Nothing new but I guess,debt can break or make a relationship. This is my ordeal!! I have lied to a partner about my debts, well perhaps it wasn’t lying exactly, I just didn’t tell him anything about it. I managed to run up £17,500.00 worth of debt in less than two years on credit cards. I wasn’t spending vast amounts of money at a time, or buying really expensive items such as cars or holidays. It was very easy I just used the cards and only ever paid the minimum payments then there it was £17,500.00, not all on one card but on four.
What did I do? Nothing for a while, just tried to keep up with the minimum payments, but this was not reducing the debt in anyway. I eventually told my partner, well we were looking for a new mortgage and I could not risk being turned down by the lender because of my outstanding debt. I never missed any payments, so don’t have a poor credit record, but the capital amount was not reducing. I was treading water.No matter how bad thins are,always have a savings account.Always!!
It definitely puts stress on your relationships, I was under severe pressure, I wasn’t sleeping very well and was very irritable. I also had to work a large amount of overtime to ensure I could make my payments without impacting on the family finances.
Owning up was the best thing I did. We weren’t able to pay off the cards immediately but we were able to budget better. I was also able to make some better credit card deals such as zero per cent on balance transfers. I am slowly chipping away at the debt but at least now I am doing more than paying the minimum.
Always consult with a debt advisor.
Wow! Scary…
I can only imagine how much stress that could put on a relationship. I don’t know what I would do if I suddenly found out that my wife had put us in all sorts of debt! However- how could I not suspect, as she keeps bringing home news things, eating out, etc…
Both of us share bank accounts and know exactly what’s going on financially, so nothing would ever escalate to that level.
Way to own it. Honestly- good for you for taking responsibility for it.
I’ve done that too. I think hiding debt from your other half happens because you are so ashamed, and you keep telling yourself you’ll get out of it so no need to worry him! I eventually got out of debt too, but through really cutting back on expenses (I didn’t buy new clothes for a year) and trying to pay as much as I could each month. It’s one of the hardest things I’ve ever done. Never want to do it again.
The first step is confessing when you have large debt, so well done, it must have been hard but with your families support you will come out the other side together and things will be fine. I hope you make money to resolve your situation.