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I need some financial advice.

So when my DH and I got married 2 years ago, he realized I had great credit (790) and applied for all these cards in my name and maxed them out and got 2 new cars from the dealership he worked at under my name. Now we are in debt really bad and do not make enough to pay our mortgage, car payments, and the minimum on all my credit cards. Luckily, he's learned his lesson, but the hard way and on my expense. So, I know consolidating all your credit cards hurts your credit real bad, but I know so does not making payments on cars and cards and mortgage does too. I hate that my credit is going to get screwed up regardless 'cause I worked real hard to make it great. So what do you think is our best option that will hurt it the least?

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Anonymous

Asked by Anonymous at 4:33 PM on Sep. 2, 2009 in Money & Work

Answers (2)
  • It's FAR better to get an agreement on the loans. Contact the nonprofit consumer credit counseling services...www.cccs.org. They'll help you put together a budget and a payment plan.

    Here's the good news...you're not all that different from millions of Americans.

    Since you already have a mortgage and two new cars, it's not likely you'll need to take out any additional loans for a couple of years so you should be able to build your score back up.
    gdiamante

    Answer by gdiamante at 4:57 PM on Sep. 2, 2009

  • The Dept of Justice has put together a database of credit counseling/debt consolidation orgs with the DOJ stamp of approval-
    http://www.usdoj. gov/ust/eo/ bapcpa/ccde/

    rkoloms

    Answer by rkoloms at 9:34 PM on Sep. 2, 2009

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