Anyone w/exp. negotiating w.credit card companies? is using cash adv. to pay a bad idea?

Question

my husband may use cash advance to pay off $5k amex bill today. getting harangued by coll. agency. we agree he does of course should pay it but don't agree on how-I think he shodn't be pressured into "today" just so the agency guy gets more commission, if we simply can't do it yet. does anyone know what others have said to credit card companies (was featured on an oprah show to help peo. deal tih cc companies) to help situation? isn't it a bit nuts to get rushed, high-interest cash advance because collection guy, while maybe not breaking laws, is harassing him? he is not a deadbeat but in a failed business and has to dig out...the agency insists he pay them today. how could this deadline make such a big difference? sounds ridiculous but the guy said "if you pay it off today ($5k) you keep your amex points and stil have those points, enough for 2 trips...." please don't rant abt deadbeat husbands but anyone w/ credit card neg. experience? are cash advances often bad news? HELP!

Answer 1

Best Answer - Chosen by Asker

flat out bad idea.......jump from the frying pan into the fire.....

Sit down today.....figure out a budget......determine what you can afford to pay AMEX monthly.....next time they call....tell them.....get a confirmation letter from them agreeing to the terms....

Under NO circumstances do cash advance or worse....electronic access to your account........EVER....

If they won't agree to put a repayment plan in writing....tell them to call you back when THEY are ready......

You husband isn't obligated to answer the phone....You can only do what you can do.....but since you want to honor your debt.....do so, but BE SMART.....

Asker's Rating:

Asker's Comment:

thank you for responding so quickly; I was able to warn my husband based on what you wrote. It's scary, frustrating, getting someone to do what's best overall instead of cowing to pressure from someone who wants their commission today! he undid what he'd started, revoking the check. more to undo...

Answer 2

bad

Answer 3

A very bad idea.