Are you in debt, but not sure how and when to inform your partner about it? Learn with Personal Loans Now, tips and tricks on sharing your money problems with your partner.
- When the right time is
- How payday loans can worsen the situation
- Why you have to tell your partner
- What they need to know
- How to tell them
- What happens afterwards
Sharing money problems with your partner
British people still find talking about money a bit of a taboo subject and half of the people surveyed by The Money Advice Service admitted to keeping some of their financial activities secret from their partner. But what happens for those whose debts turn into a problem that they cannot keep from their partners any longer?
One in six people in the UK have money worries and find it hard to make their repayments. Dealing with debt is one of the hardest things for people to face up to, but the longer they leave it unattended the worse it can get. Your partner will find out somehow and rather than it cause more problems it is better to tell them and let them share the burden.
Why is it not a good idea to take payday loans to try and clear my debts?
Payday loans can cost more for a month than a credit card cost for a year so they are an expensive way of borrowing money. A payday loan can be a lifesaver for an unexpected bill such as a boiler breakdown or another bill that must be paid immediately. They are easy to get but are not suitable to plug gaps in people’s finances as the next month they will need another and before they know it they are in a spiral of unsecured loan debt. People who cannot pay can end up paying twice the amount they borrowed so this only makes money problems worse.
Why is it so important to tell my partner about my debts?
Debt can have a severe effect on people’s mental health. Many people who have money problems have trouble sleeping and this can have a knock-on effect on their physical health and their performance at work. The longer you leave not sharing your secret with your partner the more lies you will have to tell to cover your tracks which will upset your partner and make the situation worse.
Couples who are thinking about getting married or moving house will have to have their finances checked by credit rating agencies in order to get loans. Being rejected for something as important as this could have a serious effect on your relationship and your life plans. If you decide to tell them yourself then you will have more control over their reaction.
So what have we learned so far?
- Half of Britons keep financial secrets from their partners
- One in six people have money worries that can cause mental health problems
- Online personal loans are an expensive way to borrow but are good for emergencies
- You should not use payday loans to plug gaps in your finances. It can make debt problems worse
- Not telling your partner will make you lie to cover your tracks leading to more problems when they find out
- If they find out before you tell them, you could ruin a relationship and shatter life plans
What exactly will I have to tell my partner about my debts?
Naturally, your partner will want answers to a lot of questions. It is better to consider some of the things that they may ask beforehand so that you can provide them with the honest answers that they deserve. Your partner will ask you why this happened and probably ask for the reasons. They will want to know how big your money problems are and whether creditors are after you or whether any legal action is being taken. They may ask what you plan to do about it and how badly your credit score will be affected and for how long. Make sure that you can show them documentation so they can understand the extent of it.
How on earth will I tell my partner about my debt problems?
It is important to sit down with your partner and explain that you need a serious talk. Make sure that you have enough time to discuss it at length and will not have interruptions. Rehearse what you want to say and speak in a calm, controlled manner. Have evidence with you to show them that it is real and a debt solution if you have sought help.
It is really important if you are going to come clean that you are completely honest with them so do not hide anything. Your debts will affect their lifestyle too so research beforehand so that you can tell them how they may be affected. They may be upset and angry but they will realise that it has taken a lot of courage for you to come clean and then they will support you.
What happens after I have told my partner about my debt?
Your partner’s reaction will depend on the kind of relationship that you have. If you do not have joint accounts together then your partner will be unaffected apart from your ability to apply for loans for a few years until you can rebuild your credit score. If you haven’t already arranged a debt plan you can work with your partner and this will help you to rebuild the broken trust. There are many debt charities that are non-profit organisations who help people every day with their money problems. They can talk to creditors on your behalf and get you some breathing space in which time you can sort out the path that you need to take to get yourself debt free.
What can we conclude about when should you tell your partner that you’re in debt?
Being in debt can be lonely and frightening. The longer it is ignored the worse the problem gets. Although your partner may be angry and upset it is important to tell them. It will help you avoid having to tell more lies to cover your tracks making the situation worse. It is very important for you to be totally honest and to provide them with any documentation to show them the extent of the problem. Taking a payday loan is not a good idea to cover debts and will make the situation worse. Contacting a debt charity to help and getting a debt plan is the way to go.
To learn how to pay off your debt the right way, click here.