We tried to help open a business, and well it failed. Long story short, we owe like 26k on about 10 -14 different cards. We already sold all the equipment from the failed business. So after all is said and done, we are at 26k left. the combined min payments are around 960 a month. Both of our credit scores took a major hit because of all this and we dont really have an equity line option. Since my credit is damaged worse than her's, I was thinking of taking my 9k in available balances and paying down that much that is in her name. that would get her to around 7k. then I was thinking of going through the credit counseling on myself. Do you think this is a good option? i am just aggrivated about how things went from so good to so bad so quickly. the stress is getting to me.
Richard,
we didnt just go out and pick up 10-14 credit cards. we both had about 3 each, and took out the rest in order to start a business. Our business loan didnt cover everything needed. After about 7 months, we had to close up shop. We were able to sell all the equipment in order to pay off the exisiting loan. We also were able to pay the credit cards down from 42k to 26k. 26k is the remaining chunk of change leftover from our attempt. We were both owed nothing on credit cards before.

I do sympathise with you and your wife over your current financial predicament. However, I really don't know why you both obtained 10-14 credit cards. It is a poor financial decision. If I knew ahead of time, I would have advised you both to pay off some of the cards (those ones that are new) and possibly to close those accounts. Or, better still, not charge more than 12% of your credit limit each month, thus, making it easier to pay off each month.

Since we can't change the past, I would agree with you to take 9k from your available balances to pay down your wife's debt, although this would plung you into more debt.

My advice to you now is this: Please talk to a qualified debt counsellor. I would recommend Lexicon. You will find their telephone number on the web. Tell them the truth. They have helped several people and I am sure they would be willing to help you too, although it is not free, it is not expensive either.

In conclusion, while wishing you and your wife the very best in your endeavours, please do not borrow any more money until your current debts are paid in full or settled.

RICHARD