My GF used her moms credit card to pay for a new furnace when old one broke. Now we cant afford payments.?

Basically, it was the middle of winter in Minnesota and with 5$ to our name, the furnace broke. We applied for a few government sponsored loans (SEMCAC I believe was one) and were rejected from each. Her mom then said my GF had to buy central air and consolidate her other CC's on a single card if she was to borrow the money, so she did (against my urgings). So here we are a year later, saddled with a 500$ min payment on a CC that was 4% but is now 25% because the introductory rate ended right around the time the company decided to hike most rates across the board. Between student loans, mortgage (we are trying to sell the house, but it's been up for almost 10 months and won't sell), credit card, and cost of living we are BEYOND our limit. We cannot take the debt from her mom back onto ourselves to enter into some sort of debt management program, because of all the aforementioned issues. Beyond this, she has racked up quite a debt herself, some $50k or so. She is at the end of her line as well. She will not try for some sort of consolidation or bankruptcy options. Any ideas on what to do? Wanted to add a few things. 1. GF is making almost all of the payments since I am currently in college. 2. Can't file for bankruptcy when the card is in her moms name not hers.

Public Comments

1. You are the Joke The mother and the girlfriend are using you.. The mother knows what the girlfriend did. They just want to see if you are stupid enough to pay if off for them. This is why I don't like Stupid Straight people. Games, Games, Games
2. That's a tough one man. You might have to file for bankruptcy.
3. That is a tough one. Well, no matter what, the last thing you should do is drop out of school to work. Try to finish school first as quickly as possible. The best way to pay off credit cards is this: Figure out all the interest percentages on the credit credit cards. Make the minimum payment ONLY on all the lower interest rates and on the high interest rate pay AS MUCH of the balance as you can. This way you are paying off the card with the most interest first. Do this no matter the amount owed. When that card is paid off move down to the next highest card and do the same thing. Good luck
4. you need to ask for a lower rate. doesn't hurt to ask. then you need to apply and see if you can get another credit card with a lower rate and transfer the balance over to that. how did she rack up $50k in additional debt?
5. Well don't marry her for one, until she gets her CC's resolved. Pay the student loans, especially, because they don't disappear. Not even in bankruptcy.
6. I found a huge online list of Minnesota local credit card resources. http://www.howtofindcreditcard.com/Minnesota-Credit-Cards.html Try calling a nearby service and they surely answer your questions.