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

gaving7095

I register another vote for "Heck NO".
Point of fact: How could it help rebuild HIS credit score when the debt's in YOUR name?

scoobydoobydoo

Nice gesture, you are a good friend.

But incredibly bloody stupid idea.

JeremyCH

Not in a month of Sundays - it is so asking for the end of a friendshiop and you getting stuffed with the debt so

NO

bexhill

Only lend the money against security, and make sure you have complete and legal title to those assets before lending the money. I have had many years of experience dealing with the Great British Public and their money or what they decide is their money to trust anyone with that sort of money of mine. And I'm sorry to say I do not think the situation is improving.

tallgirld

DON'T DO IT!! Over the years I have lost around 11k doing things like "helping" people out with their financial issues. Yep I was a complete idiot!! Have had to write the whole lot off (in my head anyway)

NEVER AGAIN. and do you know what? I am a lot happier for it. Sod people and their rubbish credit rating. Still have people asking for assistance and it gives me great pleasure to say NO!

Only do it if you are happy never to see a penny of it again. Take it from me I learnt the hard way. GOOD LUCK WITH THAT ONE ;-)

jgriggle

No, No, No, No, No, No, No, No, No, No, No, No, No, No, No, No, No, No, No, No, No, No, No, No, No, No, No, No, No, No, No, No, No, No.

Never, ever, ever lend money to friends or relatives, unless you can afford to (and are prepared to) lose it all.

Your friend has bad credit for a reason, and even if he's now much more responsible with money he could lose his job, become unable to work through accident / illness or even die, leaving you with the debt.

MaltaKid

The best way to end a friendship is to loan money to a friend

MaltaKid

The best way to loose a friendship is to loan money to a friend. If you value your friendship, don't extend a loan to them but help them in the future to use a budget like every other responsible adult would.

Primrose

No way Jose !
Some people are trustworthy. Some are not. There may be special circumstances but when somebody is badly in debt there are often good reasons why they can't handle finances well so you would be taking a big risk.

pixiewolfe

NO!
And if you still intent on doing it anyway..

Only borrow what you can afford to lose!