trying to help out a friend. She got a credit card and maxed it out to 1900.00 now they are threatning to sue?

Question

Any ideas on how she can gather the money? She works part time and makes maybe 200 dollars a paycheck plus goes to college.

Answer 1

Apply for more financial aide, grants, and scholarships for school. Hook up with people who have taken the same classes that she can rent or buy books from, or who take the classes on opposite days that she can pay a nominal fee to join a study group with. Scale back how many classes she takes so she can get more hours at work, or get a different job that pays more. Maybe she should take a semester off school (or take the summer off) so she can work more and worok on paying it off before going back to school full time. Now's the perfect time to apply for summer work at aquatic centers, theme parks, even some retail places.

Don't stop making payments, try to make at least the minimum payment each month, and if she can't do that then she should pay whatever she can. Anything's better than no payment at all.

(On a side note, it irritates me when people say you should get a loan to get out of debt. First, you're still just as much in debt without any more chance to get out of it than you had before. Second, if you have a huge debt to limit ratio, you probably won't get approved for a loan. Particularly one that's for as much as you already owe.)

Answer 2

wow that sucks but you gotta file a report with the police and do everything the credit card company ask you to do or else you'll be stuck with that bill or even worse if they think you're lying you could go to jail. It's very strange that they didn't ask for ID when he used it, unless every time he checked out it was under $50... how long did he have the card? what did he buy? He had to sign the receipt so i'm pretty sure the credit card company can get ahold of those and compare signatures. Hope everything works out.

Answer 3

Well for $1900 no credit card company will go to court as the cost involved is too high.. i would suggest you save atleast $100/month and pay the card little by little because if you will not pay then because of the interest and late payment fees your balance will keep on increasing and this account might get listed on your CBR which will stay there for few years even after you will pass your college so ask credit card company for a re-payment arrangment.

Answer 4

First, paying the card off IS NOT helping her. If she works her way out of the hole she is in, she will learn to avoid overspending in the future. She probably can't gather the money quickly. The good news is no one THREATENS to sue over credit card debt unless they know they can't. If they thought suing would get them any money, they would have already filed suit. They would win a lawsuit, but they KNOW there is nothing to collect.

Answer 5

Well, what you DON'T do is loan someone as shaky as this the money to get out of debt. If she can't pay her credit card bill, she can't pay you back. This is when being a friend means letting your friend learn her lessons the hard way. It's called Tough Love.

Answer 6

what in the heck was she thinking! Contact the credit card company and see what she can work out. In the meantime send them SOMETHING every month...even if it is not the full payment amount. and i assume needless to say...cut the card up and DO NOT get another one until she can manage her money a bit more responsibly

Answer 7

I would get a loan for 2,000 to pay that credit card off! That is the fastest and easiest way to pay it off.

Answer 8

She'll have to work harder to repay the debts. There's is always no easy way out of debts.

Answer 9

She did this to herself. No one is to blame except your friend. If you really want to help her? You loan her the money.