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Few months back, I co-signed two credit cards, one for my brother and the other for my colleague. Now, they're unable to manage their balances and my credit has received a big hit since then.
I discussed regarding this with and they seem to be lost in having their debts under their control. What should I do to help my credit rating from sinking further and at the same time both of them prevent digging themselves deeper into the debt hole?
How to manage increasing credit card debts
All three of you are in a big jeopardy I think...
The best I can suggest :
1.try to maintain monthly bill payments on time
2.Try to use the credit cards as minimum as possible to avoid accumulating more debt.
3.start buying or paying other expenses by cash.
3. Plan your finances by budgeting your expenditure.
4. Most important, consult an attorney to get expert suggestion.
Hope that'll help
It appears as though you are on the hook for these. You need to see if there is any way that you can get free from it (though I doubt it) and start building up your credit again. I would recommend against buying stuff with cash as the previous poster said, anything you buy will now have to go through credit just to be able to build yourself back up.