I’m drowning in debt, but my fiancé doesn’t know. What can I do?
One of the fastest growing problems among the younger generation is the issues of debt. While previous generations were often able to start their adult lives with relatively few loans, today it is common for people to take out thousands of dollars of student loans and credit card debt just to get an education and get established in a new career. If you are someone who hasn’t had to take out a lot of debt, or if you’ve just finished paying it all off, the idea of entering into a marriage with someone who has a lot of loans can be scary.
If you’re the person with a lot of debt, it’s important to remember that the amount isn’t as big of a concern as what you’re doing about it. If you’ve taken out loans to further your education, but that education has given you a job where you make enough to keep up with the payments, you’ve made a responsible decision to invest in yourself. On the other hand, if you’ve taken out loans with no way to pay them back, your fiancé is right to be concerned.
In any event, you need to take steps to deal with the debt responsibly. It’s a lot easier to talk to someone you love about your debt if you’re also able to show him or her what you’re doing to get it paid off. Expect them to be concerned about your joint future together, especially if they were planning on buying a home and/or having children in the near future. Being able to show them that you are taking steps to get the debt paid off as quickly as possible will allow them to see this as a problem you can address together.
<p data-sp-element=”content”>One idea that you might want to consider is to consolidate your debt with a debt consolidation loan. If you have student loans, medical debt, and/or credit cards, this loan will allow you to combine all of those loans together into a single monthly bill. Debt consolidation loans offer lower interest rates than most credit cards and private student loans, ensuring that the money you spend each month goes towards reducing your loan balance, not paying interest to a bank.