I owe more than 50,000. Help, i'm in the deepest hole ever.?

Question

I owe more than 50,000. and my husband doesn't know about it. How can I lower my debt? He's planning on "us" borrowing money, but who will lend us the money since I owe tooooo much. Please help me, can't sleep anymore. I've spoken with credit counseling, and debt management. They both tell me they can help but will make my credit report worse. Should I just cut up most of my credit cards? I really don't know what to do anymore.

Answer 1

from now on
i think you should cut all your credit card and just keep 1.
also stay on a strict moneyspending regime.
no more shopping sprees.
try to put yourself into a scrict budget, enough to get basic necessities but thats it.
slowly you will be paying back tht debt in no time.
and once you reach about the 10,000 mark.
then tell your husband you have 10 grand debt to pay.
im sure he wont mind :D

Answer 2

Definitely start with cutting up your credit cards. Credit counseling can most times hurt your score and it can make things very painstaking. Here are a couple of suggestions (assuming your cards are already cut-up and this doesn't mean to close the accounts)

It comes down to whether you can afford to make the payments on the cards or not. You definitely need a budget but here you go:

First evaluate your options. Does your home have equity, can you consolidate your debt somehow, is your husbands credit good enough so that you could consolidate on his? You are on the edge so you need to either fix the problem or talk to an attorney and think about a chapter 7. (don't ever go with a 13)

Either way in your case the credit cards HAVE TO GO! It seems like your biggest problem is going to be getting this out in the open. And all you can do in this case is have some faith and do what you have to do. Don't allow the debt to burn a whole in your stomach. You did it, now face up to it and do what it will take to get it off your back. However you can. I know that can be a very troublesome experience, especially having to face up to your husband. Just make sure he finds out from you and not from someone else. That usually makes things even worse.

Answer 3

You should keep the credit card that you have had the longest. Only keep it if you are outstanding with them, meaning that you have never been late.

You are going to have to tell your husband! Man...I thought that I was bad having $3,000 on my card during Christmas.....Wheeew! But more than $50,000....Yikes!

As for all of the other cards... What you should do is open up a credit card account that has a 0% financing for at least a year. Also make sure that the same credit card has a low interest rate after the introductory offer has expired. Take all of the cards that have a high interest rate and put them all on the new credit card. That way you can make one payment and not a bunch of little ones.

If you are unable to pay the payment on any of the cards, you need to call up the card company and talk to them. A lot of them will take away the interest...as long as they get their money. Just tell them that you don't want to have to file for bankruptcy, but the payments are too much for you to handle. Most of the companies will work with you.

Then make sure that you destroy all of the cards and close the accounts.......Oh and never open them up again. If you don't have the money to purchase something, then don't buy it!!

Good Luck and I hope that things work out for you!!

Answer 4

He will find out soon. Anything you do except pay your debt back 100 % + interest will affect your credit score. there are different pros and cons to each particular company. Your particular situation would determine with program you will be best suited for. I don't know what state you live in so that also affect an answer. I work in this industry and I will be very happy to be completely honest about each program and the pros and cons. There are a lot of things you need to ask both companies before you sign on the dotted line. although you can get a lot of relief from ether you can also get scammed and in a lot more problems with the wrong company. You should cut up the credit cards, before you have a total mess. I know life gets out of control sometimes and things happen. If you email or call me I will be happy to ( no strings attached) answer specific questions. So that when you choose between the different choices you completely understand what you headed for.
Kourtnie Donihoo
The E.D.A. Group

Answer 5

No don't cut up your credit cards! Keep using them! (that was being sarcastic) Maybe you should come clean to your husband. I hope you are pretty young, because if your older, then you should have learned your lesson by now. I haven't heard of credit counseling making your credit score bad, but I have heard if you are in a program like that, you are not aloud to take on anymore debt. 50G's is a lot to owe, I don't know that you will be able to pay it off ever if you have incredibly high interest rates. even with lower ones, you need to throw like 3G's a month at them, which is pretty impossible if you guys need to borrow money, you could try to refinance your home if you own one. My mom had to file bankruptcy, because her husband ran up his credit cards, and hers, and they owed about 80G's, surprisingly enough though, it didn't affect her credit as much as she thought it would, she ended up getting a car loan about 6 months later, and has about 20 credit cards, that she uses responsibly. Talk to a bankruptcy attorney, they would be able to give you options. Heck she even refinanced her home a year later, with lower payments and interest. That may be a faster way to get out of debt, especially if your credit is bad due to slow pay, or lack of pay.

Answer 6

You need to tell him. I assume these are pre-marriage debts like student loans and some credit cards. This will affect your ability to buy a house together. I think that is a positive 1st step to cut up most of your cards--you need to keep 1 or 2 for emergency or convenience. Decide together whether or not to enter credit counselling since that too will affect your credit. It is quite possible he could get a loan in just his name as well if it is a home you are trying to purchase.

Answer 7

It's better he hear about your financial situation from you rather than the bank when they turn him down for the loan. If your financial situation makes it feasible to pay the money you owe, then by all means go to credit counseling and fix the situation. It will affect your credit report, but then again so will $50,000 in overdue and unpaid bills on your credit history. You may also need to consider bankruptcy. And for God's sake cut up your credit cards. ALL of them!

Answer 8

Get a hold of a representative from a company from Primerica, they may be able to help you. Just google it.
I would not advise this though, if you continue to lie about this to your husband. The company is very professional and it would probably interfere with them being able to help you. If you do tell your husband, he will find out eventually, or the guilt will eat away at you, then the company I mentioned can help you to find the best solution for your individual needs.

Why doesn't you husband know? Telling him may be able to help you to work towards a solution to what may seem to be a "bad" spending habit.....Good luck......

Answer 9

What in the heck could you have possbly spent $50,000 on? He hasn't noticed a ton of new stuff sitting around the house?

O.K. no lectures anymore. You have to tell him. There is no way around it . Once he tries to get the loan, they are going to show all of that debt.

M

Answer 10

If I was you I would it talk to him. How is it possible to get a debt like that, Gambling or compulsive buyer problems? May be he'll understand, perhaps you stand anything he has to tell you.