My boyfriend and I have have been living together for three years now, he has a mortgage for our home in his own name due to my crappy credit rating we mutually agreed this was the best choice and he has always had excellent credit. When we moved in together he had a visa card which he added me on as a joint cardholder and also opened another account which I was the authorized user. In the past year and a half I maxed both cards out, one for 10,000 and one for 8000…I hid this from him for a very long time, this July the 10,000 went into collections and I changed our number and tried to avoid the collector, now this week he tracked my boyfriend down at his moms and told him he has to pay it immediately in full or he is being sued, now the 8000 card is almost ready to be put in collections also because they are sick of me avoiding calls. My boyfriend is heartbroken and his credit rating is so messed up now because of me. He has no idea what to do, we do not have very much money in the bank only around 8000 in savings and his line of credit is up to 25000, so we can’t borrow from there, and now he cant qualify for any loans because of this so he is really depressed. I feel like the worst girlfriend in the world, I did not mean for this to happen, I just used the cards like they were cash and made a huge mess…
My question is what is the best option in this situation? We need a solution fast because this creditor is really being threatening and he even called me a fraud, he said we have 24 hours to pay…can they take our house? Please tell me what to do? Should we use a credit councilling service where they pay them off and then we pay them monthy?
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