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

aquarius02

I would only reccomend doing this, if you know the friend can pay you back in what you consider to be a reasonable period of time, and you have a legal agreement drawn up by a lawer to have this amount repaid on the terms that you agree between you. Otherwise; don't even consider it! If your friend is knocked down by a bus you have lost 3K.
You are a great friend for anyone to have, and it's very generous to think of doing this wonderfull favour

[Deleted User]

enjoyyourshoes wrote: »

Never lend money to anyone, family, friends, priests,

Unless you can afford to lose it.

Fujiko

I have just looked at the calendar and, no, it is not April 1st so I have to assume this question is serious.

You say your friend has a terrible credit rating which must mean that he has been living beyond his means for some time. What makes you think he has changed? Is he going to alter his life-style? For that matter, why does he still need a credit card at all? Is he going to continue spending money he can't repay once he has off-loaded his debt on to you? How confident are you that he will repay this loan? Has he spoken to the credit card companies to explain his difficulty in repaying although it doesn't seem he has any reason apart from being irresponsible?

Its your money and if you are happy to throw it away go ahead but perhaps it might be kinder in the long run to let him work out his own salvation.

Ebe_Scrooge

Many moons ago I lent a friend £600 to pay a gas bill, to avoid them being cut off. Thought I was being kind. Never saw hide nor hair of that money again. It's very difficult to ask a friend when they're planning on paying you back.

Next thing I know, they're off on a holiday to Barbados. Me - camping in Cornwall, as per usual ( don't get me wrong, I love Cornwall, but I'd like to go abroad if I could afford it ).

I eventually managed to steel myself to ask my friend how they could afford an exotic holiday, but not pay me back. "Oh, it was for the kids' sake, they deserve it - and I took out a loan to pay for it" ..... She's not a friend any more.

Draw your own conclusions.

Lima-India

I have done this for a friend and all went well.Firstly i saw he'd changed his life around and grown up from the late-teens/young twenties guy who was constantly living beyond his means - he'd become more settled, more job focussed and was starting a relationship with a young woman who he was serious about.
It was me who offered to help him, and when I did I thought long. And hard about the consequences and was willing to deal with the debt if he decided we were to no longer be friends.My decision was based on the fact it's only money and I have a loving Heavenly Father who provides for all my needs so He would make a way if it came to that.
I'm so proud of how my friend has turned his life around - now debt free, married to the woman and with their first child. I feel proud that. I helped sow into the stability of that family. When we bless others we are blessed

KGriff

It is better to 'give' than to 'lend' and it costs about the same!

If you are a 'true' friend and could easily afford to help, you should in fact give them the money and tell them not to pay it back and nor should you expect it back.

That's what being a true friend is all about. Otherwise if you 'lend' them the money, you may possibly lose your friend anyway.

So the answer is a friend 'gives' and never 'lends' otherwise they are not a friend.

lemontart

I strongly suggest you watch Judge Judy, and a big fat NO NO NO.

AuraliaJane

If your friend is able to set up a payment plan with you, he would be far better off to set one up on his own account. That way his credit rating would improve. Why not loan him half the money to get the "big interest" debt down faster and then set up 2 payment plans? That way he would get there faster and you would still be helping?

brewerdave

I've lent money to family ......and still haven't got it back!! So, friends? Not a snowball's chance in hell!

tomlavin

I'm basically going to repeat what most people have already said. I think it's extremely risky lending anyone money and I think even if they don't agree, a bad credit report is always bad for a reason.
If I decided to lend a friend money (which I would consider), there would be nothing awkward about asking for it back. In fact I would go round monthly especially for the installments.
Think of it the other way round. If a friend gave me a loan, then my priority would be to pay it back asap or at least meet the installments agreed before hand.
Reading on this forum, it seems a lot of people don't have real friends. You could always right your own contract, which templates are available on the internet.