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INDEBTEDNESS of a 19 year old

Date: Mon, 06/27/2011 - 19:58

Submitted by anonymous
on Mon, 06/27/2011 - 19:58

Posts: 202330 Credits: [Donate]

Total Replies: 3


Hi, my son was issued a credit line of $3,500.00 by CapitalOne. At the time, he was 19 years old, had no fixed address and worked MAYBE 10 hours a week. He was living "here" and "there". We just learned of this debt when we convinced him, after a year, to move back home and get straightened out. My biggest concern is "How can any creditor issue a credit card to a kid who has basically no income and definately no fixed address?" He used to money to pay his car insurance and phone bill. Does that not say EVERYTHING about the mentality of a nineteen year old kid. No he is stuck with a bill that he can not pay in any reasonable amount of time. I am by no means making excuses for him. HE OWES the money, but I can not help but believe he is not the only irresponsible party. ANY SUGGESTIONS?


Hi!
Welcome to the Forums!

A lot of young people get into debt problems every year. As a parent you'll be concerned for your son. This is quite natural. But your son has to learn about his own responsibilities.

You can ask your son to enroll into a debt consolidation program to repay the debt. This program will help to lower the existing interest rates on the outstanding loans. The late fees and penalties will also be eliminated. All he needs to do is make a single monthly payment to the consolidation company.


lrhall41

Submitted by Good Nelly on Mon, 06/27/2011 - 20:31

( Posts: 2846 | Credits: )


Hi jimmycricket,

The creditors cannot issue credit cards to students below 21 years of age if they don't have a fixed income. But, this rule came into effect only from 2010. So, if your son had applied for the credit card before that, the creditor cannot be held legally responsible for issuing the card.

However, did you check whether or not this debt is at all valid? If you are aware that your son owes this debt, then it is better for you to find a way through which he can become debt free. First of all check his credit reports to check with the status of this debt. Then, negotiate debt settlement with the creditor or opt for debt consolidation in order to repay the debt. Settlement will help in lowering the outstanding debt amount and consolidation will lower the interest rate on the debt.

Hope this helps.

Marvel Becks


lrhall41

Submitted by on Mon, 06/27/2011 - 21:08

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