If you lend your credit card to a friend in financial need, trying to be helpful, there’s a decent chance that you’ll end up with increased debt – and possibly loose that friend.

A recent survey was conducted by CreditCards.com found out that 49% of Americans that have owned a credit card at any time have loaned their card to others to use – including family members, co-workers, and friends. Of that gathering, 35% endured some kind of negative outcome. Overspending was accounted for by 19% of card loan specialists, while 14% of card moneylenders were never compensated for Credit card charges. Significantly sadder: 10% never recovered their card by any stretch of the imagination!

The survey results imply that approximately 36 million Americans have experienced problems when loaning out a credit card. Are you in that group? If so, would you take the same risk again? We suggest looking for alternatives and considering why a person wants to borrow your credit card in the first place.

“Once that card departs your hand, that individual has the flexibility to charge whatever they feel like on your credit card, regardless of what spending you dispensed to them,” Jerry Nemorin, CEO of online obligation rebuilding administration LendStreet. “I have one customer with more than $50,000 in charge card obligation since she was offering her card to her mate (they are currently getting separated) and he was a major high-roller and a speculator. In any case, the card is in her name, not his, as it’s failed her credit so that is how credit cards work.

Kristin, 36, who declined to give her last name, is another such wake up call. The Florida mother is as yet attempting to uncover herself from underneath the monetary opening her ex place her in 10 years prior when she gave him access to her Credit card to purchase both of them hockey tickets. They’d been as one for a long time and were cohabiting, so she believed that she could believe him.

“My attitude was, ‘gracious we’ll get hitched one day,'” she said. She didn’t set any standard procedures for utilizing the card since he was out of work because of damage, and, “I was attempting to be the ‘great spouse’ and show I could bolster us both.”

Be that as it may, he piled on $2,000 in charges throughout a year on hockey tickets ($100 or all the more each for prime seats), and numerous were in different states, which additionally required expensive plane tickets and inn stays — where, adding affront to money related damage, he was likewise undermining her.

“I took the card away, yet he had the data spared,” said Kristin. He continued spending without paying her back, and she couldn’t stay aware of the installments since she was additionally buried in healing facility bills from a current surgery. She guaranteed insolvency in 2005, and has been attempting on how to pay off credit card debt with her new (and all the more fiscally dependable) spouse from that point forward.

“It took her years to get back up on credit. according to her, It was difficult to get a car, and difficult to purchase a house once she was hitched. It just fell off my credit report three years prior,” she also said.

That reasons made 42 year old lady vow never to share her her credit or debit card with anybody; not even to buy the cheapest commodity. “You wouldn’t give somebody a checkbook loaded with clear marked checks, so for what reason would you give them your credit card?” she said.

She’s particularly sketchy as far back as a cheat once skimmed her charge card and did $5,000 in harm in only a couple of hours. “Wiped our financial records,” she said. “The bank followed through on it, yet it took a long time to fix. Nobody needs that chaos in their life.”
How can you help a friend or family member with funds by not giving out your credit card?
Loan money rather than credit.
Try to give who ever needs your help on funds that exact money in cash they need no matter how discomforting it seems for you at that moment. for Example “In the event that your girl needs to obtain your card to go to go on a lunch, take her to the ATM and simply give her $30 rather,” . Regardless you may never get that $30 again, yet in any event your loss is restricted to that sum. “It creates a roof of what your hazard is,”

Cap a partner’s credit limit.
In the event that you need to include a partner or a youngster to your Visa to help him or her construct their own credit, check whether your leaser will give you diverse credit cutoff points to monitor spending. “Giving the other individual a lower credit constrain than your highest line is one approach to relieve that potential harm,”

Exchange finances over cash sharing applications.
On the off chance that heading off to the ATM is excessively of an issue, credit somebody some mixture over cash sharing applications like Venmo and PayPal. Venmo will give you a chance to exchange supports in a split second to somebody’s linked Visa or MasterCard credit card. Besides, in the event that you feel clumsy about requesting cash back, these applications incorporate “demand installment” includes that send the borrower a content or notice reminding him or her to pay you back. http://makecashonlinetip.com/credit-cards-and-loan/creditcard/

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who does that? lend someone your credit card? for what, why and u don't get. even if I not get shingbain for there I do dey do am

Hw!!! if i lend ma crdt card, is it ur crdt card? hw can i b kipin card wer mony no dy inside al alone. mak dm folow epp a broda. wen alert enta we do d needful.

na Yankee we dey


carry this news go dollarland.com

Thats not my business, I don't have credit card and here no be Yankee but please people should stop this thing of asking people to get Married because their age mates are married. Even you, some of your age mates have died but nobody have asked you to die.. we cannot come and kee our self

Lolss.... giving out ur credit card in naija is d same as commiting suicide....

Hmmmm

Is this america Stop plagarism ode blogger . http://cordilleramontana.worldnow.com/story/37718771/think-before-you-lend-your-credit-card-to-others

You just want to form over sabi first of all, theyve not started issuing credit cards here in Nigeria,.im sure you can't differentiate btw credit and debit card

This is for American not for nigeria, who give someone his credit card

Am a victem on both sides

Great post!

