The basis of any marriage is the trust that both partners place in each other. A breach of this trust, when one partner has failed to disclose his or her debts, will at best cause marital discord and at worst end in an ugly divorce. To ensure that your poor financial management skills or faulty judgment do not cost you your marriage, complete honesty with your spouse is critical.
Sharing the news of your money problems and mounting debts with your spouse can give you some much needed moral and emotional support. In addition, once the initial shock and anger fades away, he or she can be an invaluable source of both financial help and prudent advice on what to do next to address the issues.
Considering that the past decade has seen debt levels rise steadily across US, it is evident that many American homes are overwhelmed with the burden of their borrowings. There is light at the end of the tunnel, though. A coordinated effort by both you and your spouse can get you out of your financial mess.
Handling the Debt Together:
Be completely honest and give your spouse an accurate picture of exactly how much you owe. After the unpleasant confrontation, you are bound to receive good advice and help from your trusted life partner.
Plan your debt reduction strategy together to see how and where each partner can contribute the most. You should plan your spending budgets together and vouch to abide by them under all circumstances. Review your expenditure each month and see how you could save more.
Discuss cost cutting ideas in your monthly expenditure to generate some extra cash, which can go towards paying off your debts. Get rid of those extra credit cards in your wallet to make sure there is no unnecessary spending.
Perhaps your spouse has some savings or can take a loan to alleviate the pressure of some of your most expensive debts, so that you can begin to work on a structured program to tackle your overall debt situation. Remember that your credit score might be already damaged, which will hurt your ability to get loans, but your spouse’s may still be good enough to borrow money at a good rate.
A combined effort by both partners can bring you out of debt quickly, plus the honest disclosure may just be the key to saving your marriage.