I once advised a friend to take out a personal loan to pay off a credit card debt and consolidate a car debt with it as the total payments were leaving him little. The friend took the personnal loan out and spent it as well, so he then had an extra debt to service, some people just cant be helped.
My friends in massive credit card debt
- Thread starter qaz
- Start date
I'm a bit behind the eight-ball here but hopefully my reply will help others out. Most banks are negotiable with their interest rates - especially if you're a profitable customer they'll bend over backwards. Give them a call and tell them you want to negotiate your credit card interest rate and see what happens.
There is also the Balance Transfer option. Most (if not all) financial institutions have some kind of BT promotion on. Just be careful you don't get caught out with payment allocations and purchases on the card ie any payments made to the card are allocated to the balance transfer which is at the lower interest rate and any purchases made on the card will be at the standard rate ~20% and wont be paid until the BT is paid in full so if it takes you 6 months to pay a BT and have purchases sitting on there for say 4 months, they're accruing interest at the high rate.
Also, with most financial institutes when a BT special rate expires it will convert to the cash advance rate which is even higher again. But, there is nothing stopping someone from becoming a serial BT'er and one expires just open up a new one!
There is also the Balance Transfer option. Most (if not all) financial institutions have some kind of BT promotion on. Just be careful you don't get caught out with payment allocations and purchases on the card ie any payments made to the card are allocated to the balance transfer which is at the lower interest rate and any purchases made on the card will be at the standard rate ~20% and wont be paid until the BT is paid in full so if it takes you 6 months to pay a BT and have purchases sitting on there for say 4 months, they're accruing interest at the high rate.
Also, with most financial institutes when a BT special rate expires it will convert to the cash advance rate which is even higher again. But, there is nothing stopping someone from becoming a serial BT'er and one expires just open up a new one!
I haven't read all posts and I am fortunate not to have ever been in thus position but I know 2 very high quality people who have been in this situation fir different readons
but aparently if u have a few credit cards with interest free periods whether one month or more u can apparently keep rotating the cards and debt till u manage to bring it down .
but aparently if u have a few credit cards with interest free periods whether one month or more u can apparently keep rotating the cards and debt till u manage to bring it down .
I know people who suffered for decades because if a husband or ex who lived extravagantly and dragged their partners and children into poverty and debt over and over while they continued to live extravagantly and plead poverty to get out if paying child support because if self inflicted debt from a extravagant lifestyle.
How do u get in debt earning 150 000 a year ? Easy spend 200000 a year . I wouldn't keep. Someone like that as a partner knowing what I know if these types . I hope his girlfriend learns fast and diesnt suffer fir decades .
I hope she Finds someone who CAn build wealth with u and peace not crisis .
How do u get in debt earning 150 000 a year ? Easy spend 200000 a year . I wouldn't keep. Someone like that as a partner knowing what I know if these types . I hope his girlfriend learns fast and diesnt suffer fir decades .
I hope she Finds someone who CAn build wealth with u and peace not crisis .
Last edited:
