Quote:
Originally Posted by mosesbotbol
He should close the accounts and negociate a lower interest rate. Even if his credit takes a hit, he could rebuild that later on.
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You can't close the account if there is outstanding balance.
I once bailed my wife out of her $20,000/25% account. They closed the account only after I paid the entire principle in full which I did. Subsequently, I made her close all other charge accounts. All has been well since.