My buddy is in debt...how do I help

[purecarnagge]

he owes 25k to credit card companies and his car just died on him... He works a below average job making 10.00 an hour and I told him like 5 spots to apply to that start at 13.50...

Anyways... Car died he has to get it fixed....

I told him he needs to settle the credit card payments, but they aren't going to do that until he stops making payments to them. But right now he can't afford to pay one off the interest is killing him. He has rent/bills... pretty much lives on rice/beans... doesn't go out and party hard or anything... I never knew he was this bad off until just recently...

Any ideas on what he can do...I know long term if he can get the interest to stop on the credit cards he could pay them off in full over time. Problem is he can only pay 1 off at a time...

Basically he has to drop 2k into his car for repairs, then his car will be worth about 3k... so its not like he has a car loan or w/e... this debt is all credit cards....

Any advice thats serious?

[englishmike]

I'm being serious. Fvck the credit cards off, don't pay them, you'll rebuild your credit quicker than you'll pay those juiced up cards.

He's got nothing to take, take advantage of that.

[durito]

Get rid of the car.

Find a way to get to one those better paying jobs without it.

Stop paying the credit cards. Save some cash, offer to settle them once they go 90+ days late. If they wont take it, let em go to collection. My guess is he already has shitty credit and it's not going to get much worse.

Or just do like the banks that issued those very cards, stop paying your debts entirely and hope the gov't will take them on.

[InTheHole]

I know that you don't want to hear this but I hope your friend used those cards on something REAL important because 25k # 10 / hour wages is pure irresponsibility.

1. CUT THE CARDS UP

2. Find a reputable debt consolidation company which will ask him not to pay any balances and then the can settle for him and save his credit.

3. Get a second job so when he is not partying he can be working (80 hours week)

OR

File bankrupcy. BAD IDEA

[BrentCrude]

9,999,999 variables on this one.He's just a reflection of the cross section of what's going on in all of society and finance these days.Who really is pulling their own weight in society these days?No one really produces a friggin thing.Women think they have an asset in their asses where they flaunt them figuring it will bring them riches.Everyone is on the take.Most young women work in health care and they have actually convinced themselves that taking care of 200 million hypochondriacs on entitlement programs ,government employees and dwindling private sector company employees is real work.WE HAVE A FALSE ECONOMY!!!!!!Everything is connected to government waste and spending to keep people working at makework jobs!Where I live it's full of only public works projects like public aquariums and such that can't sustain operations on their own income.The union contractors vote in the socialist politicians that get them these projects.It's over and tell your friend that at worst,he's only as bad as all the others who ran the country in the ground.

He should have prepared his debt where with credit cards he could have got about 10-15 K out of them at the end and blew town.Hell,I never had a credit card in my life until this summer and even not having an extensive borrowing record I could drain 25k out of them tomorrow and buzz town if I wanted to.With what's going on with the government,banks and the federal reserve,I wouldn't hold it against a person for robbing the banks through credit card default.Everyone is on that deadbeat feeding trough so welcome to the club.

[daggerkobe]

Why is this your problem? He's an adult, let him deal with it.

Unless you're talking about yourself?

[picantel]

I know that you don't want to hear this but I hope your friend used those cards on something REAL important because 25k # 10 / hour wages is pure irresponsibility.

1. CUT THE CARDS UP

2. Find a reputable debt consolidation company which will ask him not to pay any balances and then the can settle for him and save his credit.

3. Get a second job so when he is not partying he can be working (80 hours week)

OR

File bankrupcy. BAD IDEA

Why is BK a bad idea. If you are talking about destroying your credit then chew on this idea. Debt consolidation puts a notation on your credit that is nearly as bad as BK. Anyone extending credit will not like this at all. Another problem? Even when you pay the debt companies they will always ALWAYS be 1-2 months behind which means constant late payments. Either way your credit will not be looking very good. Bad credit stays on your credit report for 7 years. The BK notation will stay for 10 years but the cards included in the BK will still go in 7. If he is young then he will recover.

Hey pure what state is your friend in also?

[Brady2Moss]

Tell him to move to UK or some country where he can escape his debt.

