I am a stay at home mom with no income aside a once a week job where I earn about $115 a day before tax. My husband works full time and makes around $40k a year. My husband has a terrible credit score. Mine used to be good, but we hit a few very rough patches in which my husband was irresponsible and quit jobs without notice, leaving us to rely on CC’s when he was in between jobs. We have about $18k total between three cards in my name, all with high interest. We are paying over $500 a month just for minimum payments, we are barely able to afford those and our balances are hardly going down. As a result my credit score is somewhere between poor and fair, only due to high balance (I have no late payments, no collections and I have long standing accounts).
We need a solution because we cannot live like this, we are almost unable to afford toilet paper and we have two kids. I am having panic attacks daily.
I am getting letters for loan consolidations and loan settlements but I have read those are untrustworthy. I really don’t want to do a settlement either, the idea of not making a payment sends me into a panic attack but my husband is irresponsible and keeps threatening to not let me make payments.
I have read even filing bankruptcy requires a few thousand upfront just to file which, no surprise, we don’t have.
I am thinking perhaps I should go to my nearest credit union and look into a consolidation loan, from a reputable source?
Any advice please, I really need it 🙁