My friend I haven't seen in over 10 years, hes in debt he asking me to help him pay HELP?

Question

First of all im still recovering from debt from christmas..now my friend that i havent seen in 10 years is asking me to help him pay his credit card bill. should i help him or not? If i dont help him i feel bad, but what if he dont pay me back? i barely know him anymore since 10 years a long time

Answer 1

There are a lot of credit counseling places out there. I'd advise him to go to one of them or do some research on his own into living on a budget.

General rule: Don't lend anything you couldn't afford to give.

Answer 2

No, you should not pay it. The general rule is: never lend anything you can't afford to lose. While you can be sympathetic, this is not your responsibility and it sounds like you can't afford to lose this money. It is also very strange that someone you haven't been friends with for ten years is all of the sudden asking you for money to pay for a credit card. Sounds like he wants the money for something else.

If it truly is a credit card debt, have him call the credit card or collection company and work out a settlement with them. These companies care about collecting ANYTHING; they are not going to refuse a payment because it is less than the expected amount. By working out a settlement, he can also get the late fees suspended and interest rate reduced. Companies want to help people who can't pay their cards as opposed to writing the debt off. Good luck and remember that as much as you want to help, this is not your problem.

Answer 3

Just say no. Why should you feel guilty? It's not your debt. You should feel guilty about YOUR debt. If you don't have money to buy something, don't buy it. Where does it say you have to go into debt for months on end to buy someone else a Christmas gift? Pay off your own credit card bill and stop charging stuff. You will never get ahead if you keep spending and charging money you don't have in the first place. Try watching the Suze Orman Show on CNBC on Saturday nights. You will learn how to help yourself and others.

Answer 4

People change in 10 years, you might as well have a completely different friend. Don't feel bad, u didn't create the credit card debt. You will end up in debt to him if you help, it probably wont stop there, you wouldnt call him to ask for money, right? He should have the same rescpect, as a friend, but... is probably a different person than you remember and may not have rescpect. Or may have a drug problem. Most people keep their finances to themselves and either work more or SOMETHING to fix their problems. Good luck.

Answer 5

Absolutely not!!!!! He's made the debts therefore its his responsibility to pay it. Don't let yourself be used by an obvious loser who feels no shame to ask for a hand out after 10 years.
Get rid of him by saying NO.

Answer 6

Don't lend him money. So that's a huge NO.
If you haven't seen him in 10 years... no sweetie, you probably need that money yourself. And not to be pessimistic here, but it's my opinion that you should never lend friends money unless you're really sure, 100% sure, you would be getting them back.

Answer 7

DO NOT, I repeat, DO NOT loan any money to a friend or anyone for that matter, IF you do, make sure you have a contract signed by both of you as to the terms of them paying you back.

Answer 8

you havent heard from him in 10 years he's not a friend. Dont lend money.

My rule of thumb when lending money to people, only lend what you won't miss, don't expect it back.

Answer 9

If you help him, you'll be even in more debt. You're gonna have to tell him that you're in debt and you just can't help him at the moment. Explain to him your situation and you wish that you could help.

Answer 10

Don't lend him money

I mean, you haven't seen him for 10 years, now he suddenly comes running to you, asking for money!