[gm2022]

I guess first thing you can do is help him out with whatever problem he has.

A. He has massive school loans on his CC
B. HE has gambling, shopping, or drug addiction that cost alot of money
C. He has just ran into some bad luck with money

You have to help him with whatever problem got him where he is before you can help him get out of it. Other wise in a couple years the same problem will just keep happening over and over again!

[treece]

Tell him to kill himself and stop bothering you.

[gm2022]

Tell him to kill himself and stop bothering you.

:

[goldengoat]

tell him to stop buying on credit or get the fvck to work

[Al Masters]

tell him to stop buying on credit or get the fvck to work

Probably wasn't buying on credit as much as it was posting up at books with his credit cards....sounds like it's time to make the doughnuts for your friend purecarnage, or pass him 2 dimes till XMAS.

[purecarnagge]

Why is BK a bad idea. If you are talking about destroying your credit then chew on this idea. Debt consolidation puts a notation on your credit that is nearly as bad as BK. Anyone extending credit will not like this at all. Another problem? Even when you pay the debt companies they will always ALWAYS be 1-2 months behind which means constant late payments. Either way your credit will not be looking very good. Bad credit stays on your credit report for 7 years. The BK notation will stay for 10 years but the cards included in the BK will still go in 7. If he is young then he will recover.

Hey pure what state is your friend in also?

Iowa...

I'm not talking about myself, I'm financially sound. Just helping out a buddy...

Its mainly bad luck with money, he's gone through 4 cars in the past year... basically the cards got away from him and now interest is killing him.

[fiveteamer]

creditboards.com

[BestPlay2day]

How the hell did he rack up 25k in credit card debt making only $10 an hour? Only legit excuse might be if he had health problems with no medical insurance. Did he gamble the money away? Spending 2k to fix a car only worth 3k isn't smart plus it's not like he can pay the $2k anyways.

He needs to find 2 jobs that pay more and find jobs close to where he lives since he doesn't have a car. How about his parents or relatives? Maybe he should ask them for a loan to get another car. Credit card wise he needs to see a debt consolidator and get a reasonable payment plan, otherwise he might have to file for bankrupcy.

[gm2022]

[BrentCrude]

Maybe if all the banks in trouble,brokerages in trouble,insurance companies in trouble,car companies in trouble,bankrupt cities that gave in to the outrageous demands of public service workers unions and sports team owners that get welfare to have stadiums and arenas built for them just applied themselves more,put their noses to the grindstone,pulled themselves up by their boot straps and saved their nickels and dimes maybe they too could have stayed out of massive debt instead of getting bailed out with no repercussions.

Maybe George Steinbrenner should have to work 3 jobs 24 hours a day ,365 days a year for 31 lifetimes to pay for the new stadium the tax payers gave him where he applies his hobbie of owning a pro sports team.

[Brock Landers]

he is judgement proof, need not pay anything. Tell him to stop worrying, his credit may get phucked, but who cares, its not worth the hassle

[gm2022]

he is judgement proof, need not pay anything. Tell him to stop worrying, his credit may get phucked, but who cares, its not worth the hassle

So what happens if you wanna ever in your life buy a home?

What happens if you 10 years from now get your life together
and applies for a job and they do a Credit check?

Credit is a great thing if u use it right sir. Thats all I can say, cause
I wouldnt have a lot of things in my life if it wasnt for that.

[reno cool]

Maybe if all the banks in trouble,brokerages in trouble,insurance companies in trouble,car companies in trouble,bankrupt cities that gave in to the outrageous demands of public service workers unions and sports team owners that get welfare to have stadiums and arenas built for them just applied themselves more,put their noses to the grindstone,pulled themselves up by their boot straps and saved their nickels and dimes maybe they too could have stayed out of massive debt instead of getting bailed out with no repercussions.

Maybe George Steinbrenner should have to work 3 jobs 24 hours a day ,365 days a year for 31 lifetimes to pay for the new stadium the tax payers gave him where he applies his hobbie of owning a pro sports team.

right on man.

The whole credit thing is such a farce. He should do whats best for him. If it means stiffing the creditors, then more power to him. They have no morals why should we?