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Anxious
xbanker
Posts: 3 Newbie
My husband has had a credit card for a number of years and has always maintained a good credit history until this year. Due to a cash flow problem in business he has missed payments on his card. I tried to transfer his balance on to a 0 percent card but of course was unable to.
What is the best course of action? He has savings which would pay off the debt but we are loathe to use it.
Also, does this mean he is 'cursed' for life or will he be able to get a card in the future?
Can anyone help?
Thankk you.
What is the best course of action? He has savings which would pay off the debt but we are loathe to use it.
Also, does this mean he is 'cursed' for life or will he be able to get a card in the future?
Can anyone help?
Thankk you.
0
Comments
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Surely it makes more sense to pay of the debt with the savings rather than paying much higher interest than you are earning on the savings!xbanker wrote:He has savings which would pay off the debt but we are loathe to use it.Two Ways to Live
Which way will you choose? "... as for me and my household, we will serve the LORD."0 -
Maybe you will get more responses on debt-free wannabe ?"There are only two lasting bequests we can hope to give our children; one of these is roots, the other wings" - Hodding Carter
:A ~~~ Spread some good Karma ~~~ :A0 -
If he can get back on track with payments, the credit history should recover fairly quickly unless he has defaulted or got a CCJ against his name.
Paying off the card will not necessarily improve the credit rating although as pointed out you will reduce your interest bill.
Is there any way you could apply for a zero % card and transfer the debt to your name?
RSmile
, it makes people wonder what you have been up to.0
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