credit card debt

[brianharper94]

I have a friend who came to me for a loan, but I won't give it to him because I'm afraid he won't pay it back. I feel sorry for him. He's unemployed and has about $8,000 in credit card debt. I suggested a debt consolidation place. Does anyone know of one that would be good for him? He has no money and he's maxed his cards out. I figure that he's pretty much shit out of luck.

 

[WODIN]

You figure right. He is SOL and needs to get any JOB he can to take care of his financial needs. You should not feel bad about his problems and if he had any sense of self respect he would not have asked you in the first place.

 

[brianharper94]

True, but I still feel bad for the poor guy. I'm unemployed too, but I'm financially secure. I've been looking for a job (although not very hard) and there just aren't any to be had. The help wanted section of the classifieds here isn't even half a page, and the ones on there are for nurses or truck drivers. He said that he would do yardwork or something, but nobody needs that since it's already gotten pretty cold and killed the grass.

 

[Virtual Acid]

Same problem,

Okay i have this friend ,lets call her *Dumb-ass* She is about 6000+ in debt, She Bought her tires with false checks, and has also been paying her cell phone bill with faulty check numbers, Now i bet you know why were calling her *dumb-ass* She has 2 credit cards both maxed out, She bought a new car, well not new but it was about 6000, that isnt paid off, and she just recently got a speeding tickect ....and no insurance.... and about 1000 dollars on her gas credit card thingy..... She's aslways asking me to lend her money and i cant take it anymore, She's a great friend and all but BITCH needs to get her act to gether. She got herself into this mess, so i say she should find a way out

 

[brianharper94]

I agree with you there. I figure I'll let him wash my car a couple times and that will be enough for his minimum payment, but after that he's kind of fucked. He hasn't been squandering his money, he just had a little dext before he lost his job (about three months ago) and has been paying for everything with his cards. He took out cash advances to pay all of his bills, figuring he would just be able to get another job and pay on his cards, but he's all tapped out now.

 

[MP5]

I would not give him a cent. He needs to get a fucking job. Hell a job at McDonalds is better than nothing. He could go into one of those credit counseling services and what they do is get the card companies to lower the interest rate and you make one payment to the credit service. But...I think you have to have a job, and if your buddy misses one payment or is late he is kicked out of the program and has to go back to paying all the card companies again at the original rate. Maybe bankruptcy is the answer.

 

[1911]

I have a rule that has served me well. I never do business with, or loan money to, freinds and/or family. I would suggest you heed this advice in this case as well.

1. Educational debt - acceptable and often necessary.
2. Home loan - acceptable and for most if us a requirement.
3. Carrying credit card (and other consumer debt) - financial stupidity. Emergencies and budgeted expenses excluded.

Later,

 

[MP5]

good post 1911.

 

[candygirl]

If he doesn't have a job I doubt a consolidation company could help either. How will he pay them back? He needs a job.

 

[Steroid_Virgin]

some debt consolidation joints are scams... be careful.. plus, they really fuck your credit for a while too.. using one is almost as bad as declaring bankruptcy, but... I have heard of people recovering from backruptcy after 5-6 years who now have almost normal credit.. its a big decsion.. have him ask someone who is responsible in his family..