$32K in credit card debt at 28% interest.....

[fxpose]

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.

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.

[NCRadioMan]

Originally Posted by fxpose

You can't close the account if there is outstanding balance.

Sure, you can. I've done it twice in the last 10 years.

[Scottw]

Originally Posted by fxpose

Who took care of the balances or did you declare bankruptcy?

You can close the account yourself or in most cases the creditor does it for you. It doesn't alleviate the outstanding balances though.

[fxpose]

Originally Posted by Scottw

You can close the account yourself or in most cases the creditor does it for you. It doesn't alleviate the outstanding balances though.

But technically you still owe money associated with that account.

[Scottw]

Originally Posted by fxpose

But technically you still owe money associated with that account.

Yes sir you would until the account is paid off in full, settled for lesser balance and paid, discharged through a Bankruptcy or erased in instances where the statute of limitations expires.