Posts: 132
31 October 2023 at 3:55 pm #735

Acknowledge the amount borrowed was more than the amount paid

Pete thought, how do I account for this debt? The statements from the bank don’t explain everything. It doesn’t say… this was for family, this was for us, this was for the dog. Not really. And the balances seem to be growing even though I am diligently paying more than the bank require.

Oh, for a few months less than the minimum were being paid and the bank would call. The partner would answer the phone and Pete would recover the shortfall by paying the bank. But this was just pointless. He was not acknowledging that his payments were not keeping up with the increasing amount borrowed. And it was not really covering the interest (cost of credit.)

Also, within some months there were many, many transactions on the card. It was getting hard to keep an eye on.

If you were Pete, what would you do?