How you manage your money directly affects how you view yourself, what you think about yourself and your relationships. How to approach financial issues in a relationship.
Being in debt can be an embarrassing situation, but talking about it can feel even worse; especially when discussing it with someone you plan to live the rest of your life with. However it is important to explain any financial problems you have with your partner and that they discuss theirs with you. There are many problems that arise if you hide your situation and the deceit could cause the end of your relationship.
Hiding Doesn't Help
Hiding your debt will never help you or your relationship with your partner. Not to mention that the people you owe money to will eventually catch up with you. If you know you owe money, arrange to pay it off slowly; most people even big companies will be more inclined to do this if you call them early on and let them know your situation. You also need to make a list of all your debt, as scary as it may seem. When it's done, sit down with your partner and explain that you want to talk about finances. This will show them that you are serious about the relationship and it may give them the platform to open up and do the same. You should go through the entire list of debt with your partner and explain if and how you are trying to pay ti off. This can help significantly when it comes to discussing living together and how much you both can afford in rent, or if obtaining a mortgage is out of the question.
Credit Card Are The Biggest Downfall
Having a credit card can be beneficial to build credit, but you have to stay on top of payments and not let the debt and interest accumulate each month. Before you end into forever after, its important that you ask your partner about their credit cards. If you both happen to own a credit card issued by the same company, see if you can consolidate your cards and maintain a joint credit limit. Coming to an agreement to clear the debt as soon as you can, and making extra payments each month, will put you in a situation where the debt is worked off much quicker than you had anticipated.
Shared Link 8 The Dangers of Spending
Marriage and Finances
My husband has a poor financial history. He even filed for bankruptcy before we got married. And in the last few months, he’s applied for loans…lots of loans…and got shot down every time.
I’m worried about my marriage. What should I do?
My advice for Anna…
Consider putting a freeze on your credit with the three major credit bureaus.
Have an open and honest conversation about your money. If you can’t do that…I don’t hold out much hope. You need to be able to talk about this.
Remember that you are NOT responsible for your husband’s debt unless you have co-signed loans. So, don’t co-sign anything.
Get my Credit Solution Program and follow it to the letter.