Question: What debt relief information do I need to know if I marry a guy with bad debt? Does my debt also go bad once we’re married?
Answer: You will only be liable for debts that you have signed for, either before or after a marriage.
However, it is always best to decrease your debt (personal or combined) as much as possible, as it can make future prospects – such as a house or car – more difficult to obtain.
"Do not accustom yourself to consider debt only as an inconvenience;
you will find it a calamity."
- Samuel Johnson |
The good news is that you already know about the debt before the marriage. This gives you the opportunity to have very clear discussions about how both parties will be expected to handle household finances from this point forward. Your debt is your own, but once you are married, any debts you incur together will apply to you equally.
Though your fiancé’s bad debt will not affect you at the moment, if he continues along a path of financial neglect, things could become very difficult rather quickly. For instance, when you both decide to buy a home, his debt may be considered too risky so unless you can qualify for the loan on your own merits, your application may be denied.
You should sit down together and look over pertinent debt relief information that will help you to address the issues at hand. Learning how to effectively manage current debt and finances will lead to better decisions in the future.
Decide quickly how he plans to remedy his bad debt – the sooner this is done, the more quickly he can begin rebuilding his credit history.
Failing to utilize standard debt relief information such as making extra payment, living on a budget and cutting up your credit cards, will only make a bad problem worse.
Keep in mind, however, if you apply for credit on your own, and your own income can support the request, you shouldn’t have any problems. It’s his debt alone that needs to be corrected.
So sit down and talk to one another about finances. Make sure you understand why your partner has debt problems and whether or not he is willing to examine debt relief information in order to get his finances back on track.
If he is willing to work hard to correct the issues, and you can clearly see progress being made, then you can feel good in knowing he wants to make sure your life together is financially sound and debt free.
On the other hand, if he does not take positive steps to change his poor behavior, then more serious counseling should be in your future. Financial problems are not to be taken lightly as they can lead to tremendous turmoil in a marriage.
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"If you can DREAM it, you can DO it.”
- Walt Disney |
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Debt is NOT your friend. It's not a wonderful "tool" for building wealth. That's a myth.
