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wj2005

How to help pay down the debt?

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So my brother has about $30k worth of revolving debt. One card is $15k and 31% interest (his first card). The others I believe are chase and Amex. I’ll be finding out what they all are tonight. 

 

Mom trying to figure out the best course of action to help pay these down. Ultimately I think a consolidation loan would be the best... or try to get some 0% bt offers but I’m sure it will be hard to get approved for ones high enough to make a difference. 

 

So what would be the best options for either a consolidation loan or bt offers?

 

im also going to pull credit reports and scores to see exactly where he is at on everything this evening. 

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If he's paying 31% interest on a card, he has lousy credit in the first place, or he's triggered a default clause and its penalty APR. In any case, he's not getting any kind of consolidation loan or 0% offers. Your mom should keep out of it, and she should not be pressured into co-signing any loan because your mom will end up paying the full load on it.

 

Time for brother to pay the piper for his finances.

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2 hours ago, IndyPoolPlayer said:

If he's paying 31% interest on a card, he has lousy credit in the first place, or he's triggered a default clause and its penalty APR. In any case, he's not getting any kind of consolidation loan or 0% offers. Your mom should keep out of it, and she should not be pressured into co-signing any loan because your mom will end up paying the full load on it.

 

Time for brother to pay the piper for his finances.

That shouldn’t say mom... it should have been I’m lol. No mom involved. Stupid autocorrect on my phone...

 

it it was one of those first cc’s that have zero rewards and an af. 

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21 hours ago, wj2005 said:

That shouldn’t say mom... it should have been I’m lol. No mom involved. Stupid autocorrect on my phone...

 

it it was one of those first cc’s that have zero rewards and an af. 

Still - $15K balance on a turd like First Premier or Credit One is not a good sign at all.

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My brother has six kids, if you count the three legacy children he acquired with his second marriage.  

 

I let him deal with that.

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3 hours ago, IndyPoolPlayer said:

Still - $15K balance on a turd like First Premier or Credit One is not a good sign at all.

It was his first card right out of high school. His other ones are Amex, chase x2 and cap 1

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18 hours ago, wj2005 said:

It was his first card right out of high school. His other ones are Amex, chase x2 and cap 1

He should LONG AGO have moved that balance to a card with a low APR...there is ZERO excuse for putting ANY charges onto a card with an APR like that, and ESPECIALLY when it has no rewards.

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1 hour ago, centex said:

He should LONG AGO have moved that balance to a card with a low APR...there is ZERO excuse for putting ANY charges onto a card with an APR like that, and ESPECIALLY when it has no rewards.

I don’t disagree. I said the exact same thing lol

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