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<blockquote data-quote="GoingNorth" data-source="post: 680200" data-attributes="member: 1963"><p>Well, at 3K debt, the minimum payment is around 25-35 dollars per month,assuming he doesn't have one of those "starter" cards with extremely high interest, annual fees, etc.</p><p></p><p>So, lets say he pays 30-40 dollars per month on the card. I agree that he should be able to handle half the cost of the transit pass.</p><p></p><p>The other thing to consider is him re-financing the CC debt into a lower interest loan. That would pay off the CC debt, leave him paying on what he owes at a lower interest rate, hence able to pay it off sooner.</p><p></p><p>However, ONLY do this if the lending co. doesn't require you to co-sign.</p><p></p><p>Unfortunately, it is VERY easy to get a credit card nowadays.</p><p></p><p>I have excellent credit and carry cards with single digit interest. I still get mail and email solicitations constantly for high interest/high fee cards and personal loans that I'm "pre-approved" for.</p><p></p><p>I know that it would be nothing for me to borrow 25K at a high interest rate...except that I can't make the payments. Even if I borrowed at a sane rate of interest from my credit union, I still can't make the payments, LOL.</p><p></p><p>There is NO way you can stop him from opening new credit accounts. He is legally an adult, and he's not in a place where you could get guardianship over him.</p><p></p><p>Also, short of somehow pulling full credit reports on him from all three agencies, you really don't know what his finances actually look like. All you know is what he's told/shown you in order to get your continuing support.</p><p></p><p>Honestly, I think at his age, it might be time to teach him how to handle as much of this on his own as possible. And if it hurts a bit, that'll teach him a lesson that no amount of motherly warnings will.</p><p></p><p>(Sez the person who's husband finally succeeded in teaching her to balance a checkbook when she was in her late 20s. Dyscalculia bites.)</p></blockquote><p></p>
[QUOTE="GoingNorth, post: 680200, member: 1963"] Well, at 3K debt, the minimum payment is around 25-35 dollars per month,assuming he doesn't have one of those "starter" cards with extremely high interest, annual fees, etc. So, lets say he pays 30-40 dollars per month on the card. I agree that he should be able to handle half the cost of the transit pass. The other thing to consider is him re-financing the CC debt into a lower interest loan. That would pay off the CC debt, leave him paying on what he owes at a lower interest rate, hence able to pay it off sooner. However, ONLY do this if the lending co. doesn't require you to co-sign. Unfortunately, it is VERY easy to get a credit card nowadays. I have excellent credit and carry cards with single digit interest. I still get mail and email solicitations constantly for high interest/high fee cards and personal loans that I'm "pre-approved" for. I know that it would be nothing for me to borrow 25K at a high interest rate...except that I can't make the payments. Even if I borrowed at a sane rate of interest from my credit union, I still can't make the payments, LOL. There is NO way you can stop him from opening new credit accounts. He is legally an adult, and he's not in a place where you could get guardianship over him. Also, short of somehow pulling full credit reports on him from all three agencies, you really don't know what his finances actually look like. All you know is what he's told/shown you in order to get your continuing support. Honestly, I think at his age, it might be time to teach him how to handle as much of this on his own as possible. And if it hurts a bit, that'll teach him a lesson that no amount of motherly warnings will. (Sez the person who's husband finally succeeded in teaching her to balance a checkbook when she was in her late 20s. Dyscalculia bites.) [/QUOTE]
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