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Question for the Money Doctors

Question submitted on Jul 29, 2012.


Me and my husband have been married for 29 years and in those years we have always struggled with our finances. We would like to build up our credit rating and pay our bills on time. We are behind on all bills. At this time all the bills want their past due amount paid and his student loan is fixing to go into default could you please help us.


You are in a critical financial position, but it is not too late to improve your credit rating.  You mention that all your bills are delinquent, which implies you are having trouble making even the minimum payments.  You could try contacting the lenders to see if they will negotiate reduced balances and/or interest rates, though this is often a lengthy and intimidating process.  I suggest you contact a credit counseling service for professional help to control your finances.  A reputable firm will not only work with your creditors to reduce your debt and lower your monthly payments, but will help you establish healthy financial habits such as budgeting and reducing expenses.

Do research on the credit counseling firm before entering into any agreement.  Unfortunately, some of the companies offering these services may not be working for your best interest, and are primarily focused on charging exorbitant fees.  So do your homework first in order to find a client-centric, reputable firm to help.

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