My Friend Needs Help..
DOOManiac
Worst. Critic. Ever. Join Date: 2002-04-17 Member: 462Members, NS1 Playtester
Worst. Critic. Ever. Join Date: 2002-04-17 Member: 462Members, NS1 Playtester
<div class="IPBDescription">ut he won't let me help him :/</div>My best friend is in a real financial squeeze. He has been for awhile, but only yesterday did I find out just how bad. Turns out he owes his credit card over $900. His credit limit isn't even that high, but he set up automatic withdrawl, but they only withdrew the minimum payment, and at like 25% interest or whatever ungodly large number it is it never got smaller. Then a few times they didn't withdraw any at all and then marked him as skipping payments. But of course the dumb bastard didn't even pay attention to all that and never caught on...
So yeah, now the creditors are threatening to turn him over to collections and stuff.
I feel that I should help him. Financially, I can afford to. However he won't let me. He's too proud to borrow money from me, and instead he chooses to ruin his credit rating for the rest of his life.
But its also his own damn fault. He's been really irresponsible as far as keeping track of his credit debts go. I mean hell, he works a 40 hours a week, for about $8 an hour, that's over $1,000 per month before taxes. His half of the rent is $250. His truck is paid off. All he has to pay for is insurance, food, and his debts. He should have the money, but for some reason he's just always broke. If I didn't know him better I'd would think he had a drug habit or something. Hell maybe his boss is cheating him and the dumb bastard doesn't look at his check stubs. I dunno...
I'm just afraid he's gonna do something really stupid some day, and I don't wanna lose my best friend. He's like a brother to me (well, really better than that, cause I sure as hell wouldn't lend them $900) :/
What do you guys think?
So yeah, now the creditors are threatening to turn him over to collections and stuff.
I feel that I should help him. Financially, I can afford to. However he won't let me. He's too proud to borrow money from me, and instead he chooses to ruin his credit rating for the rest of his life.
But its also his own damn fault. He's been really irresponsible as far as keeping track of his credit debts go. I mean hell, he works a 40 hours a week, for about $8 an hour, that's over $1,000 per month before taxes. His half of the rent is $250. His truck is paid off. All he has to pay for is insurance, food, and his debts. He should have the money, but for some reason he's just always broke. If I didn't know him better I'd would think he had a drug habit or something. Hell maybe his boss is cheating him and the dumb bastard doesn't look at his check stubs. I dunno...
I'm just afraid he's gonna do something really stupid some day, and I don't wanna lose my best friend. He's like a brother to me (well, really better than that, cause I sure as hell wouldn't lend them $900) :/
What do you guys think?
Comments
If you sit down with the credit card company or the collection agency, you can often organise a payment plan. If you stick to the plan, then your credit record will still be ok after the debt is paid off. It won't be good, but it won't be ruined either.
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If you sit down with the credit card company or the collection agency, you can often organise a payment plan. If you stick to the plan, then your credit record will still be ok after the debt is paid off. It won't be good, but it won't be ruined either. <!--QuoteEnd--> </td></tr></table><div class='postcolor'> <!--QuoteEEnd-->
Quoted for emphasis. Hopefully this will teach him to watch his damn statements. Nothing can break your ego and cause reform like failure.
thats it?
balance transfer.
Help him find another creditcard that doe the entire "no interest for 12 mos+ on balances transferd from other CCs"
look hard, yah he has crap for credit now, but getting one that will give you $900 is not that bad.
This way you have helped him, cover his arse, yet you havn't actualy just given him money.
just do this before it hits creditors.
not a bad idea
not a bad idea <!--QuoteEnd--> </td></tr></table><div class='postcolor'> <!--QuoteEEnd-->
like his soul?
Does he have a cell phone?
Does he have cable?
Does he keep a "beer money" fund or similar stash?
Many niceties can be removed for a couple months to save a substantial amount of money. I'd also introduce him, and anyone else for that matter, to <a href='http://www.daveramsey.com/' target='_blank'>Dave Ramsey.</a> He can give examples of real world solutions to getting out of debt and building a savings without having a six figure salary.