Guiding consumers since 2009

Telling your partner about debt

By Staff Writer

Being in debt is not ideal for anyone. Being in debt and not having your partner know about it is even worse. Lots of people might be in this position and confronting it is not easy. You need to be honest and confront your issues, here are some tips on what you can do.

Open up and admit the problem

Yes, it sounds obvious – and likely painful. But honesty really is the best policy when dealing with a hidden debt problem. So by all means, open up. Do so in person, and avoid phone calls, texts or emails. Dialogue is going to be a huge issue, and conducting that dialogue face-to-face should increase the chance of a decent resolution. If your spouse really is on your side, he or she will appreciate, sooner or later, the fact that you came clean in person.

Bring your debts with you

Another painful, but in the long run, helpful exercise is to bring your debts with you when you discuss the problem with your spouse. Print out your bills and debts, your bank account records, and any appropriate receipts, organize them into a binder and show them to your spouse or partner. This tactic serves twin purposes – it helps you acknowledge exactly what you’re up against, and demonstrates to your partner that you’re serious about working the problem out.

Schedule a “budget meeting”

Don’t make the discussion a one-off. Ask your spouse for a weekly “budget meeting” where you can discuss bills and debts, and work out a long-range program to pay them off. That shows your commitment to solving the problem together.

Create a debt repayment plan together

There’s no getting around the fact that you have to pay the money back on your debts. In fact, not only is your credit rating on the line, but your marriage may very well be, too. So build a debt resolution plan together. Visit a financial advisor as a couple or contact a debt relief agency together. Make sure you find one that’s legit, though.

Recent Articles

Featured The bank took money from my account – is this allowed?

You’ve just deposited money into your account and suddenly you see a notification from your bank. Money has been deducted from your account to pay the outstanding debt that you have with the bank. Is this allowed?

How much does it cost to draft a will?

Having a Will allows you to determine who inherits your property when you die. If you die intestate, the government will determine how to distribute your assets. Many people die intestate because they don’t know how to draft a will or are intimidated by the costs of drafting one.

Is your home correctly priced for the current market?

The property market is typically in either one of two phases, a buyers’ market or a sellers’ market. According to real estate experts, we are currently in a buyer’s market. For this reason, it is important as a seller to correctly price your house to ensure interested buyers and a valuable sale in the end.

Fuel rewards programme – how to fill up on petrol and points

South Africa’s volatile economy has often meant that factors like the fuel price bear the brunt. This year alone the country’s fuel price has fluctuated by between R1.50 to almost R3, which has put increasing pressure on motorists. That said, many of the bigger South African brands have provided some relief by way of fuel rewards programmes.

Deals

Mowana Voucher Special

Price: From R1,099
When: Before 24 December 2019
Where: Johannesburg

Birchwood Hotel Christmas Gift

Price: R959
When: Between 15 December 2019 to 1 January 2020
Where: Johannesburg

Burger & Lobster Lunch in 30 Minutes Special

Price: R99
When: Mondays
Where: Cape Town