Zero percent credit card — No! NO!! (to the mom!)
Hi Terry
I am comfortably retired working a little part time too. I want to help my adult daughter with a high credit card balance who is paying high interest on it. I applied for a zero percent card and was approved. I would like to pay her balance with it and assume responsibility for the balance with her paying me monthly. My question is this is this allowed? Will they let me pay a balance which is not in my name? I have read conflicting information on this and have not called my new credit card company. My daughter is in big trouble with dobt and I really want to help.
Terry Says
No! NO! NOOOO!!
You know how when you get on a plane and they tell you to put your oxygen mask on first before helping others??
THIS is that exact same thing.
DO NOT RUIN YOUR CREDIT by expecting your spendthrift daughter to pay back the balance — even at a zero interest rate.
If you want to help her, ask for her monthly statement — and send a small check along with the stub directly to the card biller, made out to the card biller, and with her card number on the check.
And tell your daughter to immediately contact the National Foundation for Credit Counseling at 800-388-2227. She can trust them completely and they will help her resolve her problems the right way!
