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Why Instant Same Day Payday Loans Online Does not Work…For Everybody
How Couples Can Work Together on Debt Repayment
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How Couples Can Team Up to Repay Debt
If you brought the burden of debt to your marriage, your spouse can be your ally in becoming debt-free.
Written by Sara Rathner Senior Writer/Spokesperson | Credit cards, travel rewards credit cards, debt repayment Sara Rathner is a NerdWallet expert in credit and travel. She has been featured on the "Today" show, as well as the CNBC's "Nightly Business Report," and has been featured in The New York Times, The Washington Post, The Wall Street Journal, Yahoo Finance, Time, Reuters, NBC News, Business Insider and MarketWatch. Prior to making the move to NerdWallet, Sara worked at The Motley Fool for nearly 10 years. She also worked as a personal finance writer freelance as well as a paraplanner. She also holds an undergraduate diploma in journalistic studies in journalism from Northwestern University.
Updated Jan 30, 2023 6:09AM PST
Written by Kenley Young, Assigning Editor Credit scores, credit cards Kenley Young oversees the daily credit cards coverage for NerdWallet. Prior to that, he worked as an editor on the homepage as well as a digital content producer at Fox Sports, and before being a front-page editor for Yahoo. He has a wealth of experience in digital and print media, including times as a copy desk chief, a wire editor and an editor for metros for The McClatchy newspapers chain.
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Between helping financially his parents, and losing money as a result of the COVID-19 pandemic, Jeremy Mazza landed into serious . He received relief from a source he wasn't expecting: his girlfriend, Ginna Lambert, who had received a modest inheritance. The woman offered "investing" certain portions of the bounty in their shared future by loaning small amounts to Mazza that he could apply towards his obligations.
It took some convincing.
"To have to ask for money, even though I was the one who provided it and also had parents who were asking for money, I didn't want to follow in their footsteps and be taking," Mazza says. "But that's not what this wasabout, it was a gesture of kindness."
Mazza and Lambert took on the challenge with open communication and clear loan conditions. And for them, it's paying off: Mazza estimates his went up about 150 points. The couple, who live within Richmond, Virginia, are getting married this year, and they hope to buy a home soon as well.
"I was a person with a very, very vested interest in making sure my partner's credit score as well as finances were in the best of a state as they could be," Lambert says.
While joint debt is considered to be a shared responsibility but the individual debts that you bring into the marriage are yours to manage. But, they may get in the way of making plans for your life as a couple, and so it could be beneficial that your spouse help you with any debts you may have. Don't make an arrangement of this kind without having a strategy.
Make yourself vulnerable by reviewing the entire financial view
It's crucial to be transparent with one another about your personal financial circumstances especially when your relationship gets more serious.
"If couples are planning to get married it's good to talk to each other prior to wedding day," says Trina Patel, a Los Angeles-based senior financial advice manager at Albert, a financial services company.
Set aside a few free meetings with your money where you discuss about what's going on for each of you. The conversations will aid you in establishing shared goals and determine the actions to take to meet them, like making adjustments to your budget or finding ways to increase your income.
"Debt often triggers feelings of shame, guilt and embarrassment, which can cause spouses to not talk about the amount of debt they have," said Leanne Rahn, a financial advisor at Fiduciary Financial Advisors, located in Grand Rapids, Michigan, via email. "Vulnerability is hard but remember, you and your significant other are a unit."
Think about non-monetary ways to assist
You may be unable or unwilling to pay off the debts of your partner. There are many options alternatives, however. You can serve as an accountability buddy, help to rethink the budget of your family If you have a family, or figure out ways to be more frugal with your spending.
Maybe you can take on some more chores at home so that your partner has time to work on additional hours at work, or even help them edit their resume to get a better paying job.
Discuss a financial arrangement
If you're comfortable gifting or lending money to your partner to cover their debts, make sure you have the specifics. Specify dollar amounts and write the entire thing down.
Lambert, for example, started by offering a six-month free, no-interest $2000 loan for Mazza. Over time, they both were comfortable with further more substantial loans.
A consultation with an attorney regarding a contract can help both parties feel more at ease.
"A legally binding contract would definitely make the responsibilities of each spouse/significant other clear simple, with the law holding them accountable," Rahn says.
Be aware of when to say "no'
It's okay not to shoulder someone else's financial burden regardless of how much you care about them. If your relationship is relatively new, or you're not sure what the future holds, you can still be cheering on your spouse as they pay down their debt.
And if your partner won't take your "no" as an answer, take it as a and proceed with caution.
"I would not have suggested this if we were still in our honeymoon stage," Lambert says. "At this point we were already settled in together. He had proved, time and time again, that he was reliable."
This piece originated from NerdWallet and was originally printed in The Associated Press.
Author bios: Sara Rathner is a NerdWallet credit cards and travel expert. She has appeared in the "Today" talk show as well as Nasdaq and CNBC's "Nightly Business Report."
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