Talking to your spouse about debt consolidation
If you are struggling with debt, you know that some of the hardest conversations to have with your spouse or significant other are about money. When you’re low on funds, it can seem like everything turns into a fight. Fortunately, debt consolidation is a good way to lower your monthly bills and free up some cash.
Debt consolidation is an important decision, and it’s one that you probably want to make together. That means you need to have an open, honest discussion about the process and it’s benefits. Start by picking a calm, quiet time to talk to your husband or wife about your debt. Send the kids outside to play, or wait until they’ve gone to sleep.
Next, have a list of your debts and a budget drawn up. It’s important that both of you acknowledge that there is a problem with your level of debt. Even if you can pay your minimums every month, you both need to be on the same page about taking steps to reduce the amount you’re paying each month and get your debt paid of faster. Don’t use this as an opportunity to blame him or her for the debt problems; approach the conversation from the attitude that you both have a problem that needs to be solved.
Be prepared for your spouse to have a lot of questions about the process. Many people are worried about the debt counseling involved with the loan, while others just have a lot of general questions about how this will help you to save money. Remember that the counseling is with a financial professional who has years of experience helping clients with their personal money issues. If necessary, don’t be afraid to call and ask about anything that you’re unsure of. It’s common to have a lot of questions about the process.
Most importantly, be honest with each other while going through the application process. You’ll work together to form a new budget and adjust your spending. If you work together, you’ll come up with a spending plan that you can both stick to. After getting approved for the loan, take the time to review your progress towards meeting your financial goals.