Question: Bad credit card debt is affecting my marriage. How do I convince my husband to get on board to pay down our debt?
Answer: Without a doubt, debt can be detrimental to your financial health, whether you are single or married.
On your own, debt can sometimes be easier to address since you and you along are responsible for repairing the damage. However, when another person is impacted by the financial crisis, it is important that both parties are in sync.
"All adverse and depressing influences can be overcome,
not by fighting, by by rising above them.”
- Charles C. Colton |
If your significant other does not seem to understand the seriousness of your financial situation then you may need to seek professional advice. Preferably, you from someone who is astute at managing money and household finances.
If you are already experiencing bad credit card debt, try not to panic. Do not attempt to put your spouse on the defensive. Your money problems belong to both of you. You already know that your finances are stretched, you don’t want to make things worse by creating a larger problem.
First, turn off the TV and computer – take your spouse to a quiet place in the home where just the two of you can talk without interruption. Let that person know just how much you care about him/her, and explain why the financial issues are so important to you.
Prior to the conversation you should complete a personal financial statement. Having the numbers in front of you will provide the undeniable truth about the seriousness of your money problems.
Ask your spouse to work with you on creating a budget that will meet your basic needs, while also paying off credit cards and other debt.
Calmly discuss the progress of meeting your budget at least weekly to ensure both parties stay on track. In this way, you can supportively lead your spouse toward a better understanding of managing all cash coming in and all cash going out.
You can address poor spending habits together. It’s always good to point out the necessities versus the spending that is optional. Avoid finger-pointing as it will only make your partner resentful.
Likewise, be sure you categorize each expense so your spouse can see the waste as well as opportunities that exist in order to save more.
If either spouse messes up (this will most likely happen), simply discuss it calmly and get back on track. Any time you are changing behavior, it will require some re-starts along the way. Stick with it.
After you begin creating some momentum against your bad credit card debt, you’ll begin to make progress toward repairing a bad credit history. You'll soon wish you had started your personal finance education a long time ago.
Some terrific tools you can use include our free credit card calculators and this special guide on How To Control Your Finances.
Once the credit card debt solutions are in place, you will find that life is less stressful and your relationship with your spouse will become better than ever.
So get started on a real plan to address your bad credit card debt today! Organize your finances to pay off credit card debt as much as you can each month in order to reduce your balance to zero in the least amount of time possible. Try keeping your household budget in clear view as a reminder of your financial goals.
Once you properly handle your credit card debt problems, you can focus more on each other and the love that brought you together in the first place.
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"Fresh activity is the only means of overcoming adversity.”
- Johann Wolfgang Von Goethe |
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Debt is NOT your friend. It's not a wonderful "tool" for building wealth. That's a myth.
