Other articles by Steve Bucci:

Todd Ossenfort: Adding names to credit account? Take careSteve Bucci: Ask collection firm for written payoff amountSteve Bucci: $370 'convenience check' adds $1,463 interestSteve Bucci: Insurers' use of credit scoring is here to staySteve Bucci: Potential husband's credit rating is red flagSteve Bucci: Give credit-card company a 2x4 upside the headSteve Bucci: Paying off debt burden is No. 1 goal; improve credit laterSteve Bucci: Avoid 'universal default' cards if you canSteve Bucci: Reversing poor credit history takes timeSteve Bucci: Paying down student loan debt takes a plan, patience

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Q My wife and I have been married for one year. We both were still attending college when we got married, but now student loans, credit cards, an ATV and a few other small bills have become way overdue. It would take $12,000 to rescue us.

A I'll bet you didn't think married life was going to be like this! Your finances, and maybe your marriage, have a ding or two, but I think I can help. Take a deep breath.

Let's begin by using some simple common sense and the research skills you acquired in college to debunk myths. Do some research and you will find that you most certainly can be sued if you don't pay exactly what you promised and on the date due.

Next, I want you to research what makes up good credit. You will find yours is tarnished already. So, your worries about ruining your credit when you believe you are about to be sued is like closing the barn door after the horse has left the stable. If you are "way overdue" on payments, the damage to your credit has already begun. It could, of course, get worse, but real damage has already been done.

Finally, $12,000 won't rescue you. It will only delay the inevitable. The key for you going forward is to learn how to manage your finances. So, let's begin. You mention an ATV in your letter. I believe at this point it would be best to sell the ATV. It's really not an essential and you may either eliminate a payment or free up some cash to apply to other bills.

Next, I want you to contact the lenders who are about to sue you and work out a repayment plan you can afford to keep up. Also, be sure to research the possibility of consolidating your student loans and see if it would lower your monthly obligation. Otherwise, you must make room in your budget to pay them.

You may have to make some significant lifestyle changes, at least for a little while, to get back in control of your student loans, credit cards and other obligations. Consider the following items that may help you free up enough cash to make a difference.

● Consider a move to less expensive housing. If you are renting, downsize to fewer bedrooms or an efficiency size.

● Cut back on food expenses. Don't eat out. Clip coupons, buy store brands and never shop when you are hungry.

● Ask for overtime at work and search for a higher-paying or part-time job.

● This may be the most important of all — you must stop using credit cards. If you are using them to extend your income, you are digging a deeper hole every day and you need to throw away the shovel now.

● Consider visiting with a qualified credit counselor. A counselor can help you understand past mistakes and create a plan toward a healthy financial future. You can find a good one at www.aiccca.org.

Good luck!

Debt Adviser

Steve

Bucci