My Operation Manager recently requested my help to write a letter to the credit card companies to terminate his supplementary cards which is being used by his wife. His wife mixed around with SAHM with rich husband. So, she is influenced by their lifestyle and their way of spending. Spa, facial, shopping, dines in hotels etc. Ended up her husband is in credit card debt now. Paying the minimal payment every month. Which is quite a big sum because she used a few credit cards. Due to the high interest rate, I think he is only paying the interest every month.
He sure need the Credit Card Consolidation where all his credit cards debt will combine into one loan. This is how it works. With Credit Card Consolidation loan, all your credit cards are combined into one consolidated loan. You make the payment for that loan to the credit card debt consolidation company each month, which in turn, pays the various credit card debts. By doing this you will be paying lower interest rate.
I wish I know his wife personally so that I can sit down with her and have a woman talk. Advising her about this issue. As wife, we should be a helper to our husband and to put more burdens on his shoulder.