Paying off someone elses CC debt?

[youdontkillmoney]

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@Anonymous wrote:

My parents have always battled CC debt since as long as I can remember.  Shortly after the financial crisis alot of CC companies started reducing lines or even increases set APR's on cards.  They had quite a bit on cards but stopped using them and just tried to pay them down.  They started aggressively and are down to around $12k.  I want to finish the rest of this off for them, I make a good income and I have the means and want to do this.  However if they found out I was going to they would not let me because they don't want me to have to deal with it.  My question is, what is the best way to pay them off, its going to be 4 cards total, combination of Citi/Discover/Chase.  I have access to the mailed statements with the stubs.  However I rather not tear the stub so they know.  Can I photocopy the stub and send that into the CC companies with a check and the last 4 digit account number on the check?  I don't bring this up to question if I should or not or around the whole idea thats "its not good to pay someone elses debt".  Its more to ask how I can do it so I don't screw it up.  Thanks in advance.

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^^^

I think you can offer but need to respect their wishes if they decline any help. It may be from there viewpoint, they worked hard for years to pay it down and it is a goal of theirs to elim. cc debt 100% by themselves, so they will have a feeling of accomplishment, and you paying  it off against their will "steals" from them this sense of pride/accomplishment. Let them have this "win" if they ddecline the help.

[NRB525]

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@youdontkillmoney wrote:

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@Anonymous wrote:

My parents have always battled CC debt since as long as I can remember.  Shortly after the financial crisis alot of CC companies started reducing lines or even increases set APR's on cards.  They had quite a bit on cards but stopped using them and just tried to pay them down.  They started aggressively and are down to around $12k.  I want to finish the rest of this off for them, I make a good income and I have the means and want to do this.  However if they found out I was going to they would not let me because they don't want me to have to deal with it.  My question is, what is the best way to pay them off, its going to be 4 cards total, combination of Citi/Discover/Chase.  I have access to the mailed statements with the stubs.  However I rather not tear the stub so they know.  Can I photocopy the stub and send that into the CC companies with a check and the last 4 digit account number on the check?  I don't bring this up to question if I should or not or around the whole idea thats "its not good to pay someone elses debt".  Its more to ask how I can do it so I don't screw it up.  Thanks in advance.

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^^^

I think you can offer but need to respect their wishes if they decline any help. It may be from there viewpoint, they worked hard for years to pay it down and it is a goal of theirs to elim. cc debt 100% by themselves, so they will have a feeling of accomplishment, and you paying  it off against their will "steals" from them this sense of pride/accomplishment. Let them have this "win" if they ddecline the help.

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+1

Each adult individual needs to stand on their own in the credit world. You can help, but you should do it up front.

[NRB525]

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@Anonymous wrote:

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@NRB525 wrote:

I don't know. This is all a little wierd. First off, they may complain initially and "not take the money" but perhaps that is just the start of the conversation.

I'd be cautious before sending $12k through the mail, or through some kludged online transfer system, just in case it goes to some Nigerian bank account. Not saying that would happen, but unless you own both ends of the transaction (your bank account and your CC for example) you are always taking a risk by stepping in someone elses credit profile.

If you insist on doing this quietly, you might want to send a test payment of $100 through to see if it works.

You also might want to just keep badgering them about it to do it more directly. This isn't exactly putting a $100 bill into a birthday card, as surprises go.

Finally, I'd be concerned about a bank that lets anyone walk in and "pay a credit card" because one shady purpose of that is if someone wants to verify that the card number is valid, then use it for credit card fraud later. You aren't doing that, but you are competing for the banks attention with those who are. And I would have a problem with any of my banks letting anyone "test" my cards.

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We are tallking about bank ACH transfers (bank billpay) which is the same system used when you pay your credit card either from your bank account or through the credit card site.   Not really kludged!   But your idea about doing a small payment to make sure you have the account number right is good.

Re your last bit, banks want to make it easy to pay bills.  Knowing the account number is enough.   It's not usually enough to make a purchase.   And random credit card numbers are also easy to generate, it's getting the associated info that is hard.  

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Just because you can, doesn't mean you should. My opinion.

[kjel]

I'd be up front with them about it. They might tell you no and that's ok. If they don't accept, I'd offer to fund an IRA account for them so they have a little nest egg later on in life.

[Luscher]

They are going to find out to paid it anyway, since 12k of debt doesn't just dissapear.

[Gunnar419]

It's a wonderful idea and I agree that billpay through your bank is a good way to do it.

I disagree with those who say you should talk to your parents first or give them a check. Because (1) it's CHRISTMAS  and (2) they're likely to continue to refuse out of pride, tear up the check, etc., even if they'd really be grateful and thrilled to have such a big burden lifted.

Good going, OP.

[StartingOver10]

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@Gunnar419 wrote:

It's a wonderful idea and I agree that billpay through your bank is a good way to do it.

I disagree with those who say you should talk to your parents first or give them a check. Because (1) it's CHRISTMAS  and (2) they're likely to continue to refuse out of pride, tear up the check, etc., even if they'd really be grateful and thrilled to have such a big burden lifted.

Good going, OP.

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+1 I think Gunnar419 nailed it.  OP, you are a credit to your parents...I'm sure they will be thankful for your thoughtfulness.

[Anonymous]

Exactly, if I gave them a check they would rip it up.  As soon as the payments go out/process I will tell them.  I have already gone back and forth for some time about doing it, so I understand both sides. 

[SunriseEarth]

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@Anonymous wrote:

Exactly, if I gave them a check they would rip it up.  As soon as the payments go out/process I will tell them.  I have already gone back and forth for some time about doing it, so I understand both sides. 

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IMHO, so long as you have the ability to do this with causing strain on yourself and you have a desire to help, why not?   

[lg8302ch]

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@youdontkillmoney wrote:

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@Anonymous wrote:

My parents have always battled CC debt since as long as I can remember.  Shortly after the financial crisis alot of CC companies started reducing lines or even increases set APR's on cards.  They had quite a bit on cards but stopped using them and just tried to pay them down.  They started aggressively and are down to around $12k.  I want to finish the rest of this off for them, I make a good income and I have the means and want to do this.  However if they found out I was going to they would not let me because they don't want me to have to deal with it.  My question is, what is the best way to pay them off, its going to be 4 cards total, combination of Citi/Discover/Chase.  I have access to the mailed statements with the stubs.  However I rather not tear the stub so they know.  Can I photocopy the stub and send that into the CC companies with a check and the last 4 digit account number on the check?  I don't bring this up to question if I should or not or around the whole idea thats "its not good to pay someone elses debt".  Its more to ask how I can do it so I don't screw it up.  Thanks in advance.

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^^^

I think you can offer but need to respect their wishes if they decline any help. It may be from there viewpoint, they worked hard for years to pay it down and it is a goal of theirs to elim. cc debt 100% by themselves, so they will have a feeling of accomplishment, and you paying  it off against their will "steals" from them this sense of pride/accomplishment. Let them have this "win" if they ddecline the help.

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It is a very nice guesture but if your parents are like me and would love to do it on their own then let them pay you back interest free and that will make them feel better and like this they might accept happily.