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Old 01-21-2004, 09:52 AM
bjd9268
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credit card in my name


What is the name of your state? maine

I stupidly gave my parents a credit card in my name, and they owe alot of money on it. They do pay the minimum amount on it, but the balance doesn't seem to move. I want to get the card moved over into their name, but am unsure how to do this or if it can be done. I don't want to be responsible for their debt if something happens to them. HELP!
  #2  
Old 01-21-2004, 10:33 AM
anon29072
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You can forget about the credit card company taking your name off an account that you let your parents use. The only chance of getting the debt out of your name is for your parents to get a card of their own and then transferring or paying off your balance. But, it sounds like there might be other circumstances of why they didn't get their own account to begin with.

My suggestion is to close the account so that no more charges can be put on it, and then ask you parents to pay more than the minimum payment so that the balance goes down faster.
  #3  
Old 01-21-2004, 11:43 AM
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Quote:
[i]My suggestion is to close the account so that no more charges can be put on it, and then ask you parents to pay more than the minimum payment so that the balance goes down faster. [/b]
You can't 'close' an open account. All the OP can do is suspend account activity and remove her parents as authorized users. And be forwarned, most credit card companies significantly up the interest rates of suspended accounts.
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