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don't lend him the money. you might as well just save yourself the headache.
as for the account being closed, does that mean it is sent to collections or is he still paying the CC company? if its sent to collections, its another ball game. you still have to pay, but you can cut a deal with the agency. but i am sure that route will heavily damage whatever his credit standings are right now.
if this will affect his future purchasing a home, it depends how far into the future. if its immediate, definitely. if its long enough for him to build his credit back, it will be easier for him to apply and obtain a mortgage.
when he has his stuff under control and managed, i highly suggest he gets a super low limit credit card. use it for gas once a month, and then don't touch the card until it is paid off. that way, he can build his credit back.
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