She has a card with like a 470 something balance with a really high interest, and she keeps asking me to pay it with my card so that she can stop paying the high interest and the annunal fee that comes with it.
Thing is she keeps throwing in my face that she took out parent plus loans for me 14,000 worth over two years for me. She says she went into debt b/c of me. I would have gladly just took unsub stafford loans insteads, b/c I'm still going to end up helping her pay that off once I get out college.
So should I transfer the balance, b/c I've been beating around the bush about it for awhile?
I just don't want to ruin my credit like she did hers.
2007-07-01 00:40:05 · 9 answers · asked by ArchAngel Raziel 2 in Business & Finance ➔ Credit
You're right not to want to ruin your credit, but she may have point that you owe her in some way.
Encourage her to attend some debt management counselling and maybe restructure the debt to reduce the interest.
2007-07-01 00:47:15 · answer #1 · answered by Bart S 7 · 0⤊ 0⤋
Definately not, your mom will just run her card up again after you do that and it will cause your card to be run up immediately.
You did not ask her to pay for your loans she did that on her own accord. She is using it as a guilt trip because she is out of control with debt and reaching. She needs to learn to control her spending!
When you transfer it to your card, it works the same way as if you take cash out on it, it all becomes due immediately, you don't get the 30 day grace period to pay it off without interest.
That 30 day grace period is only applicable if it was a purchase through a store or business.
Your mom needs to learn to handle her spending habits, if you have the money to help her, then fine give her the money and let her put it on her card. However I think if you do give her the money she will just spend it and come back for more.
But basically the high limit is the only thing stopping her from spending more and getting deeper in debt.
Unfortunately not all adults learn to properly handle their money, the fact that you have means your a responsible person but definately, Don't tranfer her debt to you!
2007-07-01 01:13:17 · answer #2 · answered by unknown friend 7 · 0⤊ 0⤋
Is the balance on her card from her own spending? How much of that did you put on there yourself? Nothing? Then, tell her she needs to get control of her own spending habits and why should you take on her personal debt? She's pulling a guilt trip on you telling you she "went into debt" to take out student loans for you. Set up an agreement that once you get out of college, you will take the responsibility to pay back any student loan payments, but nothing else, especially her personal credit cards!
2007-07-01 06:01:04 · answer #3 · answered by jess_offramp 3 · 0⤊ 0⤋
If this is the first time, shame on you, help your mom.
If there is a history, set her up with a credit counseling service.
2007-07-01 03:36:19 · answer #4 · answered by Tom S 5 · 0⤊ 0⤋
As long as you can make the payments..
I dont trust anyone but myself to pay MY cards.
2007-07-01 00:43:57 · answer #5 · answered by Jp 2 · 0⤊ 0⤋
I just gave you my answer on another credit card (cable) bill.
2007-07-01 00:46:13 · answer #6 · answered by Beau R 7 · 0⤊ 0⤋
YOUR MOTHER NEEDS HELP AND IF YOU HAVE THE MONEY IT DOES NOT HURT FOR YOU TO PAY THE BILL TO SAVE HER CREDIT.
2007-07-01 05:39:42 · answer #7 · answered by madison t 1 · 0⤊ 0⤋
Your call
2007-07-04 18:19:20 · answer #8 · answered by book writer 6 · 0⤊ 0⤋
IS there a question here?
2007-07-01 01:08:49 · answer #9 · answered by Anonymous · 0⤊ 1⤋