Ask the Money Coach: 5 Steps to Take When a Relative Ruins Your Credit

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Follow Through

If the person doesn’t act quickly, and follow through as you’ve told them to do, don’t hesitate to get those services cut off. If push comes to shove, and you have to tell creditors or even the authorities who the culprit is, I would go ahead and do it. Why would you go through unwarranted financial stress for such a person when clearly they’ve shown you absolutely no personal or financial consideration whatsoever?

It’s a shame when a relative uses another family member’s credit and then ruins that credit. In some families, that would be cause to get "cut off"---perhaps for life. For many people, though, completely cutting a relative or close friend out of your life forever would be too difficult and emotionally painful.

A word to the wise, though: Even if you still love the person who did you wrong and want to maintain the relationship, you should never stand for being anyone’s financial doormat.

Check daily for Lynnette Khalfani-Cox's Ask the Money Coach column on BlackEnterprise.com

Follow Through

If the person doesn’t act quickly, and follow through as you’ve told them to…