Lol..cc top up things.

who does DAT in this era of buhari?

Landmark445:
The OP na mumu

We dey use credit card for Nigeria?

Or you’re just seeking for attention madam copy and paste trying to promote your dead blog

yeah there is credit card in nigeria. Only few people use it tho. Mostly pple working in beta coy (wey no dey owe) and banks na him qualify

What is credit card biko?

Credit Cards?
In Nigeria?
How?
Where?

My thoughts exactly..
Seun and his Mods.. Lol

PotatoSalad:
Credit Cards?
In Nigeria?
How?
Where?

I no fit even give babe my debit card...na credit card i wan give.. I dey mad?

Only selected few has credit card here.

so true
I suffered this and dont talk to this mother fucker no more

Story, nothing dey happen boiz go still collect am for top up

I don't have credit card... I have debit card

Nigeria is experiencing an unprecedented fast-paced growth
across practically all sectors of the economy and the
banking sector is not left out of this growth. Nigerian banks
now allow you to open a bank account online in minutes,
transfer funds and make payments on desktop and mobile
platforms and you can access cash any time with ATMs
that operate 24/7.
About 8 days ago, First Bank Nigeria announced the new
FirstBank Naira Credit Card with which consumers can
purchase goods and services online and pay later in
installments. The announcement effectively adds First Bank
to the list of Nigerian banks such as Diamond Bank and
Stanbic IBTC that offers Nigerians Naira credit cards.
A credit card is simply a payment card linked to a revolving
account with a line of credit from which you can borrow
money to make purchases based on your promise to repay
the issuer. In essence, a credit card allows you to shop now
even if you don't have the money and then pay later.
However, before we begin dancing in the streets because
our banks are now offering us credit cards, we should stop
and ask ourselves if we really need the almighty credit card.
This piece seeks to explore three reasons why you don't
really need a credit card.
Credit Cards Limit Your Ability to Make Money
The first reason you don't need a credit card (from a
personal finance perspective) is that credit cards have the
power to severely limit your ability to make money and
create wealth. When you want to buy a product/service and
you are short on cash, you brain will naturally go into
productive mode to figure out a way to make more money
to cover the potential expense.
However, when you have a credit card, you will not allow
your brain to go through the process of generating ideas for
making more money; rather, you'll just whip out the credit
card and spend the money you don't have to buy the things
you probably don't need. Hence, you should be warned that
your ability to think creatively and to make more money
might disappear when you have a credit card.
The Interest Charged is Somewhat Exorbitant
The use of a credit card effectively means that you are
borrowing money from an issuer to offset the cost of your
purchase. However, banks are in the business of making
money and they will charge an interest for any money they
lend you directly in cash or indirectly through a credit card.
I don't have an issue with the fact that banks charge an
interest in their credit cards, but I am not comfortable with
the fact that banks typically charge full interest on the entire
outstanding balance if you miss a repayment.
The credit cards available in Nigeria usually have a 30-day
billing cycle in which you must pay the balance on the credit
card spent each month. Hence, if your credit card has a limit
of N50,000 and you make a N10,000 purchase, you will be
required to repay the N10,000 within the billing cycle. If you
repay the balance during the billing cycle, you will not be
charged an interest and you'll only be obligated to pay the
regular management and commitment fees.
However, if you do not pay your balance in full, let's
assume you only pay back N9,000 out of the N10,000 you
spent at the end of the billing cycle, you'll be required to pay
an interest on the N10,000 and not the N1,000 that remains.
Nigerian Credit Cards Lack REAL Credit
The third reason I think that you may want to think twice
before obtaining a credit card in Nigeria is that the so-called
credit cards usually require that the bank hold down at least
the equivalent of your credit limit in an account with them.
For instance, First Bank requires that you pay 125% of your
credit limit into a domiciliary account with the bank.
Hence, you will practically need to put the equivalent of your
credit limit up as collateral with the bank before they issue
you a "credit" card and I find it hard to understand how that
qualifies as a credit card.

pythonkid:
You just want to form over sabi first of all, theyve not started issuing credit cards here in Nigeria,.im sure you can't differentiate btw credit and debit card

Oga, banks in Nigeria give credit cards. I personally know 2 guys who have credit cards from a Nigerian bank.

That News is February 2015....

Jybz:
My thoughts exactly..
Seun and his Mods.. Lol

Nigerian Banks have credit cards..

O.P why are u using america as ur case study. And using it to advice us in Nigeria

Btw

Have I even seen a credit card in nigeria...

This is not for Nigerians. We use debit cards and not credit cards. No sane bank in Nigeria will let you spend money you don't have.

Lifesummary:
Thats not my business, I don't have credit card and here no be Yankee but please people should stop this thing of asking people to get Married because their age mates are married. Even you, some of your age mates have died but nobody have asked you to die.. we cannot come and kee our self

Sense wee nor kee you

WE ARE NOT AMERICANS!