I need some Credit Advise.....?

I need credit Advise for a friend whom has always had good credit and now he is suffering. He recently split with his Babys mother and Assumed her Credit Card payments of 400.00 a month and all of her bad dept that she racked up on his credit cards that she applied for behind his back. He now owes $5300.00 which isnt alot but thats between 2 cards and recently he is struggleing to pay off both of them. He has always had GREAT credit and now he is drowning. He on average makes about 75k a year and never has a problem with money but this all came so sudden that his Accounts are at a stand still. I on the other hand have no bad depts and owe nothing and I really want to help him out.

Our goal is to consolidate all his dept onto 1 credit card and AMEX was offering 4.99% on transfers but he was declined because he owes on the Chase and GM cards. I really want to co sign for him I know he is good for the money but I dont know whom I should pursue for Opening this line of credit. Any *%26#039;s?

I need some Credit Advise.....?loans uk

Amen. Amen. Amen.

Do NOT co-sign the debt with him. The debt already exists and then if it is refinanced - the lender gains - they now have two to pursue instead of one.

With an income of 75K per year - absolutely he could afford repayment of $5K + in credit card debt. If his credit is as good as he has implied to you that it is - he can handle restructuring this debt with the lowest rate available %26amp; pay it off rather quickly.

You need not get involved. I agree with another responder - he has found a shoulder %26amp; some pockets ... sewn together with sympathy.

Steer clear - don%26#039;t co-sign.

I need some Credit Advise.....?

loan

I have one answer - DON%26#039;T!

Do not co-sign for him - I don%26#039;t care if he%26#039;s the greatest guy in the world. If something happens (let%26#039;s say he dies in a freak accident), you are responsible to pay the bill.

I have a hard time he had great credit and she %26quot;applied for credit behind his back%26quot; - if that was so then he could file for fraud and not be liable for any of that money.

If he makes $75k a year, $5300 is a walk in the park - he should be able to pay that off in 5 months with NO problem at all.

I think he found a shoulder to cry on - and a pocket to reach into. If you don%26#039;t believe me, check on the Suze Ormann, Dave Ramsey or any financial advisor and you%26#039;ll find the same advice.|||Refer your friend to daveramsey.com. Dave%26#039;s plan is so easy to follow and the book is available at the library. This is possible to take care of with Dave%26#039;s help and not extra charges!

Dave even has a radio show where he can call in and ask questions.|||First of all, on an income of $75K, he should not have any problems paying back five thousand dollars, unless he is overstressed in other areas.

Do not move the money, this is not your first option.

The first option, is to call both companies and ask for a lower interest rate.

Then, I would try a credit union (easier to borrow from than a bank) for a consolidation loan, get a second part time job and pay it off or curb his lifestyle and make some sacrifices to pay it off.

You should under no circumstances, cosign for someone else%26#039;s debt --- ever, especially if you are not married.

Ask yourself, can I afford to pay this, if he stops. If the answer is no, then do not do it.|||Ummm....your friend makes $75K and is %26quot;struggling%26quot; to pay off a debt of only $5,300....and you are thinking about co-signing a loan/credit application for him?????? I shudder to think about how Suze Orman would respond to this....She%26#039;d probably track you down and slap you in the face.|||If a person has accumulated a large amount of credit card debt due to multiple credit cards, the need for a proper counseling for credit card debt consolidation can%26#039;t be understated. Credit card debt consolidation counseling helps a person get vital insights into the facts that can help him get control over the credit card debt.

Credit card debt consolidation counselors are experts with a good knowledge of debt management, budgeting and behavioral patterns of credit card holders. These services are vital for those struggling to manage their credit card debts. Also called credit counseling or debt counseling the credit card debt consolidation counseling brings immediate relief to a credit card holder.

A person seeking credit counseling can get it from two types of organizations. The professional or commercial organizations, and the non-profit organizations. As depicted by its name or categorization, the commercial organizations charge money for their credit counseling sessions and consolidation help on the other hand the non-profit organizations offer free of charge services. Just because the non-profit organizations are free, it doesn%26#039;t undermine their quality of service. The persons associated with such organizations are thorough experts and have lived the trauma of being under credit card debt themselves and hence bring their vital experience to the credit card holder.

When a person approaches a credit counseling agency, the first thing it will do is to take stock of the situation and get various facts about the credit card debt. The credit counseling agency collects data about the income, expenditure and spending habits. It will guide the credit card holder about budgeting benefits and try to inculcate good financial habits. Read more from: http://www.credit-card-gallery.com/artic...