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 Do you need credit to survive Easter?

Easter weekend is here and with it the expectation of celebration. While there is nothing wrong with this, it often means spending more money than you bargained for.

 

Read more

Young woman building a legacy brick by brick

When her dad passed away, Siyasanga Ngcongca, an internal auditing graduate, took over the family business. Ngcongca Construction, as her company is known, is a service provider to five insurance companies, handling building and commercial claims.

Read more

Can you evict paying residential tenants?

One of the most common reasons for wanting to evict a tenant is non-payment of rent. But there are many other situations that landlords may encounter. These can range from damaging property and breaching contract, to being reported as a continuous disturbance by neighbours.

Read more

How one entrepreneur designed her financial future

From as early as Cannon remembers, she recalls her grandmother seated behind a sewing machine. Through this influence she was sewing her own aprons and doll dresses by the time she was ten, and by the time she was 16, she started designing and make her own clothes.

Read more

Sign Up

To our weekly newsletter for advice you can bank on

Deals

Hartbeespoort Romantic Weekend Special

Price: R2,999
When: Weekends
Where: North West

Da Vinci Happy Hour

Price: Available on request
When: Weekdays
Where: Cape Town

Glenburn Spa Easter Package

Price: From R1,065
When: 18 -22 April
Where: Muldersdrift