Get Out Before They Get You!
Ray is an authorized user on his wife's credit card, but he's worried that her check bouncing will mean trouble for him.
QUESTION: Ray’s house is paid for and his wife left him. He has a Visa credit card with $25,000 in debt and a line of credit with a $10,000 balance. The Visa is in her name, and he is an authorized user on it. She is writing checks that are bouncing. He wants to take his name off the account, but doesn’t know if he can. Dave tells him how he can help himself.
ANSWER: If it’s got your name on it, you can disconnect your name from this account, so you won’t be held liable for any further charges on this account. She could go buy a car with this account and you’d be liable for it. You are liable for the charges that have been made to this point. Get your name off this account yesterday. You’re not liable for the Visa because you are just a user on it, but you are with the line of credit. Have the bank take you off as an authorized user, and remind them then that you have no liability for this debt.