊ 1⤋
The first thing I would do is call them and explain the situation, or ask a non-profit credit organization to talk with the Banks for him, they can usually lower the credit rateing to around 2- 4% (at least for a little while) Then, have him pull massive Amt's. of O.T. to pay them off, or lower the ballance
2006-12-11 18:47:35 · answer #4 · answered by Stephen L 2 · 0⤊ 2⤋
He can save every penny he has from now on and pay off the cards. Live on a strict budget. Buy only what he needs. Rent, ultilities, ramen noodles, and gas for the car. Thats it.
2006-12-11 18:45:45 · answer #5 · answered by Allie K 2 · 2⤊ 0⤋
The fact that the kid runs up two credit cards and then runs back crying to mommy tells me that we should still have debtors prisons. If he can get himself in to this hole, he can figure out how to get out.
My bet is hes hoping you will give him money.
2006-12-11 18:51:30 · answer #6 · answered by Anonymous · 1⤊ 0⤋
He should ca,, his credit card company and try to get lower interest rates on his cards and then pay more than the minium balance
2006-12-11 18:51:29 · answer #7 · answered by lily_shaine 4 · 0⤊ 1⤋
Get a job, get rid of the cards, and pay the monthly bill on the card.
2006-12-11 18:50:10 · answer #8 · answered by AAA HI? 1 · 1⤊ 0⤋
get two jobs to start paying them off...
2006-12-11 18:44:00 · answer #9 · answered by Eastpack69 3 · 1⤊ 0⤋
Cut up cards.
Get professional help.
2006-12-11 22:03:21 · answer #10 · answered by BRAINY SKEETA ® 6 · 0⤊ 1⤋