Relationship is over, but we still share credit card
Dear Dave,
A few months ago my girlfriend and I opened a credit card account in both of our names. Now, we?re no longer dating. How can I get my name off this account?
? Jeremy in Oklahoma City
Dear Jeremy,
First, never open any kind joint account with someone when you?re not married. Second, never use credit cards again! Sounds like the credit shark took a chunk out of you and is still nibbling away.
You need to call the credit card company right now, and tell them to take your name off the account immediately. Then, find out if there?s a balance on the card.
If there is, and it was charged up while your name was on the thing, you?ll still be liable for that amount. They won?t release you from responsibility for those purchases, but you can get off the hook for any future charges.
After this, send them a certified letter ? return receipt requested ? stating that you are no longer liable for any additional charges on the card. You may even want to call them in a few days to ensure they got the letter.
Get this done now. Otherwise, you?re going to be in a lot of trouble, along with your ex-girlfriend, and that?s not my definition of fun!
? Dave
Dear Dave,
Not long ago I was laid off from my job at an auto repair shop. I have some tools of my own, and was thinking about opening my own business.
The problem is there are some tools I still need and can?t afford. Do you think I should get a small loan ? maybe $15,000 ? to set up my shop and get into business?
? George
Dear George,
I can?t recommend that you go into debt to start this business. Don?t get me wrong, I love it when a person has the drive and talent to open their own business. But right now you?re unemployed and looking at going into debt. That?s not a good plan.
According to the Small Business Administration, 80 percent of new businesses fail within the first five years due to debt payments. I started my business on a card table in my living room years ago, so I know it can be done without going into debt.
George, you have your own tools and the know-how. Find a place to work, do the jobs you can with the tools you have and then save up for the other tools you need. If you?re talented in your field and you move slow and smart on this deal, you?ll have a thriving business on your hands and no debt to eat up the money you make. This way, you?ll own the business instead of it owning you!
? Dave