Credit card debt

greengrass

Can anyone offer any advise please, my daughter got a £7000 debt on a credit card, we need to move it as will now start paying interest. Can I take out a card and transfer the debt to it to start paying it off?

elsien

Really depends if you want to be liable for 7K worth of debt if your daughter doesn’t/can’t pay you back. 

What is to stop her from taking out another card and running up more debt once this lot has been transferred to your name?

la531983

Do not do this. Nothing else to say. 

Emmia

What is your daughter's plan for paying off the debt? She's an adult, and got into this mess - so how will she get herself out of it?

Selling things she has? an additional job?

Unless you're willing to never see that £7k, and you don't want your daughter to learn from this, you shouldn't give her the money, or take on the debt.

CliveOfIndia

Looking purely at the mechanics of doing this, yes you can.  Many lenders tend to not let you transfer a debt from someone else's card to your card, but anecdotally if you do the balance transfer online rather than over the phone, you can usually get away with it.  So if you can get a card in your name with a high enough credit limit then you should be able to do this.

However, I must concur wholeheartedly with the previous comments.  First, if you do this then the debt becomes solely your responsibility, you have absolutely no way of forcing your daughter to make any contribution to repayments.  She may intend to repay you, but it'll be nigh-on impossible to enforce this if she decides she either can't or won't maintain payments to you.

And yes, the other valid point that has already been made - what is this teaching her about taking responsibility for her own finances?