What to do when your partner has debt… Obviously, it is not a pleasant situation.
But, at the same time, it is not wise to leave your partner just because he has debt problems.
So, first of all, stop worrying and then check out what to do if your partner has debt problems.
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Is it wise to repay your partner’s debt?
When you come to know after marriage that your husband has significant debt, you may ask yourself, should you pay off your husband’s debt? Well, you can repay the debt or help him to do so. However, before paying off his debt, make sure you check out the following things.
Your partner hasn’t hidden anything from you
Make sure you know everything about your partner’s debt and be assured that he hasn’t hidden anything from you. If required, ask him questions about the total amount payable, the reasons for falling into debt, his plans to repay it, and so on.
You don’t land into debt
Most importantly, you shouldn’t face similar debt situation while helping your spouse to overcome his debt problems. Neither you should shell out your savings, especially emergency savings to repay his debt, nor you should take out a loan to help your partner.
Your credit score is not affected
If you cosign on a loan, you become responsible to repay the debt if your partner defaults on the loan; that is, he isn’t able to make the payments. Moreover, if your credit score is good, in the future, you can take out a loan, in your name, with suitable terms and conditions.
It may sound harsh but in case your relationship doesn’t work out or you’re not legally bound, you may have to experience serious financial consequences if you go that extra mile to help your partner overcome his debt crisis.
So, if your intuition says you not to take the burden of your partner’s debt, don’t do it. But, you can very well support and help him to solve his debt problems.
This article originally appeared on Melissa Blevins.
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