My 19 year old step son owes a lot in credit cards?

Question

My 19 year old son owes 300K in credit card debt. And he isn't loosing sleep over it. How can I help him without giving him some money to pay it off, not that I have even close to what he owes, but his mother suggested I start giving him a monthly allowance to help him pay it off, but I said no way.

Ahhhh that was supposed to say 30K not 300k!!!!

Answer 1

Uh.....make his lazy *** get a job. it's his fault, not yours. if he doesnt get a job then tell him he's screwed. he's a grown man.

Answer 2

How did a 19-year old get that kind of a credit limit?
for someone making 30 grand a year (one-tenth of what he owes!) most credit card companies set a ceiling of 10 grand.

Is he working full time? In college? Try not to bail him out-he'll only learn to rely on you all the more-but, if you helped him get any of the cards, you may have some liability.. If you do need to pay part of his debt, make it conditional that he not own a credit card until the debt is paid. After that, make sure he doesn't have the chance to use your credit history or reputation to get another one! If he;s to be trusted with credit again, it should be for his on reputation alone-which will take some time to rebuild,I'm sure.

Answer 3

1)Make him get a job if he already doesn't have one. Then he will see the value of things in relation to how many hours he has to work to get what he wants.
2)Make him sit with a financial planner/ accountant and work out what exactly that bill means in terms of interest. My guess is he's going to be paying only the interest for sometime. The interest alone would scare me.
3)Sit him down an explain to him the actual chances of winning the lottery and that it's more likely to be struck dead by lightening. And where the heck does he think he's going to get all that money?
4)Cut the cards. And make him work from cash only. It's for his own good.
5)Explain to him that he's 19 and he has plenty of time to run up debt on real purchases (morgages in particular) so he needs to stop now. Compare the amount of debt to a house and how many people will take 25 years to pay that off.
6)He probably just thinks he's invincible as many people at that age do. He's lucky that you and your wife are looking out for him. Figue out what exactly he's spending all this money on. Might be a bit more worrisome. Gambling? Low self esteem..buying his friends dinner/drinks, ect?
7) Explain to him what girls will think of someone in such debt. It's fun for the short term but no one would agree to take on his debt in the long term.
8) Set an example for him. Show him how to be money wise. Get the rest of the family to set a good example too.

Answer 4

DUDE OWES 300K???

GO BANKRUPT..HE IS 19...that will KILL HIM...it is better that he goes bankrupt as there is NO a chance that he will pay this off...it is impossible...think of the interest rolling in on an hourly basis and not just a daily or a weekly basis..

he will still have to pay it..but the judge may help seize the interest so that he doesn't have the amount raising continually..

it is a SHAME that his parents did not help him when this debt was in the 5-10,000 range..or better yet...TEACH THEIR KIDS REGARDING CREDIT..AND FINANCES...

MY PARENTS SUCKED AT TEACHING ABOUT CREDIT AND FINANCES..THAT IS WHY ALL 3 KIDS SUFFERED FINANCIALLY ...KIDS SHOULD NOT HAVE TO LEARN THIS LESSON WITHOUT BEING EDUCATED...THEY WON'T LEARN IT ON THEIR OWN...IT IS NOT TAUGHT IN SCHOOL AS PARENTS ASSUME..

Answer 5

It seems such as you prefer a credit card to apply each and each month once you say, "i will pay it off in finished each and each month." utilising a credit card is great in case you pay it off in finished each and each month. you will have no costs, and no APR. I propose a gas card for human beings new to credit, on condition that's a controlled account. you will by no skill bypass on a spending spree merely buying gas. A card basically for gas will positioned you in a astonishing recurring as long as you pay it off. utilising a credit card to your emergency situations the place as you have not got the money interior the economic corporation would desire to be a concern. What you particularly need to do is start up an emergency fund. Take some money from each and every paycheck and positioned it right into a separate reductions account. attempt and shop up a minimum of thrice your month-to-month costs. as quickly as you have this account secured, whilst a motor vehicle fee or vet bill comes up, it is going to likely be no sweat. ;) nevertheless positioned it on a credit card on the time, yet know you have the money to cover it. look for a card with an introductory 0% APR, like maximum discover enjoying cards, or the Chase Platinum.

Answer 6

He's 19 and should be responsible for his own actions. Does he have a job? If so talk to him about saving a certain amount from each paycheck to help pay it off. Tell him what is going to happen if he doesn't pay off the credit cards. But, under no circumstances should you pay it for him. Then he wouldn't learn anything except that you will fix his mistakes for him all the time.

Answer 7

Don't you DARE pay any of his debts!
You don't want his creditors calling and bugging you.
If you just give him money, he will probably just squander it... and you would only be feeding his ADDICTION... that's right, your boy is exhibiting an addiction.
He feels powerful when he slaps that piece of plastic down on a counter.
He needs psychiatric evaluation.

Haul his fanny down to Consumer Credit Counseling Services and put him through the course.
You may actually need to get an attorney to get some sort of court order put out there that keeps anyone from extending any credit to your son.

Answer 8

How can a 19 year old possibly owe $300,000.00 on credit cards? You might as well flush money down the toilet rather than giving it to him to pay off is debt. Was anyone advising him while he was spending his way into lifelong debt?

Answer 9

What did he spend the money on? He needs to return what he can and consult a credit counsellor for ways to salvage his credit. Do not pay it for him, and at 19 he is too old for an allowance.
2 jobs are a good idea for him! He won't have time to spend any more money!

Answer 10

Absolutely do not give him money. This is his responsibility, though I don't know how he could build up so much debt in only one year since he turned 18!
Giving him money will not help him become a responsible and independent adult.
If he asks you for advice, you can advise him. Otherwise, let him handle it in his own way. He is an adult now.
If he's not losing sleep over it, why should you or his mother?

Answer 11

he's an adult and he'll need to close the accounts and get a second job to pay these off ... at the rate he's at now he'll be on social security to pay these off.

I would not give him money, that will only show he can turn to you when he gets himself in trouble and this isn't something you could've prevented ... how do you get in to 300K???? yikes ...

I hope he learns a lesson from this and I hope he pays it off ... also have him look into credit counseling and money management classes.