What’s the way out for debt-ridden spouses hiding the problem? It isn’t easy, but if you follow this blueprint, you’ll likely address the issue, keep your marriage or relationship intact, and maybe even sleep better at night.
Open up and admit the problem: Yes, it sounds obvious – and likely painful. But honesty really is the best policy when dealing with a hidden debt problem. So by all means, open up. Do so in person, and avoid phone calls, texts or emails. Dialogue is going to be a huge issue, and conducting that dialogue face-to-face should increase the chance of a decent resolution. If your spouse really is on your side, he or she will appreciate, sooner or later, the fact that you came clean in person.
Bring your debts with you: Another painful, but in the long run, helpful exercise is to bring your debts with you when you discuss the problem with your spouse. Print out your bills and debts, your bank account records, and any appropriate receipts, organize them into a binder and show them to your spouse or partner. This tactic serves twin purposes – it helps you acknowledge exactly what you’re up against, and demonstrates to your partner that you’re serious about working the problem out.
Schedule a “budget meeting”: Don’t make the discussion a one-off. Ask your spouse for a weekly “budget meeting” where you can discuss bills and debts, and work out a long-range program to pay them off. That shows your commitment to solving the problem together.
Sign up for online debt access: To further the transparency issue, make sure you and your spouse both have the same access to bank accounts, credit card accounts, and other financial obligations. When a spouse shares your banks or credit card account, it’s much more difficult to hide purchases and withdrawals from one another. Also, take advantage of debt repayment tools like BankingMyWay’s Credit Card Payoff Calculator to better manage your repayment campaign.
Create a debt repayment plan together: There’s no getting around the fact that you have to pay the money back on your debts. In fact, not only is your credit rating on the line, but your marriage may very well be, too. So build a debt resolution plan together. Visit a financial advisor as a couple (if you don’t have one, visit the National Association of Personal Financial Advisors website for help) or contact a debt relief agency together. You can find one that’s legit at the Association of Independent Consumer Credit Counseling Agencies website.
Don’t let financial infidelity ruin your relationships. Get in front of the problem, admit you have a problem and enlist your spouse’s help. Because if you think debt is a big headache, imagine how another “D” word – divorce – will add to your financial woes.