I'm 32 been careless about my credit since I was in my early 20's. I don't know what to do about my credit.

Question

I've been married for 8 yrs. and have a 5yr old. I can't help with any finances even if I wanted or need too. I'm worried that I won't be able to help my son when or if he needs it in the future. I've got old hospital bills, a college loan, credit cards that I can't pay anything to at this time. I'm even opt to file for bankruptcy but I can't even afford that. If anybody knows anything that can help me please give me an answer. Thank You

Answer 1

At 32, you're old enough to take responsibility and help yourself instead of looking for someone to do it for you.  Google "repairing credit."

Answer 2

The first thing you should do is list every debt that you have so you know exactly what kind of financial trouble you are dealing with. Pull copies of your credit reports. Seek the advice of a consumer credit counseling agency before you consider bankruptcy. If you come up with a plan, you can get out of debt and reduce your interest rates and late fees which will free you up to get debt free in 3-5 years. Check out the link below. You've got to stop the cycle of debt and credit cards because you are going deeper and deeper in debt on a daily basis and that's not a good lesson to teach your kid(s) nor are money problems healthy for your relationship with your spouse. It's time to seriously think about where your money is going... cut out or cut back on those little things because they all add up. Bankruptcy is a long-term ding to your finances and reputation (housing, insurance and employment opportunities use your credit scores) so make bankruptcy a last resort. You want to increase income, reduce expenses and make a plan for a combination of the two. The debts won't go away without your help. Don't worry about the past carelessness... think about the future. Stop the cycle of insanity with money. You owe that to your family. You've got to set goals and live within your means. Do whatever it takes. Get to the library for one or more of the books by Dave Ramsey. You'll be impressed by the steps he has created to live debt free. Check out his TV show on FOX Business if you have cable. Then after you check out his cable show, cancel your cable service... it's a luxury and you can't afford luxury right now. You have bills to pay!!! It really is a shame that of all the classes we take in grade school, high school and even college we never learn about money. Our parents never talked about money. We based on purchases on wants instead of needs. It's no wonder we are where we are. Our parents had struggles but they didn't have credit card debt. There were no credit cards then. There were no computers or cell phones or other wastes of money in the name of convenience. Check out the resource group below for professional help:

Answer 3

Hi,

I used "Credit Solution" to settle my debt and avoid bankruptcy.They managed to reduce my debt up to 58%.It's legitimate.I came across this company on NBC News Special Edition.Check it out here:

http://www.x.se/a5nf

Answer 4

I suspect that your credit may not be as bad as you think it is.

You need to pull your reports and find out exactly where you are right now. You can do that for free at annualcreditreport.com.

Some of your old debts may have already fallen off your credit reports, since they can legally only report for 7 years or so.

Other debts may be time-barred by the Statute of Limitations so, depending on where you live, you may be able to settle these debts for pennies on the dollar and negotiate pay for deletion agreements with them.

If your student loans are in default, you can get them out of default by contacting your lender and asking about rehabilitation.

Don't even consider bankruptcy until you know where you stand, and never pay some "professional" to fix your credit. This is not brain surgery. You can easily fix your own credit for free, and use the money you would have wasted paying some expert to pay your own debts.

Good luck!

Answer 5

there are legit agencies that can somehow erase negative credit. My aunt had a bankruptcy on her credit and the agency erased it and made her credit nice enough to buy a house. Just google credit repair, good luck

Answer 6

If you have a job, Consumer Credit Counseling can help you.

Make sure you choose one that is nonprofit.  They should only charge about $30 a month to take care of your bills for you.  They call the credit cards and get them to lower your interest rate considerably.  They will help you figure all this out, and all you have to do is never use credit of any kind until you get this paid off.  You pay them a specific amount every month so they can disburse the money for you, to your creditors.  They also give you a course in credit knowledge, to make sure it doesn't happen again.  By the way, the laws about bankruptcy have changed, and you cannot even file bankruptcy unless you HAVE had credit counseling.  So this is your only first step.  I wish you luck.  You are still young, and this will be the best decision you ever made.

Answer 7

First off, cut your credit cards in half, then find a good consultant to manage your accounts.