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Another idea I was thinking is if the credit card with $50,000 balance on it has really good purchase reward features, couldn't you give the credit card away to a friend as a gift and the only catch of the friend enjoying the new card is friend will assume the $50,000 balance. It would be less appetizing but maybe the friend will still appreciate the rewarding features of the credit card despite having to pay off the balance
Of course this would have to be a really good friend who would say yes to this. Would you be that kind of friend?
That's not debts dismissed. Chapter 7 is they go into your home and take your computer, car, furniture, anything that can be liquidated for cash, or if you own your home they reverse mortgage it or allow you to rent back what you previously owned, in lieu of debt, and a mediator who gets a piece of the pie as well...works out a settlement with all your creditors where they agree to reduced amounts collected in exchange for the peace of mind they will increase the odds of receiving the substantial amount of what they are owed. The mediator gets a piece of the liquidation, and the sum of all proceeds is still less than original amount owed.
But could be making so much money if the credit card were taken off
What?
He is making the money he is making... credit card debt or not.
Don't you mean... He would HAVE so much money if he did not have the credit card payments ??
Maybe he can get a second job and pay the debt down even faster.
What?
He is making the money he is making... credit card debt or not.
Don't you mean... He would HAVE so much money if he did not have the credit card payments ??
Maybe he can get a second job and pay the debt down even faster.
No he works 20 hours a day
I mean he would have way more money if he did not have the credit card payments eating out $1,250/month
Another idea I was thinking is if the credit card with $50,000 balance on it has really good purchase reward features, couldn't you give the credit card away to a friend as a gift and the only catch of the friend enjoying the new card is friend will assume the $50,000 balance. It would be less appetizing but maybe the friend will still appreciate the rewarding features of the credit card despite having to pay off the balance
Of course this would have to be a really good friend who would say yes to this. Would you be that kind of friend?
Yes! When is that 50k going to hit my Paypal account?
My cousin went to AA and got cured and now spends within means and pays minimun payments on the card of $1,250/month, $1,000 is interest
But could be making so much money if the credit card were taken off
If he's truly fixed his overspending problem, bankruptcy may be a reasonable option. Yes, there are downsides to it - but there are also downsides to being shackled to an enormous debt load. At least after a bankruptcy he'd have a chance for a clean start. Whatever path he chooses is going to involve some pain, unfortunately; that's an inevitable consequence of bad financial choices.
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