If they have a mortgage, look at a HELOC, otherwise see if they can get an unsecured line of credit from their primary bank. And the spouse needs to cut up the card, at $48K they clearly have no self-control when it comes to managing credit.Dejavudiva wrote: ↑ Asking for a friend literally…
Spouse owes 48,000 in cc debt
Excellent credit. Pays every month plus extra.
Which bank is best to get a loan to pay off the cards so he can get a lower rate as the cards are crazy high.
Interesting that you assumed it was a woman that owes the debt. Either way going to divorce court over money is not them.clueless dude wrote: ↑ Hide your assets and then get a divorce, real or fake. Cheaper than paying cc debt. Then wife can declare bankruptcy. Cc debt problem solved. Fell in love again after few years and remarried her if you'd want to after her debt is cleared.
This is what I would recommend. Get a CC with a zero or low balance transfer and go that route every x months until paid off. Also, don't let them spend any more money.smartie wrote: ↑ Not sure whether BT works. Something like this
"Welcome offer: You could get a 0% promotional annual interest rate (“AIR”)† for 12 months on balance transfers completed within 90 days of account opening."
https://www.mbna.ca/en/credit-cards/low ... mastercard
The difficulty with this approach is that, depending on the person's revenue, it's going to be difficult to find multiple credit card issuers who will be prepared to offer cards with a $50K limit. It may be possible to transfer a part of the balance to a 0% or very low-interest card a couple of times, but in the end the person will have to face up the fact that they will need a longer-term solution. Hence the ULOC/HELOC route.MattyMattMatt wrote: ↑ This is what I would recommend. Get a CC with a zero or low balance transfer and go that route every x months until paid off. Also, don't let them spend any more money.
Honestly with the rates where they are now, 10-11% is not bad for an unsecured loan. Prime currently is 6.70%.Dejavudiva wrote: ↑ So just heard back and this guy got offered 10 almost 11% from envision ( which his mortgages at)
And 9% at TD.
I could see him not being happy about it, as he has good credit and has never missed a payments. Because he’s a friend I feel bad..
The guy is bipolar and i guess used them during a manic moment.
I agree with the above, 11% is about as good as you're going to get at the moment for an unsecured loan. It's certainly a hell of a lot better than the 19.9% or more for a credit card. But again, if he's going to do this then he must also agree to cancel the card, otherwise he'll end up loading up the card with another $50K and then he'll really be screwed.Dejavudiva wrote: ↑ So just heard back and this guy got offered 10 almost 11% from envision ( which his mortgages at)
And 9% at TD.
I could see him not being happy about it, as he has good credit and has never missed a payments. Because he’s a friend I feel bad..
The guy is bipolar and i guess used them during a manic moment.
Oh I've seen that before...I know one dude who gave a four-figure tip because he thought he was a billionaire. Mixing Cannabis and mania is just bad news bear. Sounds like Type I Bipolar...In this climate, I wouldn't put a power of attorney on him via his spouse but there's gotta be checks and balances on credit somehow...Dejavudiva wrote: ↑ So just heard back and this guy got offered 10 almost 11% from envision ( which his mortgages at)
And 9% at TD.
I could see him not being happy about it, as he has good credit and has never missed a payments. Because he’s a friend I feel bad..
The guy is bipolar and i guess used them during a manic moment.
Should the guy go with variable? It seems it was offered to him as a cheaper option. I noticed the boc may have halted rate hikes so maybe thats a better option. I have empathy for him as have worked around people with manic disorders for years and watched how after their brain settle down, the mess they made can get them to kill themselves. I dont understand why credit cards cant just freeze the interest rates. Im thinking of calling on his behalf and see what they say.ADenariusSaved wrote: ↑ Oh I've seen that before...I know one dude who gave a four-figure tip because he thought he was a billionaire. Mixing Cannabis and mania is just bad news bear. Sounds like Type I Bipolar...In this climate, I wouldn't put a power of attorney on him via his spouse but there's gotta be checks and balances on credit somehow...
Why would he be not happy about it? 9% is a great rate.... If they had bad credit and missed payments, there's no way they're getting approved at allDejavudiva wrote: ↑ So just heard back and this guy got offered 10 almost 11% from envision ( which his mortgages at)
And 9% at TD.
I could see him not being happy about it, as he has good credit and has never missed a payments. Because he’s a friend I feel bad..
The guy is bipolar and i guess used them during a manic moment.
No one will ever know variable vs. fixed. It's all opinion. Only Tiff Macklem really knows and that might not even be the case because they have to meet as a council for their rate decisions. I would say one thing, you can't trust central bankers, their policies are most effective when they lie to the population. Tiff wants to slow down, Powell wants to go full steam ahead. If that happens, we will get even more inflation - and we see what it's doing to the Canadian social fabric...So if he wants to contain inflation, he will have to hike with the US Fed. So no one can really tell you. It depends on his income, his timeline to being debt free etc...Remember, Macklem also told Canadians he's keeping interest rates rock bottom until 2023, then he multiplied it 18x in less than a year.Dejavudiva wrote: ↑ Should the guy go with variable? It seems it was offered to him as a cheaper option. I noticed the boc may have halted rate hikes so maybe thats a better option. I have empathy for him as have worked around people with manic disorders for years and watched how after their brain settle down, the mess they made can get them to kill themselves. I dont understand why credit cards cant just freeze the interest rates. Im thinking of calling on his behalf and see what they say.
That could help cover a bit. But no where near the $48k she needs.smartie wrote: ↑ Not sure whether BT works. Something like this
"Welcome offer: You could get a 0% promotional annual interest rate (“AIR”)† for 12 months on balance transfers completed within 90 days of account opening."
https://www.mbna.ca/en/credit-cards/low ... mastercard
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