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 Posted: Mon Nov 12, 2007 9:13 pm Subject: Questions about consolidation |
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I've got about 19,000 in credit card debt right now. All of the credit cards are in my mom's name and mine as either a co-borrower or an authorized user. The cards are my responsibility and my fault that they are out of control. 3 of them have raised or will raise their rates in a month or so because of the stupid universal default clause on them. I know I won't be able to afford them with even higher rates. If I consolidated them would it affect my mom's credit? She has other cards of her own and I don't want her to know that I'm having problems paying them off.
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ashleyd2005
Joined: 02 Nov 2007
Posts: 9
Debtcc Points: 213
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| Posted: Tue Nov 13, 2007 8:54 am Subject: |
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On face, yes it could affect your mom's credit, however, going into default/deliquency would also hurt both of your credit scores since both of you are associated (have both names) on the accounts. What does your mom say? We all have made mistakes and there are hundreds of reasons we use credit...now the goal is to get you back on track.
Question: have you used the free consultation service here, call the 1800 free number and a professional will contact you.
I know that you don't want your mom to know about the activity on your accounts, but you really should let her know as she will be affected as well. I'm guessing that she'll be supportive, yeah maybe a little mad, parents can get mad, but that's ok...it's vital that the two of you talk about this and come to a consensus. in the mean time seek professional debt counseling, if you haven't used this site please do so and keep in touch. good luck to you
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debtstinker
Joined: 08 Oct 2007
Posts: 288
Debtcc Points: 2786
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| Posted: Tue Nov 13, 2007 9:49 am Subject: |
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I can't add anything to that but Debtstinker is absolutely right! She might yell but she will yell alot more if you don't be up front with her and she finds out. Which she eventually will. You are going to have to bite the bullet on this. It will save you a lot of pain down the road. You are obviously very young and the best thing to have on your side besides the Almighty is youth.
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frogpatch
Moderator
Joined: 09 Apr 2007
Posts: 3559
Debtcc Points: 30195
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