I didn't know where to post this but I need advice because I feel guilty *PLEASE HELP*thanks

[CoCo2009]

When I was 19 my mom bought a house in my name, I was young and I thought I was helping my mom. Well I was young and dumb and got all these credit card offers in the mail and used the hell out of them. I have been responsible and paying all of them but of course was laid off and now my good credit is being ruined because I can't afford the bills. So far I have 1 30 day late on my account. I have been debating with myself to go into debt consolidation to get back on track. The only problem with that is my mom thinks it will mess me up if I do that and she won't be able to refinance the house because I messed up my credit. She pays the house note on time and everything is fine with that but what about me? I can't sit here and struggle and stress myself out just because my mom might want to refinance eventually so I enrolled in a debt management program so that I can get my credit back together and get back on track for my future! I feel bad now. I mean what the hell am I supposed to do. She is going to be mad when she finds out that I was late on some bills and enrolled in this program but I AM 28 years old this year living on my own and I need to take care of myself! I feel scared and guilty.

[thejigsup]

Here in California, debt consolidation or debt management on your record can really hurt your credit rating. Whether this will affect your mom refinancing or not, I don't know. I went to debt managment and got all of my credit card debt erased some years ago, but it was definitely a black mark on my credit. I recently had a medical bill of $1,500 for one of my pets and then someone corrupted my checking account and withdrew much of my money. I got my bank account straightened out, but I refuse to go to credit counseling, no way. I've called all my cards and, while they don't like it, they have accepted that they will see no money from me until I receive my tax return.

[CoCo2009]

but if they will not be getting any money from you isn't your credit going bad anyway with all of the 30 60 and 90 day lates? I put 3 large accounts on there not all of them but eventhough it probably doesn't matter but I felt like it was better than just sitting around and watching all my money go to late fees and over the limit fees. I don't know what to think anymore.

[davef]

I would avoid bankruptcy at all costs. If you lost your job, temp in the mean time so you can pay your bills. Work until you pay them down and then you can resume thinking about fun or a satisfying life. Becareful about doing anything that will ruin your credit.

[Scorpion Fury]

You need to do what's best for you. Your mom being able to refinance a house is not your responsibility, I'm guessing her own credit was bad and that's why she had to do it in your name. If you can't pay the credit card bills and they end up in collections, your credit will be even worse and she REALLY won't be able to refinance. Before you do the credit consolidation thing, work with your creditors individually, and see if they can lower your interest rate or minimum payments and what your options are

[CoCo2009]

well I already tried to work with them and 3 of them wouldn't work with me so I had to put those in the program.

[DJBaby]

Your mom sort of put you in a bad position when she put a house in your name at 19.

 

When a friend of mine was 18 his dad put his business in his name and then went bankrupt. Now my friend is screwed.

 

I wouldn't feel too bad. You do need to get your credit back on track and your mom should be understanding. Why did she have to put the house in your name? What kind of financial responsibility does a 19 year old know?

[Puckdog27]

Have you spoke to any of them about a one time, 1 month forbearance in order to give you a chance to catch up? This is always an option on car payments, student loans etc etc. I never asked for one with a credit card but its worth asking if you explain your situation I found being forth coming and explaing you want to pay your debt but need a little help goes a long way. Also, I agree find a temp job even if its at McDonalds or WalMart until you can get back into a regular gig. Nothing wrong with swallowing a little pride and no matter the position, working is honorable.

[CoCo2009]

well her credit was bad and now I am freaking out because I already enrolled and now I really ruined my credit didn't I? I'm so confused right now, and lost too.

[CoCo2009]

Have you spoke to any of them about a one time, 1 month forbearance in order to give you a chance to catch up? This is always an option on car payments, student loans etx etc. I never asked for one with a credit card but its worth asking if you explain your situation I found being forth coming and explaing you want to pay your debt but need a little help goes a long way. Also, I agree find a tem job even if its at McDonalds or Wla Mart until you can get back into a regular gig. Nothing wrong with swallowing a little pride and no matter the position, working is honorable.

 

Some of the companies could help me but the three that couldn't I enrolled them in the program

[CoCo2009]

well I canceled the program, I don't want it to look like I went bankrupt so yeah