by Cindylou » Thu Jan 14, 2010 09:55:03 AM
I allowed my daughter to use my credit. Stupid, I know but whats done is done and now she can't pay it and neither can I (nor do I want to). The amount owing is $17,100.00 (at 14%). The credit card company will settle for $8,500.00. I would settle this using my line of credit (at 5.25%) which has a 0 balance. I have good credit and am concerned but at the same time I feel this amount is more achievable for my daughter to repay within 2 years and I guess a drop in my credit score would be my lesson learned.
My question is - as I have other credit cards and this line of credit in good standing, would this mark against one credit card create difficulty when I remortgage in three years? Also, would it be possible for the credit card company to sell the balance resulting in my having to deal with this all over again?
Some advice on this would be greatly appreciated.