Credit cards

[The PIT]

One of my friends has yet again got himself in trouble on his credit cards. The banks won't give him another loan to pay these off so he wants me to take out a loan on his behalf.
I've loaned money to another friend a long long time ago and getting the money back is always a big problem. They forget to make a payment so you're chasing them for it or they reckon they payed you.
Anyway I can't afford to take another loan out and if I did have the spare cash I'd pumping it into my pension fund as quick as possible.
To be honest the credit card companies shouldn't have given him cards as he's on a low income in the first place.

[Paddy]

Never a borrower or lender be!

IIRC Virgin have a 8month interest free balance transfer option atm. That should help him reduce his debt as he doesn't have to pay any interest.

[GNEP]

Tell him to deal drugs to build up the cash to pay his CC debts off.

Or try and get a second job (don't know if he could or not, but presumably he can try?) Also cut down on how much he is spending. Taking out a loan for him will only extend his misery - whilst he is spending more than he is earning he is in trouble.

[ayoub_ibrahim]

I suppose he would only repay you a PITtance!

[Brian Ellis]

No way, why should you bail him out and create a stick to break over your own back?

If the banks won't, then he is a bad risk. Why should you shoulder this, when the professionals won't?

Frankly, I think he has a brass neck even asking you. Find yourself a real friend, rather than a sponge.

[The PIT]

I've suggested he gets a second job and also transfer the credit to one card. If cards won't do that that must mean he's got to be near the 3 grand credit limit on each card.

Isn't there an organisation which deals with this???

I've also told him to break the damn things so he can't use them again.

He should also chase up his lost pal who he lent a grand too. Of course his pal did a runner soon after getting the money. He still owed £900 quid.

Hopefully he won't ask me again.