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VasVadum

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My friend used my card, and now I have issues I can't figure out how to fix. Advice?
I let my friend use my card way back when he wasn't able to get his own card due to credit issues, but at the time he had a great job and was able to pay me back. I've known him for a very long time so I believed I could trust him and he always paid me back before.

The debt quickly went up to above $5k in under 2 months and then I found out he had quit his job to get another one, but the job that had promised him a position decided not to after he quit the previous job. So at this point he was unable to pay me back. He's barely been able to pay me anything since then and I'm disabled, I can't make money and I'm still fighting just to get my disability.

The issue is, I have a debt of above $4500 to transfer and deal with on my own now, and I have until January 2014 before my no interest period runs out. I got approved for another card but they barely gave me a limit of $1000, even if I were to get 5 new cards to handle all the debt, then I'd have 5 times a month to make 5 separate minimum payments. I don't really know what to do at this time, I wanted to transfer the debt to a single new card and have another year of no interest to work on finding a solution to my problem but so far it seems like that won't happen.

So basically, I have less than 2 months to find a way to do something about this debt of above $4500, else I'll start getting charged interest that's much higher than the minimum payments I can barely make as is. What should I do?

I would go to my friends house and take back everything he bought with the card and sell it, but most of it was gas for his gas guzzling truck or food.

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Forgot to mention.

I forgot to mention, the card he used had his name on it, so when I download a copy of everything spent on the card, it all has his name even though it's under my account.  If that matters at all.

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What is your Credit Karma score?

You might be able to do a balance transfer - Capital One is pretty good about 0% interest periods.

I would still hold him responsible and make sure he knows he needs to pay this back when capable.

Reply by
VasVadum

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738.  I got some Citi card and they only gave me a limit of 1000, I'm fairly certain no others will give me a higher limit.  Discover card rejected me because I already have their card and other reasons, theirs would probably have been the best as it had no over limit fees and such.

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OneCyn

The exact same thing happened to me, but to the tune of $9,000.00 on my 2 highest limit cards.  I am disabled and in my late 60's and barely make enough to live on, so the only solution I can come up with is "what a fool I was" (my own fault for trusting him) and let my credit be ruined by not paying them at all.  In SC where I live if you do not make ANY payments on credit cards it is taken off your credit report in 3 years....each state is different.  You still owe the money with interst accrued, but social security and disability income cannot be garnished, and there is no debtors prison!  Obviously I will be hastled by telephone and mail, but I'll just have to suck it up and say it was a lesson HARD LEARNED!!!!  How can someone do this to another person who has helped them I don't understand.  I am sorry for your situation as well as mine.  Good luck.

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