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My Parents Put Me On Their Credit Cards When I Was 15. Now They Use My Credit. – Emma

When I was 15, my parent’s started building my credit by placing me on their cards. Today, I have excellent credit.

However, about maybe two years ago, my parent’s lost our home to foreclosure, and their credit was ruined. They now use my credit when they need it. They take care of all those debts. So my credit has obviously increased over these two years.

However, last year or so, I started using my Macy’s Visa Card. They gave me 3,000 credit. I am now 1,700 in debt. I personally owe 800 on there, but I let my friend borrow my credit to buy a computer he needed badly for school. He is going to get fired soon, and might not be able to continue making payments. I’m unemployed myself.

I’ve always helped in the family business, and just about a year ago, my mom became ill. They are still able to make the payments for what they owe with my credit, but me, myself, can’t.

I can’t go to school or get a job because I have to be home 24/7 to help my mom. I keep making the minimum payments on Macy’s, but it seems like I’ll never be done. What can I do? What’s the solution? I just need to get rid of that debt without affecting my credit and without a job it’s very hard. I don’t know what to do… I don’t want to lose my credit. That specific card has a high interest rate, and my minimum payment is around 56. I can’t even afford to make that payment, asking my parent’s I think would be abuse. They cannot afford to pay me now that they’ve lost so much business.

Emma




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Sincerly,
Steve

You are not alone. I'm here to help. There is no need to suffer in silence. We can get through this. Tomorrow can be better than today. Don't give up.


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About the author

Steve Rhode

Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.

10 Comments

  • You don’t say how old you are now, but (rants aside) the advice given here is good.
    1. Your mom is ill, but your dad is not. He or another relative should be able to care for mom for a “shift” while you pick up a part-time job.
    2. Use your time at home to sell anything you can for any price you can on Craigslist or eBay or through yard sales. Most of us have junk we are not using.
    3. Ask relatives and neighbors for help in small quantities. Ask the church for a meal a week.
    4. Go to cash only – cut up the cards. Shop for groceries to the local deals – if it’s hamburger and spaghetti sauce on sale that’s what you eat. Shop clothing at resale. Park the car and save on gas. Make your world as small as you can walk around.
    5. Your parents and your friends need to stop using your credit. NOW! You and your dad need to work up a budget and live in it. If medical bills are the issue, research and contact local agencies for help with the medical issues.
    6. Tell your friend he needs to settle the debt for the computer while he is still employed and has income. If necessary he can sell the computer for what he owes you.
    Sounds harsh but make it a game – how cheaply can you eat? Can you eat pasta twice a week for $1 a meal? Can you make sandwiches for $1? Can you find something everyday to post for sale? Can you babysit at home for a neighbor’s after school kid? Can you get three shifts a week evenings at the corner gas station, nearby diner? Can you push a lawn mower for an elderly neighbor once a week (or land a snow shovelling job or two?) It’s like a real life scavenger hunt. Good luck and hustle hustle hustle.

  • You don’t say how old you are now, but (rants aside) the advice given here is good.
    1. Your mom is ill, but your dad is not. He or another relative should be able to care for mom for a “shift” while you pick up a part-time job.
    2. Use your time at home to sell anything you can for any price you can on Craigslist or eBay or through yard sales. Most of us have junk we are not using.
    3. Ask relatives and neighbors for help in small quantities. Ask the church for a meal a week.
    4. Go to cash only – cut up the cards. Shop for groceries to the local deals – if it’s hamburger and spaghetti sauce on sale that’s what you eat. Shop clothing at resale. Park the car and save on gas. Make your world as small as you can walk around.
    5. Your parents and your friends need to stop using your credit. NOW! You and your dad need to work up a budget and live in it. If medical bills are the issue, research and contact local agencies for help with the medical issues.
    6. Tell your friend he needs to settle the debt for the computer while he is still employed and has income. If necessary he can sell the computer for what he owes you.
    Sounds harsh but make it a game – how cheaply can you eat? Can you eat pasta twice a week for $1 a meal? Can you make sandwiches for $1? Can you find something everyday to post for sale? Can you babysit at home for a neighbor’s after school kid? Can you get three shifts a week evenings at the corner gas station, nearby diner? Can you push a lawn mower for an elderly neighbor once a week (or land a snow shovelling job or two?) It’s like a real life scavenger hunt. Good luck and hustle hustle hustle.

  • Getting on a specific payment plan to lower your principle and to pay off that debt as soon as possible so you can number 1 have good credit and number 2 get back on your feet!

  • Getting on a specific payment plan to lower your principle and to pay off that debt as soon as possible so you can number 1 have good credit and number 2 get back on your feet!

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