Skip to main content
No. of Recommendations: 0
Let me just add to the other comments that with your BK, your credit rating is toast. Since DW has at least one late fee according to your comments, her credit rating is probably not outstanding either. But it is what you have to work with, so you will want to protect it at any cost. After seven years of clean credit living, you can venture back out into the sunlight, but until then your family will be dependent on DW for credit.

It sounds like you tapped every possible source of money to subsidize your spending, from your parents to your home equity to your 401k. You need to address all of that, and if that means that the kids get homemade gifts this year instead of the latest electronics, then so be it. Use it as an educational opportunity to explain the pride and pitfalls of money and credit cards. Maybe they can help out this summer with a lemonade stand. Or maybe you or DW can take on a second part time job to help bring in more cash.

Is there anything that can be sold? Anything that you can avoid paying? It can be very humbling to admit that you can not afford to do something, but you have to swallow your pride and realize that even with the BK you are far from breaking even and the whole family is going to have to make sacrifices to get there. This board can help, if you have a strong constitution, by going through every aspect of your financial life and letting you know when you are doing things right and where you can make changes for the better. It's tough Foolish love, but it is yours for the taking.

Who naturally spent more than he budgeted down at Disney last week...
Print the post  


UGC Disclosure Notice Regarding Credit Card Posts
Community board discussions about credit cards are not provided or commissioned by banks who may have advertising relationships with The Motley Fool. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser's responsibility to ensure all posts and/or questions are answered.
TMF Credit Center
The Motley Fool Credit Center arms you with real tools and simple messages, that will help you in every credit situation.
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.