Does My Spouse have to Know if I use Debt Consolidation?
Sometimes when you’re struggling with your finances it’s important to work through your problems on your own. Solving the problem of too much debt is something that a lot of spouses want to solve without involving their partner, but many of these people are concerned that their spouse will find out about the debt during the debt consolidation loan process.
Fortunately, this is one of the safest and most confidential financial products available. As long as you plan on consolidating debts that are solely under your name, there is no reason why anyone else would need to know, including your spouse. There is no legal need to notify your spouse (or any person, for that matter) that you are going through a debt consolidation.
Where to start for a Debt Consolidation Loan?
Debt consolidation starts with debt counseling, but this can be done over the phone or the internet. Scheduling the sessions can be done at a time when your spouse isn’t around to listen in. Many people choose to schedule counseling while they are at work or while their spouse is at work. After you are approved for a loan, the other debts will show up as being paid off on your credit report. In the event that your spouse looked at your credit report, the debts that went under consolidation would show up as “account closed-paid in full” or wouldn’t show up at all. The debt from the debt consolidation company will also show up.
If you want to include debts that are also under your husband’s or wife’s name, you will probably need to include them in the debt consolidation process. Because of the nature of the counseling process, it will be difficult to hide the rest of the debts. In these cases, one solution is to apply for two different debt consolidation loans. Apply for one on your first, then after you have completed the process go through debt consolidation jointly. This will keep the loans from showing up on your credit report during the joint process.
There are many reasons why a person would choose to hide their debts from their spouse. The job of a debt counselor isn’t to judge their clients, but rather to help them meet their financial goals.