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should i hire a credit counselour?

so me and my fiance were young and dumb when we got our selves in debt with credit cards and such...along came our first son and it all went down the drain. i am in debt by about $7,000 at the most...i am not sure how much df is in debt by...our stuff is mostly credit cards, cell phone company (long story), and other little things...how do i start to restore my credit...i am only 23 and hope to own a home at least by the time i am 26...is this possible? what do i do where do i begin? thanks!

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Anonymous

Asked by Anonymous at 1:59 PM on Dec. 1, 2009 in Money & Work

Answers (5)
  • Don't waste your money on a credit counselor. I've never heard anything good about them. Just sit down and create a budget. You could make large payments when possible to pay off the principle faster so your money doesn't all go to interest. My dd moved in with her bf a few years back and she paid off all their debts AND their house! He paid all the household bills and utilities while she took her entire paychecks and put toward bills.
    admckenzie

    Answer by admckenzie at 2:03 PM on Dec. 1, 2009

  • Agree with above, there are many steps you can take on your own, like settling with your creditors at tax time and such that will allow you to alleviate some debt without owing money to a counselor!!! Many things on your credit stay for about 7 years. So your credit score may come up a TON in the next three years, you might just have a hard time getting a low interest rate.
    sweetstkissez22

    Answer by sweetstkissez22 at 2:22 PM on Dec. 1, 2009

  • You can find free credit counselors and it does not hurt to talk with one of them. If either of you has a job where a counselor visit is covered by your benefits, take advantage of that.
    You need to find out how much debt your SO has before you make your financial commitments communal. Do you want to be responsible for his debt?
    Take the advice of online counselors like Suze Orman and Dave Ramsey. Stop using credit cards totally and eat at home. Change your spending habits and be aware of where your money actually is going.
    DogsMom

    Answer by DogsMom at 3:07 PM on Dec. 1, 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 5:16 PM on Dec. 1, 2009

  • our credit cards are not active any more, they are all closed but still have a balance. we dont eat out and we use cash for everything. our cars are paid off and we only have the necessities in bills. how do i get the information on the old credit cards, like who the collection company is if im not recieving bills for them anymore?
    Anonymous

    Answer by Anonymous at 11:22 AM on Dec. 2, 2009

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