How to help Your Spouse get out of Debt
Money is a sensitive subject in most marriages, but if your spouse came into your marriage with a lot more debt than you, then you know this can be an incredibly difficult subject to talk about. Whether the debts were the result of a medical emergency, a college degree, or just a couple of foolish decisions, no one wants to have a conversation about how their debt is creating financial problems. Nonetheless, those debts have to be paid off in order for the two of your to move on with your lives together.
Pick a time when the two of you are calm and alone, then tell your spouse that you need to have a conversation about your financial future. Remember that this is a subject that you want to work on together; do not dictate terms or present a plan that he or she will have no input in. If you don’t already know the amount and types of debt that your spouse has, ask him or her to make a list so that the two of you can work on the problem together.
Remember that the goal is to make your spouse’s debt a manageable item in your budget. In order to accomplish this, you might want to suggest a debt consolation loan. These loans pay off all of your spouse’s old debt and replaces them with a single loan. The old accounts can be closed immediately, giving your spouse the ability to put past mistakes behind him or her. Debt consolidation loans mean that she or he will no longer be reminded every month of old decisions. Instead, the two of you can work together to get the debt paid off.
<p data-sp-element=”content”>A debt consolidation loan can offer you a lower interest rate than what he or she is currently paying. Payment schedules are flexible; it’s possible to pick a loan with a longer payment term and smaller monthly payment if you need to free up some cash right away. It’s also possible to find a loan with a shorter payment term if you want to devote more money to getting your debt paid off as quickly as possible. Make sure that you talk about the options together in order to decide what loan is the right one for you.