WHEN
you get into a new relationship, there's so much to look forward to and
plenty of exciting things to discover about your new partner - but
several maxed out credit cards and a high-interest personal loan aren't
one of them. You see, your own debts and financial situation aren't just
affecting you anymore, they can also place negative implications on
your significant other.
Put
it this way, if one person has a big credit card debt, it may affect a
couple's ability to get a home loan. Or if one party defaults on their
credit card payments, the bank may come after a couple's joint assets.
People tend to not reveal their personal debts because they feel
ashamed, but it is important for couples to have the 'money talk' sooner
rather than later. Here's how to be STD smart.
Read More: Burst your Cheating Partner!
Sharing your intimate details
Starting
a new relationship can be an exciting time, learning about the other
person's favourite colour, if they are a cat or dog person, what they
like to eat and so on. But sometimes you need to ask more probing
questions, like how many credit cards they have and how much they owe on
each card. While you are at it, maybe check whether they have store
cards, a car loan, personal loan or even a home loan. Be it good or bad,
it's important to know your partner's intimate details.
Developing a strategy
Managing
debt is important. Be sure to ask your partner how long they've had the
debt and what steps they are taking to pay it off. For example, if
they've had credit card debt for many years, they will need to make more
than the minimum repayments to pay it off. The general rule of thumb is
to pay off bad debt like credit cards first as they usually have the
highest interest rates. With multiple credit card debt, it may be worth
rolling this in to one low-interest card to save on interest. It may
even be worth getting the scissors out to remove any further temptation.
No comments:
Post a Comment