Should I take on my friend's credit card debt?

longforgotten

Yes, regardless of how well you think you know them be prepared to lose the money.


I've been stung by my best friend. I could afford to lose the money but it was s big reality check when I realised what a financial mess they were really in. I didn't get the whole story off my friend so beware.

chattychappy

Depends on the friend, depends on the situation. I might well know a friend's situation better than any rating agency.

I have lent money in a similar situation, got it back and received some interest too - more than I would have got through saving. Both sides happy.

In fact, looking back, I have never lent money to a friend and lost it. Lucky? Good judgement? Whatever. But I don't think you can be categorical in these situations.

[Deleted User]

"Never a borrower or a lender be..."
"Money and friends don't mix..."

pennypinchUK

Wow, you'd be a very trusting (gullible?) friend if you did. He's got a poor credit rating for a reason - stay well clear. Always stick to the maxim "keep business and friendship separate". You'll keep more friends that way.

chattychappy

pennypinchUK wrote: »

Wow, you'd be a very trusting (gullible?) friend if you did. He's got a poor credit rating for a reason - stay well clear.

Could be the friend has a new job? Could be you know he is about to come into an inheritance? Could be the friend is about to sell an asset (eg a house)?

pennypinchUK wrote: »

You'll keep more friends that way.

20 years ago, a foreign friend from a "poor country" asked to borrow USD5000 from me. I didn't know her so well, and I felt very awkward about it. She was going to put it together with some borrowings from family to buy some land with her boyfriend to build a house. She said she would pay me back with interest within 5 years. Frankly at the time I thought I might well lose the lot, but I took a chance. It was a small amount to me at the time.

Well, she married the guy, has two kids and has paid me back in full. We are lifelong friends. She is now a rich woman - not just from the land appreciating in value, but from starting a business. She never forgets the chance I took on her. Also she has dug me out of a few holes since.

Yep, you can lose friends over money. But also a friend in need, is a friend indeed.

C_Mababejive

Hahahahaaaaaaaa...

paddocks_2

Don't do it

The friend is currently improving their own credit payment of making regular payments and over time should get options of their own to shift debt with a better rate

Dorrie

No - be a great mate and pass on this web address to him instead - https://www.capuk.org/ This is for Christians Against Poverty, a nationwide, highly respected, Debt Charity, who do not charge to help. They also run courses on helping people learn how to budget their money - this would also help your friend.

ViolaLass

I've done it twice and it's worked out fine each time.

That said, I STILL wouldn't recommend it to anyone else. You have to be prepared to write the money off.

stmartinsdiver

If you can afford to lose the money and the friend then go ahead - otherwise no.