Here’s a new resource for getting free advice from credit counselors associated with the National Foundation for Credit Counseling. The organization has teamed up with MSN, and during most weekdays counselors are on hand at the Ask a Credit Counselor Message Board to answer your questions.
Here’s an example of a recent question and answer session, but I’m only including a portion of the answer.
Question: Two months ago I co-signed a car loan for my son and now he is not making the payments. I don’t need another car, how can I get out from under this one without ruining my credit?
Answer: This is a life lesson on why you should not cosign for a person, even though you were only trying to help. You will not be able to “get out” from the debt. In order to keep your credit in line, you need to consider paying the payments until your son can start resuming the payments himself. A stern conversation with your son may be in order.
Updated September 28, 2007 and originally published June 27, 2007. If you enjoyed this article, subscribe to the RSS feed or receive daily emails. Follow @flexo on Twitter and visit our Facebook page for more updates.