So here’s the deal, my girlfriend is a waitress and we don’t have much extra cash. She tried to transfer her credit card debt to a lower-interest card, but it didn’t work, which hurt her previously good credit score.
I’ve always avoided debt, and now I’m trying to help her out, but her payments are getting really tough to manage. I’m not in a position to just pay it off for her, so I’m wondering how I can support her in this without having to make more money or cover her debt myself.
We’ve already made lifestyle changes, and she’s not using the card anymore. Any suggestions?
Whatever you do, do not sign your name on a loan to pay it off. I know someone who did that for his girlfriend of 6 years, and when they broke up, she left him with the debt. Be careful.
There are many reasons people end up in credit card debt, but it sounds like your girlfriend needs a serious lifestyle change. She should focus on working as much as she can, maybe even picking up a second job to tackle that debt. I don’t think you should pay it off for her. This is something she needs to handle on her own.
20k is a lot, but it’s possible to pay off. I had around 15k in collections, and it took me about 2 years to clear it by working a ton of overtime and sticking to a tight budget. You might want to look into a debt counseling program. My mom used one, and while it hurt her credit, it was helpful.
If you’re considering helping financially, look into the offset method to pay the debt faster. It uses the money from your checking account without requiring extra funds. But if you can come up with more to pay down the debt, that’s even better.
Has she tried contacting a non-profit debt management company? They can negotiate lower interest rates with credit card companies, and it’s a better option than taking on more debt. It might hurt her credit, but it’s an option. There are reputable organizations like the National Foundation for Credit Counseling (NFCC) or the Financial Counseling Association of America (FCAA) that can help. Just make sure to research them well to avoid scams.
The best way to deal with this is to increase income. If she can’t make more at her current job, maybe she should get a second one to pay it off faster.
Don’t pay her debt off! She’s your girlfriend, not your wife. Teach her how to manage her money better, and if she doesn’t get it, walk away before she drags you down too.
20k at a high interest rate is rough. She should look into a debt management program like MMI or FCM. It’s a tough process, but her future self will thank her.