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Credit card debt!

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  • #1

    Credit card debt!

    Ok, so DH and I have been trying to sort out our finances of late. I am debt free (a minor consolation). DH, on the other hand, has A LOT of student loans and credit card debt. His loans have been deferred for the moment so that's fine but we're not making a dent in the credit card debt. His interest rate is 32%!! We are getting nowhere with payments. Is there any point in trying other credit card companies for a lower rate? He has been turned down for any more loans, including Suntrust. Will it make a difference if he includes my income (I start working soon)?

    I don't know anything about debt ( thanks to free tuition where I come from). It doesn't help that he's hopless with money!
    Student and Mom to an Oct 2013 boy
    Wife to Anesthesia Critical Care attending
    Tags: None
  • #2
    your income will probably help, as will having your name on the account if you're debt free. another option (if you're willing) is opening one of the interest free cards in your name and transferring the balance. that would make a huge impact - but would saddle you w/the debt should he turn into an ass. (i know you're married and that is unlikely - just wanted to be forthcoming on the risks).

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    • #3
      My husband and I had a large amount of credit card debt paying out the wazoo in interest rates. We ended up opening up a new credit card and transferring the balance to that card. Had 0% interest rate for like 6 months or so and now it's at 11%, I think. It definitely made a HUGE impact.

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      • #4
        Being hopeless with money is one he'll have to tackle himself, but the debt can be transferred with your help if you're willing. If he is unable to get another loan or find a card to transfer the balance to then you can open your own 0% interest rate (introductory) and transfer his balance to that. Naturally if you don't want to mesh finances that way then don't mention it to him. 32% is robbery! That is precisely why I get upset with bankruptcy disputes. The risk is taken by the lender. If they are allowed to be sharks then they should suffer the consequences of a bad risk they take on. And if they are not having to take the risk then they should not be allowed the luxury of being such organized highway robbers. Sorry, rant over.

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        • #5
          Re: Credit card debt!

          Originally posted by sp2809
          Ok, so DH and I have been trying to sort out our finances of late. I am debt free (a minor consolation). DH, on the other hand, has A LOT of student loans and credit card debt. His loans have been deferred for the moment so that's fine but we're not making a dent in the credit card debt. His interest rate is 32%!! We are getting nowhere with payments. Is there any point in trying other credit card companies for a lower rate? He has been turned down for any more loans, including Suntrust. Will it make a difference if he includes my income (I start working soon)?

          I don't know anything about debt ( thanks to free tuition where I come from). It doesn't help that he's hopless with money!
          :thud:

          32% ?????? Holy smokes! Yes, it is worth trying other credit card companies for a lower rate. Yes, yes, yes! AND it will make a difference (a huge difference actually, as the debt to income ratio is very important in figuring risk) to include your income. However, I would caution on the risks of taking it into your name solely. Not to be a downer, but... You just never know what is going to happen. Doing it jointly isn't a bad idea! It will definitely help. Good luck! Be diligent and call around... a lot.

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          • #6
            Thanks for the advice you guys. I only found out what his interest rate was this weekend. HE didn't even know up until then!! I nearly killed him when I found out, how could you not check that?! Looks like I'll be taking over all the finances.

            I'll look into the things you suggested. If I transfer the debt to a card under my name, will it ruin my credit score? It's almost perfect at the moment since I have no credit history in this country.
            Student and Mom to an Oct 2013 boy
            Wife to Anesthesia Critical Care attending

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            • #7
              Originally posted by sp2809
              Thanks for the advice you guys. I only found out what his interest rate was this weekend. HE didn't even know up until then!! I nearly killed him when I found out, how could you not check that?! Looks like I'll be taking over all the finances.

              I'll look into the things you suggested. If I transfer the debt to a card under my name, will it ruin my credit score? It's almost perfect at the moment since I have no credit history in this country.
              Then you don't have good credit either. Sorry to be a downer. To have good credit, you have to have a long history of taking out credit and paying it. Not having any is sometimes worse than having bad credit. Stupid, really.

              My credit sucks. Our debt to income ratio sucks, and we cannot get our interest rates lowered. We don't have any as high as 32%, but close. We also don't qualify for any new credit to transfer to lower interest rate cards. It's such a shit game.

              I wish you the best of luck with whatever you decide to do.
              Heidi, PA-S1 - wife to an orthopaedic surgeon, mom to Ryan, 17, and Alexia, 11.


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              • #8
                Originally posted by heidi
                Then you don't have good credit either. Sorry to be a downer. To have good credit, you have to have a long history of taking out credit and paying it. Not having any is sometimes worse than having bad credit. Stupid, really
                Yeah, I was thinking that. Whatever we do, I think we'll be stuck with high interest rates. Thanks for all your help.
                Student and Mom to an Oct 2013 boy
                Wife to Anesthesia Critical Care attending

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                • #9
                  If you take it on under a new card and pay it on time every month, it won't hurt your credit at all and could actually be a great way to build YOURS. The only way his past credit will hurt you is if you do something jointly and he screws it up. Come time to buy a house, you'll probably have to put it under your name only if his credit is that bad. They typically take the lower of each of your median scores and pick the lowest. They have to, unfortunately. I can't tell you how many couples we had to threaten with sub prime rates when I worked for the mortgage industry. After seeing the difference, it almost always went under the spouse with the better credit if their debt to income ratio allowed it.

                  Anyway, I'm rambling. I think you get the idea?


                  ETA: This was post 666 for me.

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                  • #10
                    I would suggest having him contact a credit counseling agency and they will negotiate his rate for a small monthly fee. We have been using this one for 4 yrs and they are great. Springboard at http://www.credit.org. I would not tranfer the money to your name. If you want to build your credit, get a credit charge gas every month and pay it off.

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                    • #11
                      Sharon, SO found it very hard to get a credit card because of no credit history in US also. He opened a credit union a/c through work and was able to get one, only $500, but he just uses it for small things and pays it off immediately to build up a credit history.

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                      • #12
                        Originally posted by stellava
                        This was post 666 for me.
                        OMG...that means you've made nearly ~150 posts in the last 10 days or so since you wrote this You're on 809 now! It's scarey, isn't it?
                        ~Mom of 5, married to an ID doc
                        ~A Rolling Stone Gathers No Moss

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                        • #13
                          Originally posted by PrincessFiona
                          Originally posted by stellava
                          This was post 666 for me.
                          OMG...that means you've made nearly ~150 posts in the last 10 days or so since you wrote this You're on 809 now! It's scarey, isn't it?
                          :!

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