Do you want to know what credit over due will look like after 5 years of non payment?

Question

My friend just received his statement for a credit card which he did not pay for 5 years due to financial difficulties. The last due 5 years ago was about 5k, now it stands at 16k. Now tell me is credit card a good option to obtain quick cash?

Answer 1

Depends. If, like some of my cards, you can get an advance at a fixed rate of 4% for the life of the balance, I would do it. But it's not good to do if you don't show fiscal responsibility and pay your bills.

Answer 2

I think credit cards are stupid and have not and will not ever have one. I have done fine for 46 years. By charging all you do is make the credit card company rich.

Answer 3

No, your friend is screwed. His credit rating is trashed until he resolves what he owes or declares bankruptcy. In any event, he most likely will find it impossible to borrow money, get a car loan, a house mortgage or a decent job until he makes it right.