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 By doing a survey for a company , I won a package deal from etourandtravel.com. They wanted payment by credit? |
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justin | Need help on a credit card financial issue please!? |
If you have a credit card maxed out at 10k dollars, would it be best to get a loan, pay it off and close the account then pay off the loan? Or pay off the credit card? Only reason im asking is because if she keeps the credit card with that money on it .. she won't "just pay it back" she will keep using it lol .. any advice on what to do? |
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Lost in Space
 |
First find out what the interest rate is on the card. Compare it to what you can get for a bank loan. You know you can also close the card while you pay it off so you can't make more purchases. Becareful doing this though becuase it could hurt your credit score.
I would keep the card as I pay it off and not use it. I would also take the card from her for sure or else you will never pay it. |
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dougzinboston
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Banks mostly do not give personal loans to pay off debts and you don't want a debt consolidation loan on your report because it will reflect negatively on you for the next 7 years.
You could cut the card and tell her it's closed, but if she is the one who opened the account (by herself), then you can't call to cancel - she would need to do that.
If you opened the account and put her name on as a second cardholder, you being the main cardholder, have the right to take her name off essentially cancelling HER card and not yours.
Either way, you need to clip her card and not order a new card until the bill is cleared. Concentrate all your extra money on the bill and get that bill GONE!! |
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The_1
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First cut up the credit card, and close the account. You are damaging your credit by keeping a balance over 30%. On a average it drops your score 20 points. Also, call the credit card company and tell them not to allow any more account to be opened in your or her ssn. Then negotiate to have a 0% interest payback to aid you in getting out of financial crisis. |
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leaptad
 |
Don't get a loan to pay off a credit card. If you default on a loan, they can take your home, car, etc. to pay off the debt. They can't do that with a credit card. It's much better to have credit card debt than loan debt.
Cut up the physical card to keep her from using it until it is paid off. You might also want to get the person with the issue to get some help for shopping adiction, if you feel that they truly have a problem.
Good luck! |
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pink_me
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Wuw, Im sorry to hear that, if Im not mistaken my aunt had this same scenario, she often asks credit mess assistance from NHBS, INC..They have a good team why not try check with them |
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dwickleworth
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umm go to the bank and get a loan because the interest rate could be smaller. Do NOT go to a loan till payday place. they are like 200% interest |
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rajini
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credit card financial it useful to you
http://www.freewebs.com/creditcard4all |
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designerista
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If you "close" the account, that can have a negative impact on the credit report at hand. It is best just to pay off the balance as you can. Just cut the credit card, and watch the mail for any new suspicious envelopes that might contain a new credit card in it.
If you can get a low interest loan to pay it off, then you can do that, but dont close the account - it will reflect negatively. |
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gtofinancial.tomvoli
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Closing a paid account can affect the scores negatively. You need to pay it off and take the card from her.
I wrote an article on this subject...check it out. |
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